Board Reviews Options To Manage Debt

​     Former Alderman and current Planning and Zoning Commission member Scott Shafer once again utilized the Citizen Participation portion of the  Board of Aldermen meeting on July 27th  to request the Board address why a property located at 31603 Ryan Road is not hooked up to the City sewer system. Additionally, Shafer called on Mayor Johnston to explain how he plans to deliver on campaign promises, as Shafer described, to  “fix more streets and speed up the process”.
     “Could you please share how you are planning on doing this and where the money will come from,” Shafer asked.
     Johnston thanked Shafer but did not address comments.
     Jack Ryan-Feldman, municipal advisor for Baker Tilly, reviewed the City’s debt management strategy in consideration of current economic trends. Ryan-Feldman provided the Board with several options to  restructure current Capital Appreciation Bonds (CABs). One option outlined was a restructuring of $6.5 million in bonds,  currently at 4.34% interest. Taking advantage of a rate of 0.92% would yield a savings of $695,000.
     In other business, the Board approved the final plat approval for the Bush Business Park Re-Plat. The property is located east of the Storage Mar facility and west of Valley Outdoor Equipment on the north side of NW Jefferson Street. The re-plat will contain 4 lots, ranging from 1.5 acres to 2.1 acres in size.
     The Board also approved the final plat for Greystone Estates Phase II.
     The Board approved a resolution authorizing the City Administrator to spend funds to repair a sanitary sewer main damaged while Public Works staff installed storm drainage pipes at Cross Creek Park in March. The cost of project is not to exceed $42,000.
     The next scheduled meeting of the Board of Aldermen is at 7:00pm on  Monday, August 10th at City Hall.