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Thursday, October 23rd, 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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Katelyn Ristau 2013 Minnesota Simmental Queen

Fri, Mar 1st, 2013
Posted in Preston Agriculture

The Minnesota Simmental Association is excited to present Katelyn Ristau, daughter of Doug and Deb Ristau of Preston as the 2013 Minnesota Simmental Queen. She was crowned at the 40th annual MN Simmental Banquet held on February 22 in Rochester, Min ..... 
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Root River program to get new Occupational Therapy services

Fri, Mar 1st, 2013
Posted in Preston Education

Michelle Breitsprecher, Director of the Root River Program, spoke to the Fillmore Central School Board at their regular meeting on Feb. 26. She stated they had been receiving Occupational Therapy services from Southland for five days a month, but th ..... 
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Relay for Life team hosting spring shopping spree

Thu, Feb 28th, 2013
Posted in Preston Business Announcements

The “Major Heroes” Relay for Life Team will be hosting a fundraising event for area community members on Saturday, March 9, 2013, from 10:00 a.m. to 2:00 p.m. The shopping spree will be at the Fillmore Central Middle School gym in Preston, with ..... 
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Donald O. Nichols

Tue, Feb 19th, 2013
Posted in Preston Obituaries

Donald O. Nichols, 76, of Preston, passed away after a courageous battle against leukemia Monday, Feb. 18, 2013, at Rochester Methodist Hospital. Born in Winona, on Nov. 19, 1936, to Vernon Adry and Francis Geneva (Johnson) Nichols. In 1954, he gra ..... 
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Easton James Grabau

Fri, Feb 15th, 2013
Posted in Preston Social Scenes

Jade and Brett Grabau of Preston are excited to announce the birth of their son, Easton James Grabau. Easton was born on Sunday, January 19 at 9:59 p.m. He was 7 lb. 12 oz and 20 1/2 inches long. Proud grandparents are Duane and Angel Bakke, Lanesbo ..... 
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F&M Community Bank supports the Chatfield community

Fri, Feb 15th, 2013
Posted in Preston Business Announcements

F & M Community Bank recently made several donations to help support the Chatfield community. The organizations receiving support were: •Chatfield EDA - $500 to be applied to their contract with Community and Economic Development Associates ..... 
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Appellate Court reverses lower court on State Trail - Remands to District Court for further findings

Fri, Feb 15th, 2013
Posted in Preston Features

This decision may be a signal the case is nearing the end of the road or may just be another sharp curve in the long time effort to build a state trail from Preston to Forestville State Park. The decision of the court of appeals remands the case to ..... 
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National Trout Center has new director

Fri, Feb 15th, 2013
Posted in Preston Features

When Heath Sershen of Winona was in graduate school, he set a goal that when he graduated, he would like to work at a non-profit organization as a director. He wanted to teach people about brown trout and the driftless area. It seems Sershen has fou ..... 
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