Council approves $2M bond issue for street projects

Published 10:14 pm Tuesday, June 27, 2017

The Albert Lea City Council on Tuesday unanimously approved providing for the sale of $2.27 million in general obligation improvement bonds that will help the city pay for a number of street projects slated for this summer.

“The proposed bond would have a term of 10 years and be sold competitively,” said Albert Lea City Manager Chad Adams.

Rebecca Kurtz, senior municipal adviser and vice president at Ehlers & Associates, said the principal for the bonds would be paid back from 2019-2028. The bonds are expected to be issued by financial services agency Standard & Poor’s, a group through which the city has a AA- rating.

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“It is a very strong rating for a community outside of the metro area of your size,” she said.

A bond sale is expected July 24. The construction projects, planned throughout the city, are also expected to be paid for by special assessments and a tax levy.

Projects taking place this summer include:

The neighborhood improvement project, which includes the bituminous reclamation, reconstruction, miscellaneous and total curb replacement, and miscellaneous sidewalk replacement on the northeast section of Albert Lea. Plans for the project include the reconstruction of the access road to the transfer station and demolition landfill. Construction work is also planned on East Main Street service roads north of East Main Street from Fenton Avenue to the west end and north of East Main Street from Morningside Road to Prospect Avenue.

The Lake Avenue and East College Street project, which includes the complete reconstruction of bituminous surface, curb and gutter, sidewalk, water main, sanitary sewer and storm sewer. The project will take place both on Lake Avenue, from Clark Street to Elizabeth Avenue; and East College Street, from Newton Avenue to east of Elizabeth Avenue.

South Broadway reconstruction from U.S. Highway 65 to 14th Street.

Sunset Street work, which includes the reconstruction of the concrete surface, curb and gutter, water main, sanitary sewer and storm sewer, as well as the construction of a sidewalk.

About Sam Wilmes

Sam Wilmes covers crime, courts and government for the Albert Lea Tribune.

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