Mayor Mike Huether: $25 Million Bond Sale Will Happen
The Bond sales for the construction of the City Administration were addressed by Mayor Mike Huether, after a judge ruled over 6000 petition signatures to bring the construction decision to a vote were not valid as they were used on a wrong form.
Although the approval for the bond sales of 25 million dollars was set for October first, it may be a few weeks. Bonds will be issued mid October and sales should be finalized in two to three weeks according to Huether.
City government works at the highest level in Sioux Falls. It worked again during the two-year review of the City Administration Building. This prudent investment has been fully vetting, so it is time to move forward and sell the bonds.
As far as the timeline of the construction, it was not revealed, as the Mayor cited the many twists and turns to this point and the plan to take things "one step at a time."
Tracy Turbak says that the good credit rating held by the city was not affected by the recent lawsuit and that Moody’s was aware of the litigation. The bonds should sell quickly due to Moody's AA2 rating.
Huether says the goal is to eliminate any offices that are being leased when the building is completed. Additional undeveloped space on the third floor could possibly be leased by the County.