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City approves Heritage Bank fixed-rate for Union Town Square bonds, grants staff expedited construction authorities
Summary
The City of Union approved having Heritage Bank hold bond proceeds at a fixed 3.5%, set the project builders-risk insurance to begin Aug. 19, 2025, and granted the CAO and Commissioner Doug Bine authority to sign direct purchase orders and approve change orders under $50,000 to keep Union Town Square construction on schedule.
City Administrator Amy Safran told the Commission that the bond sale for Union Town Square will close Aug. 26, 2025, and recommended Heritage Bank hold the proceeds at a fixed 3.5% interest rate; US Bank had offered only a variable rate (4.06%). "The recommendation from CAO Safran is to have Heritage Bank hold the proceeds from the bond sale at a fixed rate of 3.5%." Mayor Solomon put the motion and the Commission approved it 5-0.
Public Works Director Paul Kremer reviewed operational controls for the project and requested authority so staff can approve and execute direct purchase orders (DPOs), extend the overall completion date by up to 60 days for weather or clearing delays, and approve change orders under $50,000 with briefings to the Commission afterward. The Commission approved granting these authorities to CAO Amy Safran and adding Commissioner Doug Bine as an approver (vote 5-0). Kremer also noted builders-risk insurance will start Aug. 19, 2025 and cost just under $24,000; the city set the groundbreaking for Aug. 19 at 10:00 AM and ground clearing for Aug. 25, 2025.
