Council ready to act on $3.2M bond issue
Fort Dodge city leaders are preparing to borrow about $3.2 million to pay for several projects and equipment purchases.
The City Council is scheduled to take the first steps toward borrowing that money when it meets Monday.
The council meeting will begin at 5 p.m. in the Municipal Building, 819 First Ave. S., with a workshop discussion on the plan to have a consulting firm do a study of downtown parking needs.
The regular business meeting will begin at 6 p.m. in the Municipal Building. That’s when the council will hold public hearings and act on the first of several measures needed to borrow $3,170,000 in the form of a general obligation bond issue.
Of that total debt, $2 million will be paid off with property tax revenue. The rest of the debt will be paid off with tax increment financing, water bill revenue and, possibly, ambulance revenue. Tax increment financing occurs when increased property tax revenue from a designated area is used to pay for improvements in that area.
The $3,170,000 bond issue includes:
$1,120,000 for the East Region Storm Sewer Project.
$849,000 for the city’s share of the cost of rehabilitating a runway at Fort Dodge Regional Airport.
$738,000 for the booster station and water storage tank at the ag industrial park called Iowa’s Crossroads of Global Innovation.
$700,000 for a handicapped accessible entrance and elevator at the Municipal Building.
$450,000 for new financial software and data network.
$300,000 for new bleachers at Harlan and Hazel Rogers Sports Complex.
$185,000 for a new ambulance.
$90,000 for three police cars.
$80,000 for a new concrete driveway and windows at the firehouse.
$40,000 for roof replacement and gallery lighting at the Blanden Memorial Art Museum.
$40,000 for computer equipment.
$25,000 for a tractor to be used at the airport.
$24,000 for a new vehicle to be used by city inspectors.
$15,000 for two mowers to be used at Oakland Cemetery.
In other business, the council is expected to act on contracts for repairing the Bridge of Fallen Heroes on North Third Street and a sewer and water main project along South 19th Street. Both projects were postponed from previous years.