FLORENCE — A new five-story building for the Pinal County Attorney’s Office will be constructed next to the courthouse on Jason Lopez Circle, following the county Board of Supervisors’ award of a contract on Wednesday.
The board awarded the job to FCI Contractors Inc., which county staff determined to be the lowest responsible bidder with a price of $18,449,000. The county’s engineering estimates had been as high as $20 million, so “it’s a bargain,” commented Supervisors Chairman Anthony Smith, R-Maricopa.
The building is being paid for out of a bond issue the board approved last year for new county office buildings in Florence, San Tan Valley and Maricopa.
The board also held a public hearing on plans to refinance some older bonds. Financial adviser Mark Reader told the board it has an opportunity to refinance $12 million in bonds the county issued 10 years ago. The bonds now pay 4.37% interest but could be refunded to a new rate of about 2%, saving the county more than $800,000 or maybe as much as $1 million. The board took no further action. Reader said he would return to the board April 29 with an update on the numbers and “where the markets are,” and a bond resolution for the board’s consideration.
The transaction would close in early to the middle May.