FD council prepares for bond issues
Funds to aid multiple public projects
The Fort Dodge City Council is preparing to borrow millions of dollars to assist the new owners of the Crossroads Mall property and pay for various public projects.
At the same time, local leaders are moving to refinance $2.95 million worth of existing bond debt to take advantage of new lower interest rates.
The proposed new debt includes $8.5 million to be paid off with tax increment financing, rather than the property taxes of city residents.
That issue would include $6.7 million to help pay for demolition costs at Crossroads Mall, $1.55 million for demolition and cleanup of blighted properties and $250,000 to provide matching funds for the downtown facade project.
A separate bond issue would include:
• $3.25 million for storm sewer and street projects.
• $700,000 for Municipal Building improvements.
• $700,000 for an addition at the firehouse.
• $500,000 for trails.
• $250,000 for updates at the aquatic center.
• $225,000 for Fort Dodge Regional Airport improvements.
• $200,000 for park improvements.
• $200,000 for the Blanden Memorial Art Museum.
• $150,000 for the Fort Dodge Public Library.
• $50,000 for facade repair at Citizens Central.
The council passed a preliminary measure authorizing the bond issues Monday, but it has not yet borrowed the money.