The GAC indoor pool and whirlpool close Sunday, Nov. 1, for about six months of upgrades. The city's Oct. 7 bond sale pays for the pool and Houston High.
The indoor pool at the Germantown Athletic Club closes Sunday, Nov. 1, for a renovation the club expects to take about six months. The whirlpool closes with it.
The club announced the dates on Oct. 16, in a renovation notice on its website. It said the Board of Mayor and Aldermen had given every approval the project needed.
The work is paid for with $3.5 million from a $24.8 million bond sale the city held Oct. 7. The same sale puts $10 million toward Houston High School.
What closes, and when
From the club’s notice:
- Sunday, Nov. 1: the natatorium (the indoor pool and whirlpool area) closes for the whole renovation.
- Monday, Nov. 2: the ladies’ locker room and the family changing rooms close for updates. The club expects them to reopen before the six months are up.
- Kids’ locker room: unavailable during the same period.
During the work, members can use the restrooms upstairs and downstairs and the ladies’ locker room on the weight floor, the club said. It has not given a reopening date for the pool.
What the renovation includes
The club listed the upgrades in its notice and in an earlier post on Sept. 23:
- new mechanical systems for the pool and whirlpool, for steadier water temperature and quality
- reworked ductwork for the dehumidifier, to improve air quality and humidity control
- a resurfaced pool deck
- a zero-depth entry ramp in the shallow end, for easier access
- a new sail structure near the ceiling, with old overhead equipment removed
- refreshed ladies’ locker room, family changing rooms and both outdoor pool locker rooms
How the city is paying for it
The City of Germantown sold $24,805,000 in bonds on Oct. 7, according to a city release on the sale. Eight financial institutions bid. J.P. Morgan Securities LLC won with a total interest cost of 4.547801%.
The money splits three ways:
| Purpose | Amount | Who repays it |
|---|---|---|
| Houston High School: a new fine arts wing and a cafeteria expansion | $10 million | The city’s operating budget |
| Germantown Athletic Club indoor pool area | $3.5 million | Club revenue, not property taxes |
| Refinancing the city’s 2016A and 2016B bonds | Not stated separately | Saves $473,000 over the life of the bonds |
The refinancing saving is $336,000 in today’s money, the city said.
Payments on the new bonds will average $1.1 million a year. The city said the club’s share is covered entirely by the club’s own operations, so the pool work does not affect property tax rates. The release came after Moody’s and S&P both reaffirmed Germantown’s top AAA credit rating last month.
The Houston High money is the city’s fourth major bond issue for Germantown Municipal School District buildings. Earlier issues totaled $43 million, so the city’s school bond funding now reaches $53 million. The city said that is about 70% of its outstanding bond debt.
“Receiving top-tier credit ratings allows us to enter the market from a position of financial strength, resulting in lower interest costs and direct savings for our taxpayers,” City Administrator Jason Huisman said in the release.
What it means for you
- GAC swimmers: the indoor pool and whirlpool close Sunday, Nov. 1, for about six months.
- To change or pause a membership during the closure, call the club’s customer service at 901-757-7370, email info@gacfitness.org or stop at the front desk. The club said it recognizes the closure disrupts routines.
- Taxpayers: the city says the pool work will not affect property tax rates, and the Houston High payments are already in its operating budget. Our property tax guide shows the current Germantown and Shelby County rates.
- Houston High families: the city release does not give a timeline for the fine arts wing or the cafeteria work. More on the district is in our Germantown schools guide.
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