Dover Takes Out Bonds to be Paid Over 20 Years

The city of dover is taking out $3 million in bonds to buy the First Federal Bank building and renovate that and other city buildings.

It’s part of the plan to move several departments a block north into the bank building while the police and fire departments expand throughout city hall and other nearby city-owned buildings.

Auditor Nicole Stoldt says this is something the city has been planning for and has set some money aside. She says the annual payments of about $230,000 fit in the city’s budget. The bonds have a 4.75 percent interest rate over 20 years. Stoldt says the city has great credit with an AA+ bond rating.

Mayor Shane Gunnoe has said the city will buy the bank building and property at 321 North Wooster Avenue for $1 million. His office will move there, along with the auditor, several other departments, and City Council chambers sometime next year. The police and fire departments will take over the vacated spaces and turn the current Council chambers into a training space.