NEWS RELEASE
FOR IMMEDIATE RELEASE:
July 5, 2016
CONTACT: Dana Kazel, Communications Manager
218-725-5049 (office) • 218-591-2219 (cell)
County Board approves $25 million bond sale for transportation projects
The St. Louis County Board today authorized issuing up to $25 million in capital improvement bonds to fund various transportation projects including road maintenance and bridge repairs and replacements, as well as possible transit projects and transportation work that would assist with economic development. The bond sale will take place in August, and the debt will be paid back using revenue from the Transportation Sales Tax.
This is the second bond sale the County Board has approved since the passage of the Transportation Sales Tax last year in order to accelerate much needed investments in the County's massive infrastructure, which includes approximately 3,000 miles of roads and 600 bridges. This year alone the County is making $83 million in improvements funded by a combination of State Aid and Federal Highway funds, County levy dollars and money from last year's bond sale.
"We are accelerating projects and moving at a rapid pace," said Commissioner Keith Nelson who chairs the Board's Finance Committee. "But it's important people remember we are still catching up. I understand the public's frustration for the roads we haven't gotten to yet, and appreciate their patience. The Transportation Sales Tax has made a huge and positive impact to help us catch up even more."
Commissioners also approved the issuance of refunding bonds for $20,650,000, which is the equivalent of refinancing at a lower interest rate the remaining debt from the 2013 bond sale that funded the renovation of the Government Services Center and other projects. The move is expected to save $600,000.
St. Louis County's AA+ credit rating from Standard & Poor's Rating Service makes the County’s debt offering
more attractive to investors and lowers the cost of borrowing.
Also at Tuesday's Board Meeting, commissioners recognized the employees and private contractors involved in the renovation of the Government Services Center. The massive project was completed last fall and has since won three industry awards, including:
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Finance & Commerce has named it a Top Project for 2015
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AIA Minnesota (American Institute of Architecture) selected it as one of four Merit Award recipients for 2016
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IIDA Northland (International Interior Design Association) honored it with a 2016 FAB award for Community and Civic design.
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 The St. Louis County Board recognized the county staff and private contractors who successfully renovated the seven-story, 160,000 square foot Government Services Center in Duluth.
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