$40 Million in Bonds Reviewed by Council

reviewed around $40 million in bond ordinances mostly related to the project during a work session meeting Monday.

The city will bond out a little more than $20 million and expects to have that completed by July 21, city finance director said. The will be covering most of the rest of it.

The Columbia Gas pipeline relocation for $3 million is the newest item involved.

The city hopes it will see some savings by securing the best rates it can in the next few months to head off possible increases next year.

“We feel we are going to save money only from the fact that we are bonding out as much of it as we feel we can this year and locking in those lower interest rates,” Logan said.

Council continued to review its projected cash flow over the next several years weighing its potential debt load against anticipated revenues.

Matt Stucyznski and Tim Reidy of Huntington Capital Markets visited council chambers and presented a comprehensive projection of the city prospects. The organization and Logan put forth what they deemed to be conservative estimates for projecting the future.

“Some are a little more tricky in how we’re trying to project them with the TIF revenues. The TIF revenues are all based upon development and in the increase in the property values,” Logan said. “Some of that’s going to happen. Certainly the property values will increase, but we can’t today say there’s going to be this development here and that one there. Those are all just things to come.”

In other news ...

Councilman expressed concern over the city’s plan to build two soccer fields at Schwartz Road Park, saying the proposed design might add more draining problems and could also put water on Sandy Lane properties.

“It should be running off to a drainage swale, to a ditch or a creek. It should never become an issue for people on Sandy Lane,” the Ward 2 councilman said.

That said, McBride stated Sandy Lane is nonetheless a high-concentration area for flooding, and many of the homes shouldn’t be there at all.

Several residents complained about the new fields at a .

Planning Coordinator James Piazza said the fields will help more than hurt the residents on Sandy Lane because the city will re-tile the area so water won’t go into backyards and clean the drainage ditches.