The Crosslake City Council on Monday, July 8, adopted its capital improvement plan for 2019-2023 and agreed to issue general obligation capital improvement bonds, not to exceed $3.815 million, to help pay for construction of a new city hall and remodel the current city hall for fire department use.
The entire facility improvement project is projected to cost $5.115 million, with $1.3 million paid for with city reserves and $3.815 million in CIP bonds.
Estimated project cost for a new city hall and public safety facility is $3.4 million, and the renovation of the existing municipal building for use as a fire hall is estimated to cost $1.3 million.
The city will incur a cost of about $12,000 to $13,000 to go through the bond rating process, but City Administrator Mike Lyonais told the council the process will save the city about $350,000, or about 2 percent interest, over the life of the bond.
The bond sale was set for the Monday, Aug. 12, regular city council meeting. Lyonais said at that time the council can award the sale of bonds and those funds should be available to the city by the beginning of September. The city’s goal is to start construction of the new facility as soon as possible this fall.
The new city hall and public safety facility will be built on land the city purchased at the corner of County Road 66 and Daggett Bay Road.