The City Council on Monday night will consider a deal with Rocky Mountain College to issue revenue bonds for an energy efficiency project at the college.
The council meeting begins at 6:30 p.m. in council chambers at City Hall, 220 N. 27th St.
State law allows cities to act as a pass-through in issuing revenue bonds for colleges and universities in the state. The city assumes little or no risk in the deal, and the bonds don’t count against the city’s borrowing limit, city officials said.
If the council approves the plan, the city will sell up to $2.6 million in bonds for the college, which plans to use the money to make energy upgrades on campus.
The college will pay for the bonds and any city costs using money it saves in improved energy efficiency. According to the agreement between the city and college, the project is expected to save the college more than $4.1 million over 16 years, or about $260,000 a year.
The council will also consider a zone change on a two parcels of land at 1910 and 1918 Shiloh Road. The land is owned by the Billings Urban Fire Service Area (BUFSA), an umbrella agency run by Yellowstone County.
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BUFSA once considered the land for a future fire station, but abandoned those plans in recent years as another fire station was built farther west. Now, the county would like to change the zoning from residential to residential professional. The zone change would probably increase the value of the land, which will likely be sold by the county.
In its consent agenda, the council will take up part of the city’s annual street overlay program.
The project to be awarded will repave 24th Street West from Central Avenue to Grand Avenue, Grand Avenue from 24th Street West to the BBWA Canal and First Avenue North from North 18th Street to North 31st Street.
The city estimated the project cost at about $820,000. The lowest bid came from Riverside Contracting at about $882,000.
Contact Matt Hagengruber at firstname.lastname@example.org or 657-1261.