City of Algona
Opus Bank’s Public Finance division provides $3,000,000 City Hall and Community Center Financing
Overview of Transaction
- The City of Algona (“City”) was incorporated in 1955 in the Puget Sound region of Washington and is now home to over 3,100 people. The City provides public safety, water and sewer, street maintenance, park and recreation, health, and social services, as well as general administrative services to its residents.
Significance of Transaction
- The loan provided by Opus Bank (“Opus”) will finance the construction of a new City Hall and Community Center for the City residents, which will greatly enhance the quality of life in the City.
Opus Bank's Role
- Opus worked with the City’s team to design a flexible financing structure that uniquely addressed the project’s requirements and schedule, while providing significant interest cost savings for the City.