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Lanesboro issues bonds for capital improvement projects


Fri, Aug 22nd, 2008
Posted in Government

The city of Lanesboro has approved selling bonds to finance Capital Improvement Projects that will be done in the next year. Mike Bubany of David Drown Associates, Inc. explained how the bonds will be paid off, and how it will affect the city's tax rates over the next fifteen years.

The projects on Whittier Street and Maple Drive will come to a total of $710,000. The roofing project that will be done to the Community Center building will be bonded at $200,000. The total amount that the city will bond for is $910,000.

Bubany added that the actual costs came in higher than anticipated, and that interest rates have also increased over the last few months. The roofing project came in $80,000 higher than what was budgeted, so to keep the tax rates down, Bubany suggested getting that $80,000 from another source.

The city has an outstanding bond issue right now from 1983, and Bubany said that if the city budgets for it over the next few years, they could have enough cash to pay that off.

Bubany had projected the interest rate to be around 4.693 percent for a 15 year term, adding that it could change in the next couple of months. His projected tax rates for the next few years show that in 2009, the tax rates are a little above the 73 percent base, but then will go below that rate for several years after that, assuming the city pays off the current bond issue. Bubany also advised the city keeps the tax rates right at the 73 percent line to have a cushion of funds to pay for future projects.

For this bond issue, Bubany recommended the city not spend the money to get a Moody's rating, as currently smaller cities are not seeing a better interest rate by getting a rating. There is a call option of February 1, 2017, which means the city makes a promise not to prepay before that date.

City Administrator Bobbie Vickerman believes that going ahead with the roofing project will help with energy costs to the building and it would be worth the money needed for it. The council approved the sale of General Obligation bonds for $910,000.

The council also approved the low roofing bid for the Community Center from Winona Heating and Ventilating Co. for $168,300. Vickerman explained that the original bids had also included the HVAC system that included two boilers, and they now believe they can get by with just one boiler and save money. The council agreed to reject the bids received and re-bid the project with one boile .....
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Airport to get Fixed Base Operator building

Fri, Aug 15th, 2008
Posted in Government

PRESTON - An amendment was approved to reflect a corrected design for the Fixed Base Operator (FBO) building for the Fillmore County Airport at the county board's August 12 meeting. The low quote from Northland Builders, Eau Claire, Wisconsin, in th ..... 
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Developer plans motel for Rushford

Fri, Aug 15th, 2008
Posted in Government

RUSHFORD - Anyone with a minimum investment of $37,500 and the fortitude to take on huge debt can be a motel owner in Rushford, according to developer Tom Serie of F & L Management & Development.

As the developer, Serie does not wish to own ..... 
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Harmony flooding problem linked to faulty manholes

Fri, Aug 15th, 2008
Posted in Government

HARMONY - Harmony resident Louise Sikkink was at the August 12, 2008, City Council meeting to hear about what has been done to fix problems with the sewer system on the north end of town. Sikkink and others had sewers back-up into their homes during ..... 
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Spring Valley approves new generator for utilities

Fri, Aug 15th, 2008
Posted in Government

The Spring Valley City Council took action Monday night, August 11, 2008 to help finance a new generator for Public Utilities. There were two resolutions passed that pave the way for financing one million dollars as half of the total cost. One resol ..... 
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Spring Valley sells lots at industrial park

Fri, Aug 8th, 2008
Posted in Government

The Spring Valley City Council met in special session on Friday afternoon. The purpose of the meeting was to discuss the recent negotiations the City has had with property owners at the Industrial Park.

Within the last week Larry Kappers ha ..... 
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POET Biorefining TIF decertified

Fri, Aug 8th, 2008
Posted in Government

PRESTON - The Preston City Council approved a resolution decertifying the ethanol plant Tax Increment Financing District (TIF) at their August 4 meeting.  City Administrator Joe Hoffman explained that the TIF was to run out on December 31, 2007 ..... 
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County Board struggles to trim budget

Fri, Aug 8th, 2008
Posted in Government

PRESTON - Fillmore County Board members slogged through proposed budgets from several departments in a long day at their Tuesday, August 5, meeting. The board is faced with cutting and trimming a hundred here and several thousand there in order to s ..... 
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Spring Valley council negotiating sale of annexed lots

Fri, Aug 1st, 2008
Posted in Government

SPRING VALLELY - Within days after the city of Spring Valley annexed the property on the west side of the city known as the Kasten Farm, city officials were negotiating the sale of three lots to a local storage/manufacturing company.

Mayor ..... 
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