June 24--The Ramsey County Board of Commissioners approved the sale of $9.5 million in general obligation bonds to support redevelopment of the Twin Cities Army Ammunition Plant in Arden Hills.
Bids will be taken on the bonds on July 21, and the county board is expected to accept the offer with the lowest interest rate.
The funds, which will be paid back to bond holders over a 20-year period, will help finance land clean-up and improvements at the 427-acre former military site.
The county is working with financial adviser Springsted, Inc. on the bond issue. Ramsey County purchased the surplus military property from the federal government for $28.5 million in April 2013, with the expectation that clean-up costs will be deducted from the purchase price.
Frederick Melo can be reached at 651-228-2172. Follow him at twitter.com/FrederickMelo.
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