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Grundy Center advances Prairie Ridge Phase 2, sets public hearing for up to $550,000 bond
Summary
The council approved resolutions to enter an Essential Purpose Loan Agreement and to set a June 1, 2026 public hearing on a general obligation loan of up to $550,000 to finance Phase 2 of the Prairie Ridge addition, which the city and a local development member say will add 21 residential lots.
The Grundy Center City Council on May 4 approved a series of resolutions to move forward on financing for Phase 2 of the Prairie Ridge housing addition, and set a June 1, 2026 public hearing for a general obligation loan not to exceed $550,000.
The action began with a public hearing on an Essential Purpose Loan Agreement; Mayor Dr. Paul Eberline said the loan is part of an upcoming general obligation bond intended to construct streets, water lines, storm drainage, sanitary sewer, lighting and signage for the addition. Ryan Bingman, a member of GCDC, said the phase will include 21 additional residential lots.
Council voted 4–0 with one abstention (Council Member Smith) to take additional action to enter the Essential Purpose Loan Agreement (recorded as Resolution 2026-19). The council then voted 4–0 with one abstention to set a public hearing on a General Obligation Loan Agreement and to authorize staff to seek authority to borrow up to $550,000, with the hearing set for June 1, 2026 (Resolution 2026-20). The council also approved accepting an engagement letter from Speer Financial Inc to assist with bond issuance (Resolution 2026-21); that measure carried by the same 4–0 with one abstain tally.
The council’s abstention was recorded for Council Member Smith on the bond-related motions; the meeting minutes do not provide a reason for the abstention. The Essential Purpose Loan Agreement was described in the hearing as covering public-infrastructure work only; no final bond sale was reported at the meeting.
Council also approved several routine items during the session, including second reading passage of Ordinance 592 (amending appointment terms for the Ambulance Chief and Police Chief) and the approval of a Laboratory Services Agreement with Grundy County Memorial Hospital for drug-screen testing (Resolution 2026-22). No additional conditions or contingencies for the bond package were recorded at the meeting.
Next steps: the council will hold the public hearing on the general obligation loan on June 1, 2026; further action to finalize borrowing and bond issuance would follow after that hearing.
