The Stewart City Council received favorable bids for its proposed utility and surface improvements to East and Martha streets Monday night.
Engineer Andy Kehren of Bolton & Menk said four bids were received for the work, with the apparent low bid from M.R. Paving & Excavating, Inc., of New Ulm at $165,928. The engineer’s estimate for the cost of the work was $173,500.
With engineering and other fees and costs, the total cost of the project will be $228,154, of which $172,138 will be paid by the city and $56,016 will be assessed to benefitting property owners.
Kehren said the assessments will be spread over 15 years with a 2 percent interest rate.
Kehren said the 2 percent interest rate “may be a little less than the bond rate, but it’s consistent with previous projects.”
The city set an assessment hearing for its June 9 meeting. Kehren said the bid will officially be awarded after that hearing.
For more from the meeting, see the May 14 print edition of The McLeod County Chronicle.