Aurora finance committee approves $95M bond issuance for major infrastructure projects

The Aurora City Council is gearing up for a significant financial move, with plans to issue up to $95 million in general obligation bonds aimed at funding crucial infrastructure projects. This decision, discussed during the Committee of the Whole meeting on June 3, 2025, is part of a broader strategy to enhance city services and facilities.

Chairman Ted Mesiakos outlined that the bond issuance is intended to finance various capital improvements, including the construction and relocation of fire stations, expansion of River Edge Park, and necessary upgrades to the public works facility. The bonds will be tax-exempt and are expected to have a minimal impact on homeowners, with an estimated monthly property tax increase of about $9.25 for a $300,000 house.

Chris Minnick, the city’s Chief Financial Officer, emphasized that this bond issuance is part of a larger plan that includes previously issued bonds totaling $120 million. The current bond sale is set to be competitively bid online, allowing for the best possible interest rates. The timeline for the bond sale is projected for late June, with closing expected in early to mid-July.

Council members raised questions about the financial strategy, including the potential for using casino revenues to offset tax levies for bond repayment. Minnick confirmed that the city has the flexibility to abate taxes annually if revenues from the casino meet expectations.

In addition to the bond discussions, the council addressed the need for contingency funds, with an extra $5 million earmarked for unforeseen project costs. This proactive approach aims to ensure that all planned improvements can be completed without financial shortfalls.

As Aurora moves forward with these plans, the city is poised to enhance its infrastructure significantly, reflecting a commitment to improving public safety and community amenities. The anticipated outcomes of these projects are expected to benefit residents for years to come.