The Fergus Falls City Council approved a resolution Monday for the sale of $2,960,000 of general obligation bonds to provide funding for the East Mt. Faith Project.
The funds will help cover the street, water and sewer projects presently underway in the East Mt. Faith area, directly south of Roosevelt Park.
Director Doug Green, representing the municipal financial firm of Baker Tilly of St. Paul, told City Council the winning bid of 2.2355875% was made by Northland Securities, Inc. Northland barely edged out the firm of Robert W. Baird and Company, Inc., which offered a bid of 2.2448323%.
“Everyone knows where the market is so we’ve had some really tight, tight bidding over the last two weeks,” Green said.
The East Mt. Faith project will affect homeowners on Mt. Faith, Highland and Sheridan streets and Burlington and Summit avenues.
The entire East Mt. Faith improvement project can now be funded according to City Finance Director Bill Sonmor.
The council gave the green light to City Administrator Andrew Bremseth’s proposal to hold a workshop at 4 p.m. July 22 discussing a resolution authorizing a Greater Minnesota Regional Parks and Trails Commission 2021 funding application. The city is interested in obtaining a grant that would help in funding the Glacial Edge Trail from Union Avenue to the Otter Tail County Historical Society by authorizing matching funds for the project in budget year 2021.
The funding application recommends but does not require a match of funding, however a minimum match of 5% would earn five out of a maximum 15 points for matching contributions.
The total cost of the project is estimated at $525,417.77.
The 2020-24 Capital Improvement Plan was approved 5-1 with a dissenting vote cast by Councilman Scott Kvamme. The plan, which Councilman Jim Fish pointed out is essentially “a road map” for the city, laid out a total expenditure of $69,545,300 over the five-year period. The Building Department was earmarked as the greatest recipient of those funds at $25,320,000.
Also approved was a resolution authorizing the submission of a National Endowment for the Arts (NEA) grant for the Downtown Riverfront Project.
The council’s final action of the evening was to authorize City Attorney Rolf Nycklemoe to draft an ordinance changing the street name of a new development in Fergus Falls from Amy Court to Anna Court. The location of the court is off Ottertail Drive between the mall and Veterans Bridge. The request was made by Ed Newman Jr. of NCS Homes, Inc.
Newman also asked for a change of address at Lot 2 from 209 to 207 in order to set up a correct numerical order.
A rental registration public meeting is set for 5:30 p.m. July 29. The Committee of the Whole meets at 7 a.m. July 31. The first City Council meeting of August will be held at 5:30 p.m. on Aug. 5.