Bond to cover UEP area costs to be voted on
The Cape Coral City Council will consider a not to exceed $10.1 million to finance capital improvements for the utility system in the North 1 East area at its meeting Wednesday.
Ordinance 50-26 would authorize the issuance — borrowing of money — at $10,100,000 in a principal amount for a stormwater utility revenue bond to finance the cost of the acquisition, construction and equipping of various capital improvements for the city’s stormwater utility system in North 1 East.
Part of the city’s Utilities Extension Project (UEP), the estimated costs for the area’s utilities construction bids sit at $227.5 million.
The council will also vote on companion Resolution 210-26, which would authorize the issuance of a not to exceed obligation to finance the capital improvements within the North 1 East area.
According to the agenda material for the meeting, “the loan will be for a not-to-exceed amount of $10,100,000, repaid over 20 years at a fixed interest rate of 4.715%.”
Wednesday’s meeting agenda includes multiple public hearings. Public hearings include time for citizen input, with a limit of three minutes per individual.
Another hearing is for Ordinance 52-26, which would approve the aggregate principal amount of commercial paper obligations from $150,000,000 to $500,000,000. The increase would fund construction of “major projects, aligning borrowing with construction draws.”
Companion Resolution 230-26 would authorize the increase in the aggregate principal amount.
The council will also consider Ordinance 54-26, which would authorize the donation of two surplus properties to the Lee Building Industry Association Builders Care Inc. The residential properties to be donated would be 1132 SW 29th Terrace, lots 30 and 31, and 2707 SW Ninth Place, lots 9 and 10.
The total estimated cost for both parcels would not exceed $6,500, which is a prorated share of the 2026 SW 4 UEP utility assessments at closing.
The meeting will be held at 4 p.m. Wednesday, Sept. 16, in City Council chambers, at 1015 Cultural Park Blvd., Cape Coral.
The meeting is open to the public.
To reach MEGHAN BRADBURY / mbradbury@breezenewspapers.com, please email