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Financing in place for Utah County convention center

PROVO (Deseret News) — Saying it couldn't have been better timed, Utah County Commissioners on Tuesday finalized plans to build a convention center in downtown Provo.

With the economy struggling and the federal government offering incentives to spend, Utah County locked down an interest rate of 3.89 percent on its $40.15 million worth of bonds issued for the convention center as of Monday. Without those conditions, the rate would have been closer to 6 percent or 7 percent, County Commissioner Larry Ellertson said.

"It's the culmination of a lot of work and effort and thoughts and ideas by a lot of people," Ellertson said. "This kind of puts the nail in the ground, so to speak."

There is speculation that the Federal Reserve will raise the borrowing rate later this month, so commissioners say they believe they finalized the project at the right time — even down to the date.

"The timing couldn't have been more perfect," Commissioner Gary Anderson said during a planning meeting Tuesday.

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