We were told our taxes would not skyrocket to pay for the Arena.

A big announcement from the Mayor Tuesday backs that up.

Many of the 44% of people who voted against the proposed Haymarket Arena did so assuming taxpayers would foot the huge bill.

But Tuesday, Mayor Chris Beutler announced the first sale of arena bonds with a price tag much smaller than everyone expected. "We hope this news justifies the faith the public has placed on us as stewards of the public dollars."

One hundred million dollars worth of arena bonds were scooped up by Wells Fargo at a cost much lower than expected.

Beutler says, "Today's sale is a strong indication that our loan expenses will indeed fall below our projections."

City officials are selling bonds to pay off the $340 million arena. The City thought they'd have to sell the bonds with a 5% interest attached. But the first sale was made with a much lower 3.2% rate. That's a $1.8 million savings annually for the first 10 years. And it only gets better.

Beutler says, "Over the 35-year live of the bonds, the savings are about $50 million."

That means big savings for taxpayers. "If we're able to deliver on the other big items in the project, is that they're not going to have to worry about paying property taxes.

City officials say, outside of Lincoln Electric System bonds, the City has never issued a bond amount this high and never received an interest rate this low.

City Finance Director Don Herz says, "It sets a pattern for the rest of the bond issues. It gets the City of Lincoln, Joint Public Agency, West Haymarket's name out there and certainly benefits us."

A benefit that could shape the future for taxpayers as arena construction continues.

City finance officials say the second arena bond sale for $30 million will take place later this year.

As for construction, phase one is underway.

The City officially acquires the first section of land from Union Pacific on September 30th.