Total project estimated to cost $1.3 million
By Chad Koenen
Despite rising interest rates, the City of New York Mills received a favorable interest rate for its new city shop project.
During its regularly scheduled meeting on June 14, the NY Mills City Council approved a $1.3 million general obligation bond at an interest rate of 4.08 percent. While the interest rate was slightly higher than in months past, George Eilertson of Northland Securities said the rate is still fairly low when compared to years past.
“From a historical perspective you are still locking into pretty fair interest rates,” he said.
Eilertson went on to tell the city council that it may have opportunities to lock into a lower interest rate in the future, should interest rates go down once again.
In other news
• Heard the footings and foundation walls were completed at the new city shop building.
• Approved calling for a public hearing on the approval of a cooperative tax abatement for a multi-family housing development. The hearing will be held on July 12 at 5:15 p.m. The tax abatement will be used to assist a developer with project costs associated with a large apartment complex at the South Point property.
• Approved an increase in the pay for election judges to $15 and $16 an hour. The new hourly pay will coincide more closely with neighboring townships.
• Heard from a representative from MidCo about establishing a franchise agreement in NY Mills. The company offers high speed internet, phone and cable. Once the construction is completed next summer then NY Mills residents could be able to purchase MidCo’s services.
• Approved changing the regularly scheduled August meeting to Aug. 16 and the November meeting to Nov. 15. The primary and regular elections were scheduled for the second Tuesday of the month, which was the originally scheduled meeting day for the city council.