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Council clears $5.5 million capital loan note authorization tied to CIP and TIF projects
Summary
Finance director Nikki Lam presented procedural steps for issuing general obligation capital loan notes not to exceed $5.5 million to fund capital projects; the council approved resolutions authorizing issuance and pre-levy steps that include TIF project listings for Westover, Doona and Northwest Market Center.
The council approved a package of resolutions allowing the city to issue general obligation capital loan notes and complete procedural requirements connected to the capital improvement program.
Finance director Nikki Lam explained the package covers: (1) a not-to-exceed $5.5 million general obligation capital loan note issuance for CIP projects (actual expected sale slightly above $5.0 million), (2) associated TIF project listings including Westover, Doona and Northwest Market Center, and (3) pre-levy authorization needed to record levy information with the county auditor before budget adoption. "It is all in the same council letter as well…we are issuing 5,500,000 or not to exceed 5,500,000," Lam said, adding most capital projects are funded through local-option sales tax and reserves.
Council approved resolution 119-2026 and two related resolutions (120-2026 and 121-2026) that implement the bond issuance and pre-levy steps. Lam said the city is below bank-qualification thresholds for the first time in years and that much of the CIP remains funded through sales tax and reserves.
Why it matters: The actions clear the way for financing and scheduling capital projects in the city's CIP while also documenting TIF-supported projects. The steps are largely procedural but necessary for the city to proceed with planned capital work.
