City Council Meeting Date: January 6, 2026
To: Mayor and City Council
City Administrator
From: David E. Bennett, Public Works Director/City Engineer
Title
Consider Resolution Setting Bond Sale and Authorizing Application for MN Credit Enhancement for Utility Bonds for Jefferson Parkway/Sandstone Street Utility Extension Project.
Body
Action Requested:
The Northfield City Council approves Resolution Setting Bond Sale and Authorizing Application for MN Credit Enhancement for Utility Bonds for Jefferson Parkway/Sandstone Street Utility Extension Project.
Summary Report:
The City is proposing to sell General Obligation Water Revenue Bonds related to the water infrastructure extensions to the future Water Treatment Plant(WTP) site. This work includes extending water lines from our Well Sites to the centralized location of the future WTP. In addition, Jefferson Pkwy and Sandstone Street will be built adjacent to the future WTP site.
The City is proposing $12,335,000 in General Obligation Water Revenue Bonds for this work. This bond issue aligns with the recent water rate study that was completed.
Alternative Options:
NA, The project is under construction.
Financial Impacts:
$12,335,000 Bond Issue.
Tentative Timelines:
Award sale of bonds at the February 3, 2026 Council Meeting