(Nebraska City) -- Nebraska City is making progress on paying off its new aquatic center.
Meeting in regular session Monday, the Nebraska City City Council received an update from the Nebraska City Recreation Agency regarding payments for Steinhart Aquatic Center -- which was completed in 2016. In November 2014, voters in Nebraska City approved a half-cent sales tax to finance the new pool. City Administrator Grayson Path tells KMA News the city has been paying back the cost of construction faster than expected.
"Sales tax has been very good this last year, so we were once able to pay down additional revenue against that bond," said Path. "We had a $380,000 payment -- which was our normal scheduled payment -- but then we were able to add another $315,000 on top of that to help pay down that bond."
By paying extra towards the principle amount of the bond, Path says the city has been able to save quite a bit over the life of the loan.
"Over the life of the bond, that has eliminated over $110,000 in interest payments," said Path. "That's $110,000 in savings to our citizens on the life of that bond. That -- added to last year's additional payment of $270,000 -- we have now saved over $225,000 in interest payments over the life of that bond. That's money that our citizens will get to keep in our community for another project. That's very exciting. We've also now successfully eliminated an entire year's worth of bond payments down the road."
Also on Monday, the commissioners approved a request from the city's parks department to apply for a grant.
"They're looking to apply to the Wirth Foundation for about $84,000 to build a new sizable park shelter in Wildwood Park," said Path. "As you turn into Wildwood Park, as you're facing the Wildwood House down the road, there's a little parking spot right there at the entrance to the park where people turn off and stop. We're looking at putting the shelter there and adding some playground equipment, some slides and a swingset. It would be right there at the entrance to the park."
In other business, the council approved a request to use Wildwood Park and Pond for a Special Olympics Nebraska polar plunge next March.