The Blue Earth City Council is moving ahead with final assessments for the Linton Street improvement project after receiving favorable bid results.
Four contractors submitted bids, with GM Contracting coming in lowest at just over $6.1 million, about $382,000 below the engineer’s estimate.
The total project cost is estimated at $7.6 million, with about $1.39 million to be assessed to property owners. The remainder will be covered through city funds and Public Facilities Authority Financing.
Council members approved spreading assessments over 15 years, with the first payment due in January 2027.
They also agreed to set the interest rate at 1% above the city’s general obligation bond rate, instead of the traditional 2%, citing lower borrowing costs through PFA funding.
A public hearing on the final assessments is scheduled for May 4th, with property owners set to receive notices ahead of that meeting.
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