Buckley hires adviser to help with sale of bonds

Buckley City Council members voted June 7 to hire a financial adviser as they prepare to move ahead with plans to build a new fire station.

Buckley City Council members voted June 7 to hire a financial adviser as they prepare to move ahead with plans to build a new fire station.

A. (Alan) Dashen and Associates will counsel the city as it negotiates the terms of a bond to fund the fire station.

The council gave the go ahead in the same meeting for the engineering firm Group MacKenzie to complete a scope of work on the building design. Current cost estimates for architecture and engineering on the project are $335,000, up $25,000 from two months ago.

The fee for the adviser’s service would not exceed $6,500, including expenses. Total estimated fees and expenses for the fire station bond were estimated by the firm at $50,000 to $125,000. Help from a financial adviser during the negotiation process with bond underwriters is expected to lower the terms of interest and ultimately lessen the total cost of the bond.

“Based on conversations with other city departments that have used financial advisers, I feel pretty strongly this is in our best interest,” Fire Chief Alan Predmore said. “If you figure only one-tenth basis reduction in the total cost of the bond, it would well pay for services.”

In other action, the council:

• approved an ordinance amending Planning Commission and City Planner roles.

• approved an ordinance amending the city code to add an appeal for frontage waivers.

• approved a renewal on a mutual aide agreement with Pierce County.

• discussed the status of the Taylor Residence. The council is considering ways to place an occupant in the house to avoid future theft and damage.