City seeks bonds to help Downtown GR Inc. fund amphitheater [Video]

GRAND RAPIDS, Mich. — There’s an update to the funding process of the major development that’s got everyone’s attention: a massive outdoor amphitheater planned for downtown Grand Rapids.

There are a lot of moving parts to the project. Tuesday, it was the city of Grand Rapids’ turn to take action. The city put out the notice of intent to bonds up to $20.5 million for the project.

The city wouldn’t be paying those bonds back, however. The Grand Rapids DDA, also known as Downtown Grand Rapids Inc., would pay the city back the bond money on an annual basis.

City seeks bonds to help Downtown GR Inc. fund amphitheater

It’s all in the name of a better interest rate, the city’s chief financial officer explained.

“If the DDA was going to issue the debt on their own, they’d be paying a higher interest rate,” Chief Financial Officer for the City …