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City outlines construction plan, grant deadlines and bond timeline for community center and park project
Summary
City administration reported an A+ bond rating, scheduled sale and closing dates for bonds that will fund the community center and Highway 68 park purchase, and a construction plan that includes an Aug. 3 preconstruction start and a Connected Community grant deadline at the end of October.
City administration told the board the community center and associated park land purchase will be funded in part with proceeds from an upcoming bond sale after a positive rating call with S&P. The administrator said the rating call produced an A+ with a stable outlook and that the city expects the competitive bond sale on August 12 and a closing on August 28. "They said that we have a stable outlook, and they gave us an A plus rating," the administrator said.
Staff also updated the board on construction timing: a first preconstruction meeting for the community center occurred and construction crews are expected to begin on August 3; staff noted the antique fire truck must be moved before work starts. The administrator described a plan to meet requirements of a Connected Community grant that expires at the end of October and suggested building one wing first could be quicker and help meet grant conditions. Officials said the CDBG-funded remaining work on the recreation complex will be bid in August, and the city has about a couple hundred thousand dollars left in LPRF funds to help with track resurfacing and other improvements, with spending required by the end of January.
