ITHACA — City Manager Jamey Conn reported that Ithaca planned to issue one $4 million Capital Improvement Bond for the Union Street project rather than combining that issue with a separate Michigan Transportation Fund bond.

According to Conn's Sept. 15 written report, municipal adviser Bedzinski and Company recommended the change after construction bids came in favorably. The report says one larger offering was expected to attract more bidders and a more favorable interest rate.

The change also affects the cost of the bond adviser. The report lists $30,850 for one issue, compared with $47,000 if the city proceeded with two. Ithaca also reported meeting with S&P Global as part of the credit-rating process.

Conn's report puts the adviser's fee at $23,500 per bond issue, which is how two issues would have reached $47,000. It says the decision was made with Bedzinski and Company and the law firm Miller Canfield, and that Conn, the city treasurer and another participant met with S&P Global to review the city's standing and receive a credit rating for the bond.

The report also gives a glimpse of the project itself: in a separate item about a possible Arcada Street repaving, Conn mentions an opportunity to narrow that road “as we are doing on Union Street.”

The city posted notice of a special council meeting for 8 a.m. Sept. 18 to consider a resolution authorizing the 2026 capital-improvement bonds. A scheduled vote is not the same as an adopted resolution.

Primary record: Sept. 15 council packet City public notices