The St. Louis County Board has unanimously approved the sale of $28,095,000 of General Obligation capital improvement bonds. The bonds will fund construction of the new Government Services Center-North facility in Virginia, as well as initial costs such as site improvement and advance ordering for the planned Public Works Maintenance Facility in Cook.
A second bond issuance is expected later this year to fund the remaining building costs for the Cook project.
Because of the county’s strong AA+ credit rating and the market place providing the financing, the interest rate will be 3.058 percent. While the county is issuing $28,095,000 in bonds, based on the competitive bidding process, the county will actually receive $29,779, 222. In other words, the county will receive an additional $1.68 million that will offset future financing costs.
“We are very pleased with the results of the issuance,” said County Auditor Don Dicklich. “It demonstrates that strong financial management pays dividends for our taxpayers.”
The GSC North Facility will serve as a centralized hub for people in Virginia and surrounding areas to access county services from more than 10 departments in one place. The two-story, 63,000 square foot building will replace the aging Northland Office Building. Ground breaking is expected to take place by early summer, with a goal completion date of fall 2019. Approximately 180 employees will work in the building.
The Public Works Maintenance Facility in Cook comes following years of study, planning and negotiations. The project will include remodeling the existing Disability Specialist Building to be used for office space for Public Works, as well as several other county departments.
Additionally the project will include constructing three new buildings on the 60-acre site: an 82,000 square foot heated building for vehicle storage and mechanic space, a 16,500 square foot cold storage building, and a 16,500 square foot structure for salt and sand storage.
The project is expected to be completed by late fall of next year.