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Independence council approves sale of $32 million in bonds to fund streets, bridges and sidewalks
Summary
The City of Independence approved a resolution to authorize the competitive sale of up to $32 million in general obligation bonds as the first tranche of voter-approved bond authority. City staff described project priorities, timelines and how the competitive sale will work.
The Independence City Council voted unanimously to authorize the city to pursue the competitive sale of up to $32,000,000 in general obligation bonds, the first tranche of voter-approved bond authority intended to fund street maintenance, bridge repairs and sidewalk improvements.
The vote on ordinance 25-064 came after council members pressed staff for details about the bond sale process, project sequencing and how residents might participate in purchasing the bonds. “What youre voting on tonight is the first tranche of funds, $32,000,000 of the $55,000,000,” the City Manager told the council, describing the action as the procedural step that allows staff to take the bonds to market for sale.
The bond sale will be conducted competitively under the city charter. Caelan Dwyer of Columbia Capital, the citys financial advisor, told the council that the city will post a notice of sale so investment banks can bid. He said the bonds will be sold on the date advertised (the sale was described as planned for Sept. 3), and that individual retail investors typically cannot participate in the initial competitive sale: “Because were selling these bonds competitively, there is no direct way to ensure that any individual investor can participate in this deal,” Dwyer said.
Deputy City Manager Lisa Reynolds outlined the project list the bonds will fund. She said the first construction projects will be the Chrysler Avenue bridge bundled with the Kentucky bridge over Mill Creek, which were actively out to bid at the time of the meeting, with additional bridge design work (Kentucky over Rock Creek) planned to move into design this year. She told the council that the city plans roughly $6 million per year for pavement overlays (targeting streets with a pavement condition index of 40 or below) and roughly $1.7 million per year for sidewalk work directed initially to seven elementary schools, with Castle Park identified as the first school receiving work.
Reynolds said the timeline aims for some construction to begin in late 2025 and more work in 2026, depending on bid responses and approvals by partner agencies such as railroads for bridges over railroad right-of-way. “We are absolutely planning to bid the overlay this year so that work can start in the spring,” she said, and added that bridge work in railroad right-of-way may proceed more slowly because of coordination with rail partners.
Council members thanked staff and the community members who approved the ballot question authorizing the bonds. The roll call showed seven votes in favor and none opposed, and the ordinance passed as read.
What this means for residents: the city will proceed to advertise and sell bonds competitively; contractors will bid on identified bridge and overlay projects; and the city expects construction to begin on some projects within months of successful sales and contracting, subject to bidding outcomes and partner approvals.
