The city of Vancouver will sell up to $1.5 million in bonds to residents of Clark County to help finance an $8.3 million West Barracks renovation project near Officers Row at the Fort Vancouver National Site. The project is scheduled to begin later this year.
The “Vancouver Heritage Bonds” – a type of mini-bond specifically targeted for sale to the local community – will be sold from May 26 to June 5. The tax-exempt bonds will be sold in denominations of $500, up to a $10,000 maximum per household.
“Rather than the bonds being sold in $100,000 to $1,000,000 amounts to distant institutional investors, the Vancouver Heritage Bonds will be sold in smaller amounts right here in our community with principal and interest being paid to local residents,” said Lloyd Tyler, Vancouver’s financial and management services director, in a press release.
Similar to savings bonds, the value of the bonds will grow over time with principal and interest paid at one time upon maturity. Interest rates will be established at the time of sale.
According to the city, the Vancouver Heritage Bonds are expected to reach maturity within six to 13 years. There will be no secondary market for the bonds and no early redemption.
A bond order form and instructions are available at www.cityofvancouver.us/heritagebonds.
For more information about the West Barracks renovation project, see our December 2014 article, “City embarks on major renovation of Vancouver Barracks.”
