Council approves bond issuance for reimbursement of street projects

The Worthington City Council on Monday approved a resolution for the city's issue of $8,785,000 in general obligation bonds for the financing of construction project costs.

Rebecca Kurtz, senior municipal advisor with Ehlers Public Finance Advisors, met virtually with council members on the matter. Worthington City Administrator Steve Robinson explained that the bond issue includes financing "to reimburse the city for various improvement projects, including Church Avenue, Second Avenue, Third and Fourth avenues, East Ninth Avenue, Murray Avenue, Ray Drive and the Oxford Street Service Road." Debt service will be paid from special assessments and taxes, he added.

The bonds are being issued for a term of 15 years, Robinson said. Principal on the bonds will be due on Feb. 1 in the years 2028 through 2042. Interest will be due every six months beginning Aug. 1, 2027. The bonds will be subject to prepayment at the discretion of the city on Feb. 1, 2036 or any date thereafter.

Also Monday, council members approved a task order for Bolton & Menk to provide comprehensive project management and technical support throughout the construction phase of the East Okabena Lake Trail Project. Scope items include construction surveying, Union Pacific Railroad settlement monitoring and contract administration. The total estimated cost for these professional services is set at $195,500.

City Engineer Hyunmyeong Goo admitted the costs were a bit higher than expected, which he attributed to the railroad component of the task order. 

In additional business, council members — following a public hearing — approved a residential property tax abatement program application submitted by Marco Ramos on behalf of Ramos Construction for the construction of a single-family home on the north side of Cecilee Street.