(KNSI) – The Benton County Board of Commissioners has scheduled a special meeting for Monday morning concerning the new government center.
Scheduled to be built on a vacant lot on Dewey Street, the board will look to select a bid from the 127 options before them. Project manager Contegrity Group says the average cost is $27.6 million, well below what the firm had projected. The low bid is only $24.5 million, compared to the $29.7 million that had been expected. Contegrity says the number of bids is among the five highest it has ever received for a Minnesota construction project.
Following the awarding of bids, the commissioners will hear from Northland Securities about different financing options. They will look at terms lasting between 15 and 30 years. The shorter the term, the lower the interest rate on the debt and the less money that has to be paid back overall. Longer terms increase the number of payments and bring down the overall yearly obligations for property owners.
The meeting is only expected to last about half an hour and begin at 9:00.
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