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Cottage Grove City Hall project financing advances

The city of Cottage Grove will solicit proposals from financial institutions to finance its new city hall and public safety after City Council members approved a resolution Wednesday night.

The council voted 4-1 to authorize the Economic Development Authority to issue a request for proposals for private placement of $9.9 million in bonds to help pay for construction of the $15.7 million city hall project that officials broke ground on last month.

Cottage Grove will negotiate directly with a banking institution for the sale of bonds to finance the project. Financing is scheduled to be in place by November.

City officials marked the groundbreaking of the new city hall near Ravine Parkway and Keats Avenue during a ceremony earlier this month. Construction is expected to be complete in October 2012.