News

Estherville City Council Authorizes G.O. Bond & Awards Bid On Pool Project

Mon 11-2-2020

(Estherville)-- The Estherville City Council Monday evening voted to authorize the issuance of $4.1 million in general obligation bonds for the municipal swimming pool and awarded a bid on the project.

The council received some good news on the bonds in that the interest rate will be much lower than originally thought...at 1.63 percent annually over the 20 years the bonds will be in effect. The low bid of slightly more than four million dollars, which includes several alternates, was awarded to Sand Construction of Humboldt. City Administrator Penny Clayton told the council the contractor has worked with the same company that designed the Estherville project, and several others in the region...Penny Clayton01 

"With Berbach and Taylor they constructed the Humboldt and the Eagle Grove aquatic centers, and then other pools that they have worked on quite extensively in the Des Moines metro area and the city park system there, and then Pocahontas and Algona as well, they did work in both of those communities."

Clayton also explained what the final cost of the project will be with demolition and improvements at the current pool site, along with some work on the parking lot at the new pool site...Penny Clayton02 

"The total project, $5,477,100. And then the funding sources: the bond 4.1; Excel 650; Emmet county 150; the Enhance Iowa Grant 250 and the capital campaign our current pledge amount is 327, actually our current pledge amount is 327,500."

Monday evening's bids and interest rates approved with the bond package came in much more favorable than in March of this year. The council at that time put a halt on the project citing uncertainty over the bonding market and bids that came in much higher than expected.