Derby City Council approves $20M bond sale for key infrastructure projects

During the Derby City Council meeting on March 25, 2025, significant discussions centered around the authorization of general obligation bonds and temporary notes to finance three major city projects. The meeting, led by Finance Director Megan Sneller, highlighted the financial strategies that will support the development of Dzikarski Park Phase 2, building automation improvements, and a new senior center.

The Dzikarski Park Phase 2 project, which was previously approved by the council, has an estimated cost of $18.58 million and will be funded through the Derby Difference sales tax plan. The building automation improvements project, with a budget of approximately $700,995, is also set to be financed through the upcoming bond issuance.

The senior center project, which received approval during the meeting, will be temporarily financed through a note while design work for future phases, including City Hall and the police department, is completed. The council plans to issue general obligation bonds next year to cover the costs of all three projects once final construction amounts are determined.

The council is scheduled to hold a competitive sale for the bonds and notes on April 17, with parameters set for a maximum principal of $20 million for the bonds and $8.4 million for the notes. The results of this sale will be presented to the council on April 22 for ratification or rejection.

Council members expressed their support for the projects, emphasizing their long-term value to the community. The discussions underscored the city’s commitment to enhancing public infrastructure and services, which are expected to benefit Derby residents for many years to come. As the council moves forward, the successful financing of these projects will be crucial in addressing the city's growing needs and improving overall quality of life.