Rates are lower than expected for the Sioux Falls Events Center. The bond sale for the multi-million dollar facility was held Tuesday morning.
The city got an interest rate of 3.2 percent. That's nearly one percent less than expected and adds up to millions of dollars in savings for the city.
"Over the life of the bonds the savings, just in that difference from four percent to 3.21 percent, represents about $16 million over the life of the bonds," Sioux Falls Finance Director Tracy Turbak said.
Thanks to Tuesday's sale, the city now has $102 million to put toward the $115 million facility.
The city will wait to see how much money it gets from naming rights before borrowing more money.
With construction just a couple months away, the city wants to share the latest drawings of the new events center. There's a public open house on Thursday at 6 p.m. at the Morningside Community Center. Architects and city leaders will be on hand to answer any questions.