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TACOMA, WA-The City Council next week will consider an ordinance that would incorporate final details of the terms and conditions of the $120.7 million Greater Tacoma Convention Center financing plan that was approved in concept last summer.

The commercial paper notes would retire $40 million of short-term notes issued through Banc of America Securities that served as a line of credit the used to pay project costs. The second funding phase will retire all of the original notes and provide construction financing.

The notes would be backed by parking system revenues and sales tax credit payments from the Public Facilities District, the City’s lodging taxes and the City’s taxing authority. The Council will take public testimony May 21 and expects to vote June 4.

The Convention Center would encompass almost 215,000 sf of convention space, a 200-room hotel, residential units, retail stores and parking spaces between Market and Commerce streets and South 15th and 17th streets.

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