The city of Shawnee is issuing more than $52 million in bonds for multiple major infrastructure projects across the city.
After some discussion about the bond issuance process as well as the projects, the Shawnee City Council voted 6-0 this week to authorize the projects and move forward with bond issuance for those projects.
All of these capital improvement projects were already approved, but the costs are higher than anticipated, according to a city memo.
Slightly more than $3 million of the total accounts for that refinancing.
Here is the list of the following approved items and additional authority for an increased cost in bond issuance:
City Manager Nolan Sunderman said the costs of materials and labor have increased during the course of some of these projects.
“So we are seeing an increased cost with our various projects that you have seen, one of those being the fire station[s], for example, that has gone up in cost,” Sunderman said, “[At] 75th Street, we are planning to rebid that along with phase 2 of Monticello Road. So we’re projecting an increased cost based on what we see in the market.”
Sunderman noted that these projects will come before the city council for approval of design proposals, construction and bidding.
“This won’t be the last time that you’ll see these projects and have an opportunity to vote on them,” Sunderman said, adding that doing additional bond issuance is “a good opportunity” where the rates stand.
Don Cawby, the city’s finance director, added that the city, with council approval, could use some leftover funds from the projects for future capital improvement projects.
Joe Serrano, the city’s bond counsel, said the city can do so as long as it doesn’t “exceed our authority” with the authorized amount.
Councilmembers Tammy Thomas and Mike Kemmling were absent.
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September 30, 2021 at 02:19AM
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Shawnee City Council approves $52 million in bonds for major street work — here are the details - Shawnee Mission Post
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