The Fargo Park District Board of Commissioners today voted unanimously to adopt the Initial Resolution for the issuance of General Obligation Park Facilities Bonds. The action taken at this evening’s Park Board meeting is the next step in the process for two key projects: the construction of the Fargo Sports Complex and the remodel of the Island Park Pool.
Pursuant to NDCC 21-03-07 (11), the Fargo Park District has the authority to issue General Obligation Bonds for the purpose of Park Development.
The proposed Fargo Sports Complex and the Island Park Pool rehabilitation fit the description set forth in the section of the century code stated above. As previously announced, the Fargo Park District Board of Commissioners voted unanimously at the March 9, 2021 Park Board meeting to commit funds to two capital projects.
The first project is the Fargo Sports Complex building project. The Fargo Sports Complex will address a critically unmet need for indoor recreation facilities available to the public. The concept calls for a highly impactful community recreation facility to accommodate indoor sports, community activities, tournaments and special events. Phase one of the project will include: 1 full size indoor soccer turf field, 4 – 6 full sized basketball courts, 1 indoor ice sheet, administrative offices, multipurpose community space and an indoor walking track. The board previously voted to commit up to $38.5 million for the construction of this project.
The second project is the Island Park Pool, a centrally located summer fixture that has been identified as a Priority 1 project in the District’s 10-year capital budgeting plan. Up to $16 million was committed to the remodel and replacement of Island Park Pool.
Administration has identified a need for General Obligation bonding for up to $44 million for the combination of these two projects. At the meeting tonight, it was noted that through the savvy use of public-private partnerships, the district is getting a potential $93 million worth of improvements for this potential $44 million bond issue. Tonight’s passing of The Initial Resolution for the Issuance of General Obligation Park Facilities Bonds, Series 2021A sets the maximum debt issuance possible and establishes a 60-day protest period. Over the next 60 days, administration will continue to value engineer the projects and secure additional resources, which may reduce the final bonding needs.
An estimate of costs will be posted on FargoParks.com after the administration receives the most updated taxable valuation for 2022 from the City Assessors office.
The board noted that tonight’s resolution begins a 60-day protest period. The public is encouraged to reach out to their commissioners during this time with feedback on the project.
For more information on the Fargo Sports Complex please visit the project page here.