City Council takes steps to issue $27.6 million in bonds

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At its April 12 meeting, the Des Moines City Council took these actions:

• Approved project classifications and set April 26 as the date for nine public hearings regarding the issuance of general obligation bonds for the fiscal year 2010-2011 Capital Improvement Budget.

The project costs and issuance expenses total $27.6 million. The costs include $9.4 million for street improvements, $5.6 million for parks improvements and $5.2 million for fire safety improvements.

• Approved the application for Enterprise Zone Benefits for an apartment project to be built by Hatch Development Group. The 30-apartment MLK Brickstone II LLC project at 1039 19th St. will receive a $120,397 investment tax credit and a $45,000 sales tax refund, both through the state of Iowa. The project is valued at $5.5 million.

• Authorized Mayor Frank Cownie to sign the Des Moines Community Development Block Grant – Disaster Recovery Development Plan to build single-family homes replacing homes destroyed by flooding in 2008. Up to $878,808 has been allocated to the city by the Iowa Department of Economic Development for this purpose.