A 100-year flood should only happen once every 100 years, so when two 100-year floods hit the town of Greene, Iowa over a span of 10 years, the town was forced to rebuild not once, but twice in a very short period of time. To compound matters, the fire station and ambulance service were located in the flood plain. Community leaders had to find a long-term solution to ensure mother nature didn’t wreak havoc on the town’s ability to provide reliable emergency services.
The Community Need
The town of Greene needed a new emergency services building on high ground that was large enough to accommodate ambulance services and fire station.
The Project Team
A building team of 12 was assembled for the project. The team consisted of town residents, rural residents, the mayor and members of the fire station and ambulance crews.
The Financing Challenge
The city did not have the funding needed for the new building, so the team needed to find a way to finance the project.
The Financing Options
- A bond referendum, adding considerable time and expense with no guarantee of approval.
- Traditional loan, which would have been burdensome given the complexities of the project.
- Municipal lease.
The Solution
Ultimately, a municipal lease through Lincoln Savings Bank was the best solution for the city of Greene. The lease for the emergency services structure offered an attractive interest rate, avoided the costs associated with referendums and the emergency services structure could be leased without the costly delays due to capital appropriations.
Lincoln Savings Bank had the expertise in municipality leasing needed to support the town of Greene. Contact us for your next community project and experience the difference of working with a community bank.