The City of Buffalo is pursuing a $20 million loan to help fund emergency repairs for more than a dozen buildings.
If approved, the funds would be provided as a bond through Buffalo Fiscal Stability Authority, bypassing the Comptroller’s Office.
There have been significant delays in building repairs because of litigation and disagreements with the comptroller’s office, Buffalo Mayor Sean Ryan said. Borrowing through BFSA provides a lower interest rate than other options, he added.
“I view this as a transaction, just like if I was buying a house, I'd go to Bank A, get an interest rate, then I'd go to Bank B," Ryan said. "So right now, Bank B is the Fiscal Stability Authority, and it will save us, you know, tens of thousands of dollars if we borrow that way. To me, it makes dollars and cents.”
The planned work includes roof reconstruction for several city-owned buildings and repairs at Sahlen Field.
infrastructure repairs are at a critical level, Common Council Finance Committee Chair Mitch Nowakowski said in a written statement that.
“More delays mean more expensive projects, and we owe it to residents to find a solution and deliver results," he said.
Miller-Williams could seek the funding through bonds, but it’s still not guaranteed that pursuing a loan through the comptroller would be cheaper, Mayor Sean Ryan said.
“I don't control how the comptroller chooses to or not borrow, so a lot of that depends on whether the comptroller is going to be reopened for business as borrowing for the City of Buffalo," he said. I "would still say one of the prime factors I should be looking at is which can give the best bang for the taxpayers.”
