Lakeville Council Approves $22.25M Bond Sale, Cedar Development
The Lakeville City Council approved a $22.25 million general obligation bond sale and gave preliminary approval to a major commercial development during its March 17 meeting.
The bond sale, which received 13 competitive bids, will fund the 2025 street reconstruction project and construction of a first responders skills training center. Bond advisor Jessica Green of Northland Securities reported the strong response reflected the city's AAA bond rating from Moody's, with Piper Sandler of Minneapolis submitting the winning bid at a 3.85% true interest cost.
The council also approved preliminary plat and conditional use permits for the Marketplace at Cedar development at 179th Street and Cedar Avenue. The project, proposed by Opid Investment Company, will create nine commercial lots and five outlots for businesses including restaurants, a grocery store, daycare and bank. Developer representative Jay Moore said the project has been in development for over a year.
During citizen comments, Kurt Mikas of North Creek Lane requested the city pursue a jake brake ordinance with Dakota County to reduce truck noise on Pilot Knob Road and Highway 46. City staff will follow up on coordinating with the county for potential signage.
The council also recognized retiring police K9 Kilo and his handler Sergeant Tom Danielson, who was promoted to sergeant effective March 17. Kilo served nine years with the Lakeville Police Department before retiring March 2.
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Other Topics from This Document
Jake break noise ordinance request
Retirement proclamation for K9 Kilo
Honoring Sergeant Tom Danielson
Safe Routes to School Grant resolution
Appointments to advisory boards and commissions
Marketplace at Cedar preliminary plat and conditional use permit
Issuance of $22.25 million in general obligation bonds for 2025 street projects and First Responder skills training center
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