The Clermont City Council approved Pinnacle Public Finance’s proposal to provide a fifteen year, $30 million loan to fund the city’s master plan projects. The loan’s fixed interest rate of 2.63%, made it an appealing transaction.
The projects include:
- Victory Pointe, a 10-acre stormwater project, along the northwest shore of Lake Minneola, that will serve as a family-friendly recreational park, as well as for cultural and sporting events. Groundbreaking was Wednesday, June 14.
- Relocation of the city’s existing boat ramp to the Hiawatha Preserve.
- Clermont’s Legacy Loop, an offshoot of the South Lake Trail into downtown Clermont.
- Improvement of the Downtown Waterfront District
- Downtown Public Wi-Fi
- Construction of a new Public Works Complex
Fifty percent of the cost of Victory Pointe was provided through grants and water-conservation interest groups, such as St. Johns River Water Management District which gave $1-million cash toward this project. No money is coming from property tax dollars, says City Manager Darren Gray.