IDAHO FALLS, Idaho (KIFI/KIDK)-As expected, the Idaho Falls City Council approved a resolution creating a $30 million lease agreement. The “general obligation” is intended to finance construction of a new Idaho Falls Police Department complex on the former Idaho Falls Livestock Auction “stockyard” property on Northgate Mile.
The city finance team worked very hard to present a viable financial option that did not increase property taxes and included money in the base budget to repay the bonds,” said Pam Alexander, Municipal Services Director for the City. “The process has truly been a team effort with city and outside consultant expertise.”
The city has been issued an Aa2 issuer rating from Moody’s Investor Services. The firm gave the city high marks for a “strong financial profile that is expected to strengthen in the near-term with healthy reserves and positive operations. The city’s certificates of participation received an Aa3 rating.
According to the city, certificates of participation were established as legal, viable finance tools by the Idaho Supreme Court in 2015. While fairly common in other states, certificates of participation have been increasingly used by other entities throughout Idaho to finance public projects. Certificates were used recently by Ada County to expand their jail facilities and in Chubbuck to finance their new city hall complex.
The City of Idaho Falls and the Police Department have been working toward this for over two decades,” said Idaho Falls Police Chief Bryce Johnson. “To finally reach this point at this time is exciting. We are grateful for the support of the City Council and Mayor, City staff who have worked tirelessly on this effort, and members of the community who continue to support IFPD. This facility will be a great improvement to the city and an enormous aide in our efforts to serve the community and keep Idaho Falls safe for decades to come.”