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Davenport announces credit-rating reaffirmations and $1.5M+ federal award for Veterans Memorial Parkway roundabout
Summary
City leaders said Moody’s and S&P reaffirmed Davenport’s credit rating and that the Bi-State Regional Commission awarded more than $1.5 million toward a roundabout at Veterans Memorial Parkway and Eastern Avenue.
City officials announced during the March 26 Davenport City Council meeting that the city’s credit ratings were reaffirmed by Moody’s and Standard & Poor’s and that Davenport received a federal award through the Bi-State Regional Commission to fund construction of a roundabout at Veterans Memorial Parkway and Eastern Avenue.
During the petitions and communications portion of the meeting, the mayor reported that the city was reaffirmed by both agencies, which the meeting characterized as “double A” ratings; the mayor said Moody’s upgraded its outlook from stable to positive. The council credited city finance staff and asked Chief Financial Officer (CFO) Gerlach and her team to stand for recognition.
Council members also announced that the Bi-State Regional Commission had awarded “$1,500,000 plus” as the federal share for the Veterans Memorial Parkway and Eastern Avenue roundabout. The mayor described that award as a set federal amount and said it represents a larger project budget “almost 1,900” as stated in the meeting transcript (the transcript did not specify the full figure or exact units).
City leaders described both items as indicators of the city’s financial health and a significant federal contribution toward the roundabout project. City staff and project managers will proceed with the next design and procurement steps for the funded roundabout project and will present more detailed cost and schedule information as it becomes available.
