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Wednesday, May 4, 2016

Local banks bid successfully on Awaysis bonds

Tuesday, April 19, 2005

Harbor House demo April 25

Central Bank and Citizens First National Bank of Storm Lake, along with United Missouri Bank of Kansas City, were the three successful bidders on $5.6 million in general obligation bonds for Project AWAYSIS.

Bids were let at 2 p.m. Monday, before the 5 p.m. Storm Lake City Council meeting. The bonds include $3.5 million approved by special election for the outdoor pool and $2.1 million in general obligation bonds to be abated by tax increment financing and hotel/motel tax revenues.

The successful bidder had a 4.25 interest rate for 2006-13. That rate declines to 3.75 percent in 2015, then gradually rises again to 4.25 percent in 2025.

Another Storm Lake bank that submitted a bid which was not awarded was Security Trust and Savings Bank.

"You had a very wonderful bond sale," said Rex Ramsay of Piper Jaffray, who was on hand to present the bids to the Council for consideration. Ramsay said having local banks bid likely helped with the bond interest rates.

In another bond-related matter for Project AWAYSIS, the Council approved a resolution to advertise for sale $6 million in Urban Renewal general obligation bonds. The bonds are for construction of the AWAYSIS lodge project with bid opening April 25. The resolution also approved use of electronic Internet and FAX bids.

The Council also approved a resolution accepting the transfer of 3.4 acres of land from the Iowa Department of Natural Resources to the city for public park purposes. The land, comprised of three parcels, includes property east of the municipal campground to the Lakeside blacktop. A portion of the area will be used in renovation of the golf course. The third parcel is in the area presently servicing the DNR boat ramp and parking lot next to the municipal pool.

The property was conveyed to the city with use reserved by the Lake Patrol.

The old Lake Patrol Station was torn down, and the unit has been relocated to the Casino Beach Marina area. The former area will be used for the new AWAYSIS swimming beach and lighthouse.

In other business, the Council:

*Approved the sale of an east-west alley to Buena Vista University for $400. The property will be used by BVU to expand its parking lot north of Dixon-Eilers.

*Approved a resolution awarding a contract for demolition of the Harbor House to TLC Excavating of Moorland. Work is scheduled to begin April 25 after completion of the asbestos abatement project. Administrative Services Director Justin Yarosevich said the asbestos should be removed by Wednesday or Thursday.

*Approved a resolution approving plans and specifications for the 2005 asphalt street improvement project. The project includes portions of Peterson Drive, Beaver Drive, Parkview Drive, Highview Drive, Lochedem Drive, and Seneca Street. The only bidder for the project was Blacktop Service Company of Humboldt with a base bid of $156,513. Engineer Bob Payer said before a change order can be written for the bid, which was above the amount budgeted, the city needs a contract in hand.

*Approved a resolution approving plans and specifications for the Santa's Castle roofing project. The total estimate for the project is $21,650.

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