Financing Public Hearing

On Wednesday, May 4, 2022, City Council gave approval for the City to enter into a purchase agreement for the property at 4401 West 76th Street for the purposes of building a new fire station. The City must secure debt financing before purchasing the property. To secure the most cost-effective debt financing, the City will ask Council to authorize financing for up to $39 million of general obligation bonds for the land acquisition and construction of the fire station project. The actual amount of debt financing needed to complete the project is not yet known because it depends on many factors, including: potential funding support from the state bonding bill; the results of the pre-design and design processes that establish the final scope of the new facility and the construction bids.

The first step in securing the financing is for Council to hold a public hearing on the fire station project on Tuesday, June 21, 2022. There are multiple ways to participate:

1. On-line via Better Together from June 1-16

2. Voicemail by calling 952-826-0377 (option 1)

3. In-person at the June 21, City Council meeting

Due to the economic impacts by extending the project timeline, Council will take action immediately following the close of the public hearing at its June 21 meeting.

Following the hearing and a 30-day waiting period, the City will issue bonds to pay for the property. These bond funds are intended to be used to acquire the property in late summer 2022.