City Council receives Decide Surprise bond projects and finance update
Surprise, AZ (June 20, 2018) City of Surprise staff provided City Council with a Decide Surprise General Obligation Bond projects and financial update at Tuesday night’s Regular Meeting.
On April, 18, 2018 the city issued the first General Obligation Bond sale resulting in $37 million of principal outstanding. Piper Jaffray submitted the winning bid which resulted in a bond yield of 2.97%- lower than the original 4% estimate.
Design work is underway for:
- Fire Stations 304 & 308
- Public Works Operations Facility
- Traffic Congestion Mitigation Projects along Waddell, Litchfield & Greenway Roads
Land acquisition for the fire stations and Public Works Operations Facility is underway and the groundbreaking for the Public Works structure will commence by the end of this calendar year.
The following areas have been selected for Pavement Preservation Treatments in Fiscal Year 2019:
- Reems Road/Bell Road Intersection
- Reems Road from Bell Road to Grand Avenue
- Cactus Road from Bullard Avenue to Reems Road
- Greenway Road from Bullard Avenue to Reems Road
- Waddell Road/Litchfield Road Intersection
- Waddell Road from Dysart Road to Litchfield Road
- Waddell Road from Bullard Avenue to Reems Road
- Reems Road /Cactus Road Intersection
- Reems Road from Cactus Road to Waddell Road
- Dysart Road from Greenway Road to Bell Road
Improvement work on Litchfield and Waddell roads begins in the summer of 2019. Greenway improvements will begin about nine months following the completion of Waddell.
The selection of a design-build team for the Public Safety Evidence & Readiness Center is scheduled for December 2018. The Police Training Facility design selection is expected in June 2020.
The secondary property tax assessment to fund the bond projects begins July 1, 2018. The secondary property tax rate is $0.42 per $100 of assessed property valuation.
To review the scope of the projects, construction timeline, costs and more visit www.surpriseaz.gov/decidesurprise.