The financing for Sioux Center’s enhanced outdoor aquatic center has been secured.
The Sioux Center City Council approved a $6.5 million general obligation bond with an interest rate of about 2.98 percent to finance the project.
“We are pleased to borrow at a favorable rate,” said City Finance Director Darryl Ten Pas. “The city is in a strong financial position with a good credit rating.”
There were eight bidders for this bond, with the lowest bid of about 2.98 percent from UMB with American State Bank of Sioux Center.
The city will pay back the bond with tax increment financing dollars and local option sales tax over the next 15 years.
“The city does not expect to levy property taxes to build this facility,” Ten Pas said.
Sioux Center’s expanded outdoor aquatic center will offer a lazy river, an aquatic zip line, a variety of water slides, diving boards, a climbing wall, and lots of space to swim and play. It will be built near the existing outdoor pool at the All Seasons Center with an anticipated completion date of summer 2019.
Construction work has begun on the new aquatic area, and the existing outdoor pool will remain open this summer as usual for summer fun.
Photo: Work is underway at the outdoor aquatic center site.