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Wednesday, August 20th, 2014
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Options for financing Preston’s 2014 street project


Fri, Mar 8th, 2013
Posted in Preston Government

City Administrator Joe Hoffman at the council’s March 4 meeting detailed the pros and cons of combining the estimated $4 million worth of street improvements into one project. In early February councilman Robert Maust had suggested it may be cost effective to take advantage of current historically low interest rates and do the work as one large project rather than in two parts. He also questioned whether there would be a cost advantage by issuing the bonds early to get the unusually low interest rate.

Hoffman explained that to prefinance the project would be a gamble and raise the interest rate by about .3 percent. Also, this type of financing is rarely done.

Hoffman said the city of Kasson has the same AA- rating and has bonded for 2 percent on a 15 year debt. He added that financing the debt in one lump sum in 2014 would put Preston in the moderate to high range of debt compared to capital assets.

At the February meeting Hoffman had presented a scenario for street improvements which would be done in two parts, half in 2014 and half in 2018 with each $2 million bond being paid over 15 years. The city’s existing bond debt payments will end in 2016 and 2019.

Hoffman explained the $4 million one time project could be feasible. Seven to ten percent could be saved. Project areas could be tied together more easily. A larger portion of the community will be assessed at once.

Maust suggested that the streets will surely be good for twenty years and asked why not bond for 20 years instead. Hoffman noted that with a longer term, the interest rate would be a little higher.

The negatives or cons for one large project include difficulty in staging so residents can maintain access, about twice the residents will be affected at once, a greater demand on city resources (engineering and public works), and the size of a $4 million project could eliminate some contractors. Hoffman said that limiting the pool of possible contractors could in the end affect the quality of work.

Both the option of one large project and the option of two smaller projects will be kept open. Hoffman reported that they will have a staff meeting this week to start prioritization and to identify utility work. The $4 million figure does not include utility work. No decisions were made at this time.

Veterans Cemetery

Fillmore County had applied for the rezoning of a parcel .....
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Preston to proceed with planning for 2014 street project

Fri, Feb 8th, 2013
Posted in Preston Government

City Administer Joe Hoffman reviewed at the council’s February 5 meeting estimated levy increases that would be necessary over a twenty year period to finance the Twenty-14 street project. Hoffman explained one scenario for the street improvemen ..... 
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St. Paul Street improvement

Fri, Jan 25th, 2013
Posted in Preston Government

Public Works Director Jim Bakken reported at the Preston City Council’s January 22 meeting that the county is considering a mill and overlay project on CSAH 17 (St. Paul Street) from Fillmore Street to the south bridge, before the power plant. Co ..... 
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Preston Ambulance to provide education incentive

Fri, Jan 11th, 2013
Posted in Preston Government

By Karen Reisner The Preston City Council at their first meeting in 2013 approved financial incentives for EMTs and First Responders for the completion of up to twenty hours of additional education through a Transitional Course. Twenty-four hours ..... 
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Robert Maust joins Preston Council

Fri, Dec 7th, 2012
Posted in Preston Government

The Preston City Council during their December 4 meeting filled the open seat left by the resignation of Kay Spangler effective December 1. Spangler’s resignation was accepted as she and her husband were moving to Chatfield. Early in November the ..... 
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Preston utility rates remain competitive despite increase

Fri, Dec 7th, 2012
Posted in Preston Government

Preston, Minn – The commission of the Preston Public Utilities (PPU) approved a five percent increase in electric, water and sewer charges for all residential, commercial and industrial customers. The increase will take effect January 1, 2013. T ..... 
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Greenleafton established as subordinate service district

Fri, Nov 16th, 2012
Posted in Preston Government

Several Greenleafton residents addressed the county commissioners raising their concerns and questions about the Greenleafton wastewater treatment project at the November 13 board meeting. Sheila Craig, Southeast Minnesota Wastewater Initiative, and ..... 
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Preston extends Small Cities Grant application

Fri, Nov 9th, 2012
Posted in Preston Government

City Administrator Joe Hoffman explained at the city council’s November 5 meeting that the Department of Employment and Economic Development (DEED) has suggested the city extend their preliminary application to include single family homes. Counci ..... 
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Preston City Hall remodel progressing

Fri, Oct 19th, 2012
Posted in Preston Government

By Karen Reisner The Preston City Council for the first time in over a month met in their city council chambers for their October 15 meeting. The last few meetings have been held in the fire hall while city hall was being remodeled. Councilman Da ..... 
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