City Council Authorizes Notice of Intent for $22 Million Bond for New Senior Center, Fire Stations and Other Capital Projects
May 28, 2024
Bedford’s City Council unanimously (7-0) voted Tuesday night to authorize the publication of a notice of intention to issue $22,025,000 in certificates of obligation to fund the City’s new Senior Center and remodeling of the fire stations, as well as funding for other capital projects.
Pending a two-week notice period, the bond will fund the remodel of the old Airport YMCA building, located at Central and Cummings, into the Senior Center, as stated by the Council meeting’s agenda.
According to the City’s website, the new Senior Center will include “various multi-purpose rooms, a lounge, fitness area, commercial kitchen, game room, craft/ceramics room, library nook, reception area, several offices for staff and restrooms.”
Since demolishing the building for the Boys Ranch makeover, the Senior Center has been temporarily located at the Old Bedford School while the YMCA moved to its new permanent location at Generations Park, at Boys Ranch. Construction of the new Senior Center is expected to be completed by the end of 2024, the City’s website estimated.
Another item to be covered by the certificate of obligation will be all three fire stations. “The fire stations are all in bad shape,” said Council Member Amy Sabol prior to the meeting. The stations lack “facilities for women,” she added and the fire chief has stated “Station 2 was so poorly designed it should be torn down.”
The funding from the $22 million bond, according to Tuesday night’s agenda, would also be committed toward “public safety facilities and vehicles, park facilities, streets, including Brown Trail, radios for communication and water/sewer improvements to fund the 2024-2025 Capital Improvement Plan.”
The bond, the agenda explained, should not have an “impact to the City’s tax rate or water/sewer rates.” In addition, the precise costs of these items, including the Senior Center, the agenda also stated, is yet to be determined once the “engineering and bidding” process is complete. But until then, above are the projected costs used toward calculating the total for bond.
The bond issue will have a 20-year term at an estimated 4.15% and all of the items, other than water and sewer improvements, would be paid off through taxes, according to a November 14th (2023) presentation to the Council by the City’s financial advisor, Nick Bulaich of Hilltop Securities. The bond money for the water and sewer improvements are projected to be paid off through the collection of water service revenue. With the City’s AA+ credit rating, Bulaich said projections show there would be “no increase” in the tax rate with the issuance of this certificate of obligation.