Coeur d'Alene Fire Department eyes general obligation bond

COEUR d’ALENE — The Coeur d’Alene Fire Department is considering a general obligation bond that could go to voters in May 2025. 

The bond “is necessary to fund our replacement of fire apparatus and capital improvement needs for updating/expanding current fire stations,” a city staff report said. 

The estimated amount of the bond and its cost to property owners were not available Friday. 

"The city needs to bring in a financial adviser in order to provide an accurate picture of what the financial impact will be to property owners," said City Administrator Troy Tymesen. "The adviser will assist with the look at interest rates to be anticipated as well as the city’s total valuation. The goal will be to keep the term at 10 years just like the previously approved General Obligation bond."

The department is looking to expand stations 1 and 3 and expand and remodel Station 2. It wants to replace an aging fire engine, a ladder truck and command vehicles, as well as upgrade station alerting systems and buy self-contained breathing apparatus. 

The estimated 2025 cost of a pumper engine is $1.2 million. A ladder truck is $2.3 million, and command vehicles are $950,000. 

“In order to maintain the current level of Fire & EMS service delivery within the City, a General Obligation Bond is necessary to fund our replacement of fire apparatus and capital improvement needs for updating/expanding current fire stations,” the report said. 

“To fund these needs from the City’s general fund would be impossible,” the report said. 

Fire Chief Tom Greif is scheduled to make a presentation to the City Council on Tuesday, with a request to contract with a firm to begin planning for the bond. 

The cost for a municipal advisory firm is estimated at $50,000. The city has $140,000 in its Debt Service Fund it could use for that purpose. 

The city ran its first public safety general obligation bond for $7 million in 2005, and it received 74% approval. 

In 2015, 85% of Coeur d’Alene voters supported a $6 million, 10-year public safety bond to fund capital expenditures for the police and fire departments. It replaced the 10-year bond approved by voters in 2005 and ends in August 2025. 

The cost to property owners, then, was low. 

“After a homeowner's exemption, the owner of a median priced home ($192,500) in Coeur d’Alene will pay $23.45 per year for the public safety bond,” according to a 2015 city report. “The previous bond, the rate on a home that price is $28.65 per year.” 

The City Council is scheduled to meet at 6 p.m. in the Coeur d’Alene Public Library Community Room.