The Unified Government last week accepted bids on the sale of four bond issues totaling $104 million.
The interest rates came in lower than expected, according to the UG chief financial officer, Kathleen VonAchen. She said at the Feb. 2 UG Commission meeting that the UG saved about $2.5 million because it was a good day to sell bonds.
The largest of the four bond issues was $62.5 million, for municipal temporary notes. The other bond issues were $22.3 million, general obligation improvements bonds; $14.4 million, general obligation refunding bonds; and $4.8 million, taxable general obligation improvement bonds.
The $4.8 million taxable general obligation improvement bonds are for Indian Springs, the Midtown Redevelopment TIF.
At a UG committee meeting on Jan. 30, UG officials discussed the Indian Springs redevelopment, and said the cost of demolition was around $2.5 million. The UG paid $7.5 million for the old shopping center years ago. A development plan for a business park with flexible business and light industrial use on the south side of Indian Springs site, with retail on the north side, was discussed at the Jan. 30 meeting.
The biggest item on the $22.3 million general obligation bonds list was Kaw Point solids dewatering rehabilitation at $5.2 million, and the Leavenworth Road improvements also were on the list, along with Central Avenue from I-70 to 18th, the Metropolitan Avenue TIF project area 2, neighborhood street resurfacing projects, and several other items.
The biggest item on the $62.5 million municipal temporary notes was $5.098 million for Turkey Creek; and some of the other most expensive items on the list were $5.043 million for relocation of sewer office, storage and maintenance facilities; $5.032 million for the Riverview Avenue bridge replacement; $5 million for Leavenworth Road underground utilities; $4.3 million for 82nd and Tauromee storm sewer reconstruction, and $4 million for a fire station. Several other items were on the list.
VonAchen said the UG recent had several credit rating presentations with Moody’s and Standard and Poor. The agencies reaffirmed the UG’s rating at the same amount as previously, she said. Standard and Poor issued an AA stable rating, while Moody’s issued an A1 stable rating, she added.
Moody’s told the UG if it wanted its rating to improve, it should improve its reserves and lessen its debt load, she said.
The UG Commission approved the bond sales unanimously.
To see the recent story about Indian Springs redevelopment, visithref=”https://wyandotteonline.com/ug-changes-direction-on-indian-springs-development/” target=”_blank”>https://wyandotteonline.com/ug-changes-direction-on-indian-springs-development/.