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Clive Council approves $2025B GEO urban renewal bonds to fund Ellis Road project at 3.3971%
Summary
Council adopted a resolution to issue general-obligation urban-renewal bonds (Series 2025B) to finance the Ellis Road Street Project; PFM reported competitive bids and a winning bid from TD Financial Products at 3.3971%, and the resolution passed 4–0.
Liz (city staff) confirmed public notice for the city’s bond sale had been published in the Des Moines Register on Oct. 13, 2025, and introduced Suzanne from PFM to report results from the sale.
"I come bearing good news," Suzanne said, summarizing the sale of Series 2025B general-obligation urban-renewal bonds to finance the Ellis Road Street Project. She said the city offered 15-year non-bank-qualified bonds backed by tax-increment financing (TIF), received three competitive bids and awarded the sale to TD Financial Products at an interest rate of 3.3971 percent. The cover bid, she said, came from Robert W. Baird at about 3.425 percent and a third bid from FHN Financial at about 3.46 percent; PFM said the pricing was better than prior 2025A bonds and allowed the city to apply premium proceeds to the project fund.
After brief council discussion and no requests for public comment, the council moved, seconded and adopted the resolution ordering issuance of the general-obligation renewal bonds Series 2025B and authorizing the loan agreement and related documents; the clerk recorded the vote as 4–0.
Council members thanked staff, bond counsel and advisors for the competitive pricing. Suzanne and staff said they will provide final closing documents to the city as required by the bond sale procedures.
