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Council OKs $3.34 million PFA loan for 9th Street project
Summary
The council adopted a resolution authorizing a $3,336,471 Minnesota Public Facilities Authority loan to fund the 9th Street project, the final funding piece for a nearly $10 million reconstruction; closing and documentation were said to be scheduled for next week.
The City Council adopted a resolution accepting the Minnesota Public Facilities Authority's offer to purchase a $3,336,471 general-obligation water revenue note to finance the 9th Street project. Emma, a finance staff member who presented the item, described the 9th Street project as a nearly $10 million undertaking with five or six funding sources and said this PFA loan is the final piece needed to issue that debt.
"This is the final piece to the 9th Street project, which is a nearly $10,000,000 project," Emma told the council and said closing and documentation were expected next week. Following a motion, the council voted to adopt the resolution; the mayor announced the resolution carried unanimously.
