City Council Approves Bond Sale as S&P Upgrades Jordan’s Credit Rating to AA
By Jan Gilmer and Nathan Peabody
The Jordan City Council held its regular meeting on Monday, April 14, 2025, covering a range of development, finance, and community planning topics. A major highlight of the evening was the announcement that the City’s bond rating had been upgraded from “AA-” to “AA” by Standard & Poor’s, a move expected to save taxpayers money on future borrowing. Council also approved multiple easements and development agreements, advanced plans for downtown redevelopment, and discussed the potential addition of a pump track as a new recreational amenity.
PUBLIC HEARING
The public hearing for the Vacation of Drainage and Utility Easement within Beaumont Bluffs 1st Addition (Resolution 04-21-2025) and the Vacation of Roadway Easement within Beaumont Bluffs 1st Addition (Resolution 04-22-2025) was opened. Jeff Matzke, Consultant City Planner with Bolton & Menk, introduced the items, indicating the easements were no longer needed due to the planned build-out of Beaumont Bluffs 5th Addition, which includes new public drainage and utility easements. There was no public comment.
SET AGENDA
Councilmember Schuh requested that item 14.0 F, National Day of Prayer Proclamation, be removed from the Consent Agenda and placed under item 16.0, Mayor Comments.
ADMINISTRATOR’S REPORT
City Finance Director Morey Schaefer presented the Administrator’s Report in City Administrator Tom Nikunen’s absence.
The City purchased the Xcel building with intentions for downtown redevelopment and a new parking lot. The plan is to renovate the exterior façade and demolish the interior to prepare the building for resale. Council reviewed and approved a bid from Behr Design for the façade design. The City has previously worked with Behr Design and has been satisfied with the results.
As part of the Xcel building purchase, the City will construct a new parking lot on the land north of the alley, adding 12 general-use spaces. Two nearby properties with residential tenants have used this space for off-street parking without a formal agreement. The City is initiating Parking Lease Agreements with those building owners to ensure continued off-street parking for tenants. The City retains ownership of the lot and will handle maintenance and repaving. The leases will grant two designated parking spaces each and will run for 30 years. Council approved the Parking Lot Lease Agreement.
Council also approved permanent and temporary easements on the Jablonski property to connect a trail at Hwy 66 and Hwy 61, providing a connection from the Beaumont Bluffs development to neighborhoods to the south, such as Bridle Creek. Trail development is anticipated to begin in fall 2025. Council raised safety concerns about the crossing; however, no flashing lights are currently planned. Council approved the easement agreement.
FINANCE REPORT
Chris Hogan of Baker Tilly presented information on the sale of City of Jordan General Obligation Bonds, Series 2025A. The $6,835,000 in proceeds will fund street reconstruction and utility improvements, including the 169/282 interchange, 190th Street roundabout, and Sunset roundabouts. The 15-year bonds will be repaid via taxes, utility revenues, and special assessments. Despite market volatility, the winning bid—offered at a premium—came from Robert W. Baird & Co., Inc. at a true interest cost of 3.899%.
Chris also announced that the City’s credit rating had been upgraded from “AA-” to “AA” by Standard & Poor’s (S&P), citing strong financial management, stable revenue streams, and prudent budgeting. This upgrade is expected to reduce future borrowing costs and saved the City approximately $23,000 in this bond issuance. A plaque was presented to Mayor Travis Fremming and Finance Director Morey Schaefer.
Council approved Resolution 04-28-2025 for the sale of the bonds as presented.
PLANNER’S REPORT
Jeff Matzke presented Resolution 04-23-2025 and Resolution 04-24-2025 for the Beaumont Bluffs 5th Addition Final Plat, Development Agreement, and PUD Amendment. JMH Land Development requested to change the housing type in Phase 3B of the development to 67 single-family detached and villa homes, eliminating attached homes while still meeting Comprehensive Plan density goals. The overall home count would be reduced from 381 to 374.
This phase includes the construction of Prospect Point and an extension of Beaumont Boulevard, along with three outlots for future phases and stormwater management. A new housing model was proposed that does not require a minimum roof overhang on gable-end elevations.
Public hearing comments at the Planning Commission meeting noted traffic and trail safety concerns at Prospect Point Road and County Road 66. Council approved both resolutions.
Resolution 04-24-2025 addressed a Parking Lot Drive Aisle Width Variance at 419 Broadway Street. Due to site constraints, part of the lot narrows to 13 feet. The property, formerly the South House location, was purchased by Jim Cramond of Strains of the Earth and will be developed into a private business parking lot. Council approved the resolution.
Council also approved:
Resolution 04-21-2025: Vacation of Drainage and Utility Easement
Resolution 04-22-2025: Vacation of Roadway Easement
City Planner Sahni Moore introduced the concept of a pump track as a lower-cost alternative to a new skatepark. The Park & Recreation Advisory Committee recommended considering Riesgraf Lions Park or Grassman Park for the location. Planner Moore noted the track structure is wood-based with a composite surface. He is gathering input from the City of Plymouth, which installed a pump track in 2016.
Maintenance Supervisor Scott Haas cautioned against removing the existing skate or hockey rinks due to their high seasonal use. Council discussion leaned toward placing the pump track at the Mini-Met using the existing concrete pad, rather than pouring a new one. Staff will research whether the track can be seasonal or must remain permanently installed, and whether it can fit inside the existing hockey rink.
PUBLIC WORKS REPORT
MnDOT recently removed dead or dying trees along the Hwy 282 corridor and does not plan to replace them. The City has a $25,000 annual grant program for removing and replacing boulevard trees. Only four grants have been awarded so far, with more pending.
City staff proposed using remaining grant funds to replace the MnDOT-removed trees, particularly along 2nd St W from Rice Street to Mertens Street N. Councilmember Whipps raised equity concerns, suggesting homeowners should be assessed for tree replacement as in past cases. Councilmember Penney acknowledged the concern but emphasized the aesthetic value to downtown. The Maintenance Supervisor will research past assessment practices for comparison.
CONSENT AGENDA
Council approved multiple items under the Consent Agenda, including:
Special Event Permit applications
Monthly bills and project pay applications
Per diem payments
Staff reports
Gambling application for the Jordan Ambassador Program
Amendment to T-Mobile agreement to place a generator at the Broadway Tower property
MAYOR’S COMMENTS
Mayor Fremming read the National Day of Prayer Proclamation for May 1, 2025. The Council approved the proclamation, with Councilmember Schuh opposing.
Mayor Fremming noted Celebrate Jordan was well attended. A MnDOT representative was available at the City’s booth, and residents raised several thoughtful questions.
There are currently two open positions on the Park and Recreation Advisory Commission (PRAC). Two applications were received: Brandon Oppelt and Casey Shannon. Council approved their appointment to 2-year terms.
COUNCILMEMBER COMMENTS
A groundbreaking for the 169/282/9 project is scheduled for April 23, with 70 invitations sent. Construction began on April 14.
Councilmember Whipps congratulated Finance Director Schaefer and staff on the credit rating upgrade.
Councilmember Penney referenced a recent accident at the 169/282 intersection and expressed urgency for the project’s completion.
Councilmember Pho commented positively on Celebrate Jordan.
Councilmember Schuh requested a meeting with the Charitable Gambling group and noted an upcoming grand reopening at Ace Hardware, and welcomed a new business, Revival, to town.
The next Jordan City Council meeting is scheduled for Monday, April 28th at 6:30 p.m.