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East Grand Forks staff propose $12.54 million bond authorization for recreation projects
Summary
City staff said they will present a resolution to authorize sale of up to $12.54 million in bonds to fund recreation facility improvements, with premiuming bringing available sale to about $13.03 million; $8 million is earmarked for the VFW arena and $4.745 million for civic center work, while a previously mentioned $2 million for ballfields is not included because the ballfield project is not ready to bond.
City staff told the East Grand Forks City Council they will bring a resolution next week to authorize the sale of bonds to fund recreation facility improvements, proposing a principal amount of $12,540,000 and with bond premium items bringing the total available sale to about $13,032,275.
Scope and allocation: staff said the largest component is $8 million for the VFW arena (authorized by a prior sales-tax vote) and that $4,745,000 is requested for civic-center improvements; an additional $2 million referenced earlier in voter materials was described as earmarked for ballfield projects, but staff said that ballfield work is a phased project not ready for bonding now and will require additional funds beyond the currently authorized sale.
Process and timetable: staff said the city is working with financial adviser Baker Tilly and will present the sale on Jan. 26 to potential purchasers; the sale itself is scheduled for Feb. 17 and the council is expected to accept the sale results at that evening's meeting. "We are proposing ... having a total bond amount of 12,540,000," staff said.
Questions and next steps: councilors asked about the ballfield money and whether it was intended to be fundraised; staff clarified those projects will need additional financing or fundraising and therefore are not being included in the current authorization. The matter will return next week for formal resolution to initiate the sale.
