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Duluth council sells bonds for new Spirit Mountain chalet

The Duluth City Council unanimously approved the sale of $7.055 million in bonds for Spirit Mountain improvements at a special meeting Thursday night.

Proposed chalet
The Duluth City Council unanimously approved the sale of $7.055 million in bonds to pay for the construction of a new bottom-of-the-mountain chalet at Spirit Mountain. This is a rendering of the view from Grand Avenue. The bonding also will pay for a new lift and parking lot improvements. DSGW architects.

The Duluth City Council unanimously approved the sale of $7.055 million in bonds for Spirit Mountain improvements at a special meeting Thursday night.

The bonds will pay for the construction of a new bottom-of-the-mountain chalet off Grand Avenue along with a new lift and parking lot improvements.

Four companies submitted bids, with Bank of America Merrill Lynch receiving the nod for an offer at a true overall interest rate of 2.5176 percent.

Bob Toftey, the city's bond counsel, said the low rate allowed the term of the proposed 20-year agreement to be shortened by two years and reduced the anticipated cost of the project by $1.49 million.

Related Topics: WEST DULUTH
Peter Passi covers city government for the Duluth News Tribune. He joined the paper in April 2000, initially as a business reporter but has worked a number of beats through the years.
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