The Buena Vista County Board of Supervisors has approved a preliminary official statement for $3.135 million in general obligation capital loan notes to fund Phase 2 of the Platinum Crush road project east of Alta. The vote came during the board’s weekly meeting last Tuesday morning at the county courthouse in Storm Lake.
The resolution authorizes distribution of the offering document to potential investors, says Heidi Kuhl, Director of Public Finance at Northland Securities in West Des Moines.
The capital loan notes include Phase 2 funding for utility relocations, engineering costs, and a contingency on the low bid of just over $2.39 million, which was awarded to Peterson Contractors Inc. of Reinbeck. It also covers pre-construction expenses and the first interest payment due in June 2026, says Kuhl.
While Kuhl originally prepared the documentation with a 7 percent contingency, board member Kelly Snyder urged caution, saying he’d feel more comfortable bumping the rate up to 10 percent.
Phase 2 of the project involves resurfacing a mile-and-a-half stretch that will connect 600th Street and 80th Avenue to the new pavement near the soybean processing plant east of Alta, with grading and paving expected in 2026.
County Engineer Bret Wilkinson says the project is local, with no DOT or railroad involvement, and wetlands permits have already been secured.
Kuhl noted the bonds will be repaid over 20 years, aligning with the county’s Tax Increment Financing agreement with Platinum Crush.
The board plans to finalize the bond sale and lock in interest rates tomorrow.
