City Of Coon Rapids To Sell $6.85 Million In General Obligation Bonds For Infrastructure And Public Improvements

City Of Coon Rapids To Sell $6.85 Million In General Obligation Bonds For Infrastructure And Public Improvements

Coon Rapids, MN – May 13, 2025 — The City of Coon Rapids is set to proceed with the sale of two general obligation bonds totaling $6.85 million, aimed at supporting key infrastructure and public improvement projects across the community.

The bond sale, approved by the Coon Rapids City Council, includes:

• $4.7 million in General Obligation Improvement Bonds, intended to fund the city’s ongoing street reconstruction and utility infrastructure upgrades as part of its annual Capital Improvement Program.
• $2.15 million in General Obligation Equipment Certificates, dedicated to the purchase of public safety and public works equipment, including fire trucks, snowplows, and emergency response vehicles.

According to Finance Director Ashley Hansen, the bonds will be competitively sold on the open market in June 2025, with closing expected in early July. The city's strong AA+ bond rating from Standard & Poor’s is anticipated to attract favorable interest rates and investor confidence.

“These bonds allow us to invest in the city’s long-term infrastructure while maintaining our commitment to fiscal responsibility,” said Mayor Jerry Koch. “They support the essential services our residents rely on — from safe roads and clean water to responsive public safety equipment.”

The street improvement portion will contribute to the city’s multi-year Pavement Management Plan, which aims to reconstruct or rehabilitate approximately 5 to 6 miles of roadway annually, prioritizing aging infrastructure in residential neighborhoods.

Hansen emphasized that the city’s financial strategy ensures that debt service will remain within the city’s levy limits, with much of the repayment funded through special assessments and utility revenues, thereby minimizing impact on general taxpayers.

The equipment bond will help modernize the city’s fleet, ensuring emergency responders and maintenance crews are equipped with reliable, updated tools to serve the growing community of over 63,000 residents.

“This is an investment in both public safety and infrastructure resilience,” said City Manager Matt Stemwedel. “It reflects our city’s commitment to thoughtful planning, sustainability, and long-term cost savings.”

The next steps include finalizing project contracts and timelines once the bond proceeds are received, with many of the upgrades slated to begin construction or procurement in late summer and fall 2025.

For more information on the city’s capital improvement projects and bond issuance, visit www.coonrapidsmn.gov.