By Logan Wells, News Director | Logan@kymnradio.net
The Northfield Public Schools took a major step in the High School construction project this week, with the first round of bond sales held on Monday. In November, voters authorized in a referendum up to $120 million in new debt to finance the construction and renovation of the high school. Since the project is taking several years, the district is completing two rounds of bond sales, the first round being held this week and the second round in 2027.
This round of bond sales proved to be competitive, with 13 interested buyers from across the nation. The competition lowered the interest rate on the bonds from the estimated 5% to 3.9%. Superintendent of Schools Dr. Matt Hillmann cited this as good news for the district, and he “couldn’t be more pleased
“I’ve said many times one of our goals is to underpromise and overperform. And I think this is another example of that. It really is about the fiscal stewardship that the district has had.” – Superintendent of Schools Dr. Matt Hillmann on the KYMN Morning Show
This first round of bond sales was for $39 million, and the second round will be for $80 million. The $2 million donation from Carleton College is also being split up over both bond sales, lowering the amount needed to borrow. Shelby Mquad from Ehlers, the financial advisor to the school district, shared at Monday’s board meeting that the lower interest rate would lead to $8 million in savings.
“You have just sold a portion your full authority of his approximately 120 million. We sold $39 million today and that will get you started and move along the the construction so that you’ll have funds available for the first portion of the construction and then you’ll be able to have some flexibility when we saw the remainder of the 80 million. Course taking into account the $2,000,000 donation that the district is receiving by borrowing less than the full authority given by the voters.” – Shelby Mquad from Ehlers Financial Advisors at the 2/24/2025 School Board Meeting
Hillmann stated that the savings would be passed on to taxpayers:
“The public were told when they went to the polls and so this is not extra money for the project. This is just a lower amount of interest that our taxpayers will pay.” – Superintendent of Schools Dr. Matt Hillmann on the KYMN Morning Show
Will have the bond documents listed on our website in today’s news.
The high school is currently in the project’s design process and will continue into the summer. In the fall, construction documents will begin being made, and bidding for the project is expected in March of next year. Construction work will then happen in phases from 2026 to 2029.
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