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Council moves forward with bond timetable, bids for new fire station
Summary
City staff laid out a bond-pricing calendar for financing a planned fire station and said three Ohio contractors prequalified and will submit updated bids; council advanced the financing item to the council agenda.
City staff told North Canton City Council they have scheduled bond pricing for a planned fire station and are coordinating related contractor bidding so the city will know how much to sell in bonds before pricing day.
The municipal advisor, Cecina and Associates, will coordinate the sale. Staff said the pricing date is set for Aug. 14, with bond proceeds expected to arrive Aug. 28. Staff said they will prepare an “official statement” and present it to Standard & Poor’s for a credit rating prior to sale.
Staff also said three Ohio contractors that passed prequalification remain interested and have been asked to submit revised pricing proposals by Aug. 1; the updated bids will inform the amount of debt the city sells. The construction manager at risk (CMAR) process and the bond timeline are intended to align so contract pricing and financing needs match before final bond issuance.
Council voted to move the financing item to the council agenda for final consideration.
