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Kingman council authorizes up to $25M in excise‑tax obligations, approves $18.2M construction bid for Flying Fortress Parkway phase 2
Summary
Council approved Resolution 5602 authorizing excise tax revenue obligations (anticipated financing roughly $23M over a ~21‑year term) and awarded the phase‑two construction contract to Perco Rock for $18,194,134, favoring concrete pavement on Flying Fortress Parkway and asphalt on Airway Avenue.
The Kingman City Council on April 7 approved Resolution 5602 to authorize financing documents and the potential issuance of excise‑tax revenue obligations to finance street improvements for Flying Fortress Parkway and related segments.
City staff said the total principal for the obligations will not exceed $25 million and that, if the contract recommended later in the meeting is approved, the city expects to borrow about $23 million. "Dollar‑wise it will equate to about $23 million," Finance staffer Tina said, and staff indicated a planned term of about 21 years with the first years structured as interest‑only and later annual repayment around $1.9 million.
Later the council approved award of bid IFB‑003 for Flying Fortress Parkway phase two to low bidder Perco Rock for $18,194,134. Staff recommended selecting the alternative that places Portland cement concrete pavement (PCCP) on Flying Fortress Parkway and asphalt pavement on Airway Avenue to better accommodate heavy truck traffic on Flying Fortress.
Council members asked how the financing affects future bonding capacity (staff said borrowing for a planned fire station would exhaust near‑term affordability) and discussed assessment methodologies for adjacent parcels (addressed separately in the public hearing on accelerated assessments). Council approved both the financing authorization and the bid award by roll call votes.
The financing documents approved by the resolution included a trust agreement, continuing disclosure certificate and a purchase contract; staff indicated the municipal advisor and bond counsel will finalize final forms and the city manager and finance director will be delegated authority to determine certain sale terms when brought forward in May.
Next steps include finalizing financing documents, bringing the construction contract for execution per council direction, and coordinating project phasing and assessment notifications to affected property owners.
