BE Council authorizes $4 million bond sale
The Blue Earth City Council took a big step towards financing several large construction projects in the city at their meeting last Monday night.
The council authorized the sale of $4.095 million in general obligation bonds. The sale will take place at 10:30 a.m. on the morning of June 18, according to Doug Green of Springsted, Inc., the city’s bonding agent.
The council will then be able to accept one of the bids at their regular meeting held later that evening.
The bond sale will actually cover three separate projects, Green said. They are the new housing development project near Lampert’s Lumber, the 13th and Moore Streets reconstruction project and the new Public Works Department building.
“We combine them all into one bond sale because it will save the costs of doing them separately,” Green said. “Plus it increases the par value and makes the bonds more attractive to buyers.”
The street and housing projects are already underway, and the Public Works building is expected to start soon.
City engineer Wes Brown gave an update on all the projects during last Monday’s meeting.
“The 13th and Moore Street project is well underway,” Brown said. “The crew has finished off one block and will now move over the south side of 14th Street to begin the underground boring over there, before returning to Moore Street.”
The wastewater treatment plant upgrade has been proceeding all winter, and Brown says both new buildings are now enclosed and equipment is arriving to continue all of the new upgrades.
Work has started back up on the new housing development, he said.
“The contractor did not get as much done last fall as he had expected,” Brown said. “So they are at it now.”
The new Chamber welcome center and museum building is also well underway, the city engineer said, with the footings for the structure being put into place.
The Public Works Department new building will start soon, and will be built on the site of the old municipal liquor store, which Brown says should be demolished within the next week or two.