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Friday, Apr. 29, 2016

City goes to the financing well for water plant project

Tuesday, December 3, 2002

The City of Storm Lake is preparing the financing of a water plant and well field improvement project, and has applied to a state revolving loan fund to finance the project.

City Clerk Patti Moore told the city council last night that there may be some delay for state financing, with money not available until next spring. Because of that, the city will look for interim financing with a local financial institution.

However, if the state does approve the city's application for the low-interest SRF funds, Moore said the city will issue general obligation and revenue bonds up to $7 million to finance the project.

A public hearing has been set for Dec. 18 on water plant financing.

In other news:

* The council approved a minor subdivision for Star Energy, located at 1510 East 4th St.

Star Energy plans on splitting the facility into three parcels to sell the lots individually. The lots would contain the existing pumps, islands, office/warehouse facility and bulk tanks separately, according to city building official Scott Olesen.

* The council approved withholding $500 from a contract with Godbersen-Smith Construction for this past summer's street improvement project after residents in the West 4th Street-Shoreway Drive areas complained about seeding and watering after the project was completed.

The final price for that project is now $1,123,230.38, which the council approved.

The council then approved a supplemental contract for the $500 for the contractor to return next spring and ensure grass grows in the West 4th Street-Shoreway Drive area.



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