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Council adopts 2026'1035 Capital Improvement Plan and authorizes sales-tax bond issuance
Summary
The Bloomington City Council approved the 2026'1035 CIP and preliminarily approved general obligation bonds; it also authorized sales-tax revenue bonds (Series 2026A) totaling about $19.765 million for corridor and facility projects.
Councilors voted Dec. 8 to adopt a 10-year Capital Improvement Plan for 2026'1035 and gave preliminary approval to issue general obligation debt for projects listed in the CIP. Planning staff described the CIP as a 10-year planning tool that includes 192 projects; final project decisions and timing remain subject to further council approval and procurement.
Sales-tax revenue bond authorization: Staff proposed and council authorized a resolution allowing issuance and sale of general obligation sales-tax revenue bonds (Series 2026A) to fund 9-Mile Creek Corridor improvements and other final projects in the local option sales-tax program. Staff estimated the proposed aggregate principal amount for the sale-tax bond authorization at $19,765,000 and projected annual sales-tax debt service for the three authorized sales-tax projects at about $13 million when all are issued.
Key CIP items and near-term impacts: Council discussed large near-term items, including a garage project listed at about $25.9 million (land purchase/tear-down and later construction components) and a proposed $75 million parking ramp near the Mall of America identified in the port authority/ South Loop planning discussions. Staff said debt issued in 2025 impacts the 2026 levy and that debt planned for 2026 will affect future levies.
Why it matters: The CIP directs multi-year planning and debt issuance decisions that affect future levies and debt-service obligations. Council members noted the need to communicate timing and long-range impacts clearly to residents.
Votes and next steps: The CIP adoption motion passed 7-0. The resolution authorizing issuance and sale of sales-tax revenue bonds was adopted 7-0; staff said bond sales are planned for February with proceeds available in March and that bond structures will be tailored to revenue forecasts and call provisions.
