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Council approves pay estimate for Eastside water-main project and authorizes early bond redemptions with excess TIF funds
Summary
West Branch approved Pay Estimate No. 7 of $79,311.39 for the Phase 2 Eastside Water Main Replacement Project and accepted public improvements; the council also authorized partial early redemptions of General Obligation bonds using excess TIF funds, including a $55,000 payment to retire a 2016B bond one year early.
The West Branch City Council approved a pay estimate and accepted public improvements for the Phase 2 Eastside Water Main Replacement Project and authorized early partial redemptions of two bond series using excess TIF funds.
Engineer Eric Gould of Veenstra & Kimm presented Pay Estimate Number 7 in the amount of $79,311.39 to Midwest Underground Contractors Inc.; he said the contractor will return in spring to address settling and seeding issues and, once complete, the city will accept final work and release retainage. The council approved Resolution 2025-28 (pay estimate) and Resolution 2025-29 (acceptance of public improvements).
Finance Officer Heidi Van Auken explained that the city had requested an additional $150,000 in TIF for FY24 intending to use it for an interfund loan, but the loan was not needed. In consultation with the city’s financial advisor, the council approved using those excess TIF funds to pay down TIF debt rather than returning the funds to the county. The council approved Resolution 2025-31 authorizing early partial redemption of General Obligation Corporate Purpose Bonds, Series 2016A, and Resolution 2025-32 authorizing partial early redemption of Taxable General Obligation Urban Renewal Bonds, Series 2016B; Van Auken said an additional $55,000 payment will retire the 2016B bond one year earlier than planned. Motions carried with recorded unanimous votes.
Council directed staff to proceed with required close-out actions and to coordinate retainage release once remaining corrective work is completed.
