(KNSI) – The Cold Spring City Council will wrap up a years-long saga Wednesday evening to finance a new fire hall.
Roughly $8,580,000 in general obligation bonds will be sold on the debt market earlier in the day. The timing could result in significant savings for the city as the Federal Reserve slashed interest rates by a half percent last week.
Council members will hear from Donlar Construction, the project manager. Company officials have been conducting a scope review of the numerous bids that were put out by the city for components of the 16,000-square-foot fire hall. The submissions came in about $107,000 below estimates. Having been certified as legitimate and satisfactory for the project, Donlar will recommend the council approve the bids.
The contracts will likely take a couple of weeks to finalize and sign. Once that step is taken, preliminary construction work will begin. The new fire hall will be located on Main Street across from Alexander Park.
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