The St. Louis County Board on Tuesday approved the sale of $28.1 million of general obligation capital improvement bonds. They 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, the county said in a news release. A second bond issuance is expected later this year to fund the remaining building costs for the Cook project.
The interest rate will be 3.058 percent.
"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 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 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. It 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.