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Council approves bond counsel, financial adviser and engineering agreement for parks improvements
Summary
The council approved engagement letters for bond counsel and financial adviser and a $98,750 engineering agreement to support a proposed parks improvement package financed by a general-obligation bond not to exceed $2.5 million.
The Speedway Town Council on Sept. 22 approved three items tied to planned improvements at Leonard and Meadowood parks: engagement of bond counsel, retention of Krone & Associates as financial adviser, and an engineering agreement with Keesler Consulting Group.
Town Treasurer Philip Faust said the town is targeting a general-obligation park bond not to exceed $2.5 million; the town has submitted an application to the Indiana Bond Bank and the park board passed an initial resolution at its Sept. 17 meeting. The council approved an engagement letter with the bond counsel firm (named on the agenda) to guide issuance and legal steps, and approved Krone & Associates to serve as financial adviser. Both motions passed 5-0.
The council also approved a design and construction‑inspection agreement with Keesler Consulting Group for $98,750. Staff said Keesler has started preliminary design work and will provide cost estimates to support the bond process; the agreement schedule lists completion of services through 2027 to cover design and construction oversight. Staff said the likely construction sequence is Leonard in one year and Meadowood the next, subject to final timeline and funding.
Councilors emphasized the parks' poor condition and liability concerns from aging equipment. All three approvals carried unanimously, 5-0.
