Salina city commissioners voted unanimously Monday to allow the developers of The Alley, FIB, to assign their rights to STAR Bond and Community Improvement District proceeds to American State Bank & Trust Company, as collateral for their financing.
FIB will complete project financing for The Alley entertainment center today and requested that commissioners consent to the agreement by a more formal means than previously provided in the Development Agreement and Transferee Agreement. STAR Bond funds would not be disbursed until the project is completed, and Community Improvement District Funds are disbursed on a pay-as-you-go-basis as the funds are generated and collected.
The Alley, a family entertainment center that will be constructed on Ash Street between North Santa Fe Avenue and North Fifth Street, should be completed by the end of July 2019, said Cathy Desocio, of FIB.
Construction on The Alley is expected to begin Wednesday.
(Read more: News – Salina Journal)