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Board of Estimate and Taxation approves bond-proceeds reallocations to cover other projects
Summary
The Board of Estimate and Taxation approved two bond-proceeds reallocations Jan. 28, 2026, including a transfer of just over $2 million from a Water 35 bond to the Water Distribution Improvement Project (Water 12) to comply with tax-credit and IRS constraints; votes were 4-0 on both items.
The Minneapolis Board of Estimate and Taxation on Jan. 28 approved two bond-proceeds reallocation resolutions and received a related bond transmittal, moving voting items to the start of the agenda at the mayor's request.
President Steve Brandt reopened unfinished business from the Dec. 10 meeting and asked David Wheeler, Senior Manager of Banking Investments and Debt, to summarize a reallocation tied to public-works project closeouts and council action in November 2025. Wheeler told the board the packet lists affected projects and amounts and characterized the item as a concurring resolution to council action.
Brandt said he was "somewhat chagrined" that Public Works does not always alert the board when a project will be pulled after bonds have been issued, adding, "When we sell bonds, we pay interest. And, I don't think we should be paying interest on projects that aren't going to go ahead." After a motion and second the board voted, with Member Frey, Member Payne, Vice President Bernstein and President Brandt each recorded as voting aye, and the resolution was approved.
Wheeler then presented an additional bond-proceeds reallocation approved by the council in December related to the Water 35 bond. He explained that the Water 35 project was identified as eligible for tax credits but that the project "needs to be paid from water revenues itself and can't use bond proceeds in order to utilize those tax credits." To comply with IRS rules and allow use of the tax credits, the board approved reallocating just over $2,000,000 in bond proceeds to "Water 12, the Water Distribution Improvement Project," to finance additional expenses in that program. The motion to accept that reallocation passed on a 4-0 roll call.
President Brandt also introduced a bond transmittal item for an assessment related to the Upper Harbor Terminal parkway (about two blocks). Wheeler deferred detailed questions about property ownership to the assessor's office or Public Works; the board had no action to take on the transmittal and the clerk received and filed the report.
No members of the public had registered to speak on agenda items. The meeting later lost quorum and was adjourned; staff remained to continue the controller's presentation informally.
