The Board of Aldermen voted October 26th to approve the issuance of tax increment refunding revenue bonds not to exceed $2,425,000. The bonds will refund the previously issued Industrial Development Authority of Grain Valley Tax Increment Revenue Bonds from the Grain Valley Marketplace redevelopment project series 2012 bonds.
The primary benefit of the refunding revenue bonds for the City is to remove the annual appropriation backing by the City for the Series 2012 bonds. The refunding will provide a slight reduction in interest rate, from 4.329% to 4.1%.
The Board also approved a resolution to enter into an agreement with CFS Engineers to construct a pedestrian bridge at Blue Branch Creek. The bridge will provide pedestrian connectivity between he high school/Sni-A-Bar Elementary campus and the Sni-A-Bar Farms residential subdivisions.
The City was awarded $119,210 in Transportation Alternative Program (TAP) funds for the construction and installation of the bridge.
Parks and Recreation Director Shannon Davies reported 315 children were able to participate in fall softball and baseball.
“When so many communities decided not to provide programming, we were pretty happy to be able to provide something and have a successful season,” Davies said.
Community Development Director Mark Trosen reported the street maintenance program, originally scheduled to start Tuesday, October 27th, was delayed until Friday, October 30th due to rain. Door hangers notifying affected residents will be placed prior to the start of the project.
The next Board of Aldermen meeting will be held Monday, November 9th at 7:00pm at City Hall.