A resolution was passed unanimously by the council at Monday night’s meeting, reducing the amount of funds to be bonded for the library project from $1.5 to $1.3 million.
Voters of the City of Petersburg authorized the City to incur debt and issue bonds in the amount not to exceed $1.5 million to finance part of the cost of planning, designing, constructing and equipping a public library.
“The bids for this project came in lower than expected,” Petersburg City Manager Stephen Giesbrecht stated. “The City staff and the project architect are in agreement that reducing the contingency level of the project from 15 to 10 percent is warranted.”
“The $1.3 million will cover everything needed,” Giesbrecht said. “We were waiting to get through the foundation before making this decision.”
There were $18,000 in unexpected costs regarding the foundation and how much muskeg was actually there.
“Even with these unexpected costs,” Giesbrecht explained. “Lowering the bond contingency is no problem.”