EVERETT — Everett City Council approved the issuance of more than $200 million in bonds Wednesday that will pay for multiple construction projects in the city.
The largest is a $181 million water and sewer revenue bond, which will help pay for utility construction projects like the Port Gardner Storage Facility. That facility, which the state required the city to construct by 2027 in order to combat combined sewer overflows, is expected to cost more than $200 million.
Two other bonds, known as limited tax general obligation bonds, will help pay for the replacement of the Edgewater Bridge, improvements to the Everett Municipal Building and renovations to the city’s riverfront. Those two bonds will total $28 million.
The riverfront projects will include improvements to the Riverfront Trail and renovation of Eclipse Mill Park. Those two projects are part of a larger effort Everett has taken on to redevelop a former landfill site along the Snohomish River.
Everett last issued limited tax general obligation bonds in 2019. Issuing bonds is routine for municipalities, which typically use the funds for large-scale capital projects.
Under state law, Everett can incur general obligation debt up to 1.5% of its assessed valuation. That totals about $400 million, the city’s 2025 budget shows. As of Dec. 31, 2024, the city’s outstanding governmental debt was about $18 million.
Will Geschke: 425-339-3443; william.geschke@heraldnet.com; X: @willgeschke.
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