Blowing Rock Council To Hold Public Hearing on New Public Works Facility Financing

Published Wednesday, February 25, 2015 at 1:19 pm

By Jesse Wood

The Blowing Rock Town Council will hold a public hearing on Tuesday, March 10, at 6 p.m. during its regularly scheduled meeting regarding the financing proposal for a new public works facility.

The project consists of demolition of existing facilities and the construction of a new public works facility and storage building along with site improvements to include sewer and line relocation, curbing, paving, fencing, landscaping and other related work, according to the bid advertisement.

Earlier this month bids came in with Enterline and Russell Builders, Inc., submitting the lowest bid of $1,450,880, which was nearly $50,000 cheaper the second-lowest bid.

According to a memo from Town Manager Scott Fogleman to the council at its February meeting, the town expects to realize an interest rate around 3.14 percent for a loan of 15 years or less with semi-annual payments.

“This structure would require, with payments of level principal plus interest, an approximate $160,000 debt-service payment annually, with the first payment not coming due until November 2015 or later,” according to Fogleman.

The project is estimated to cost $1,700,580. Of that amount, 76,500 is for design; $72,000 is for bidding and construction administration; $75,000 for contingency; $25,000 for capital equipment; and $1,200 for Local Government Commission (LGC) application if necessary.

Funding for the project will come from the general fund ($1,275,435) and water and sewer fund ($425,145) with annual payments about $120,000 from general fund and $40,000 from water and sewer fund.

The LGC must approve the project. Fogleman expects the LGC to review the application in April. Once the project is approved, construction would begin afterwards, and the project is expected to take 10 months to complete.

While anybody is welcome to comment on the mater during the public hearing, the Town of Blowing Rock will also accept written comments sent to town clerk Sharon H. Green at P.O. Box 47, Blowing Rock, NC 28605 prior to the meeting.

The meeting takes place in town hall at 1036 Main Street.

Comments

comments

Privacy Policy | Rights & Permissions | Discussion Guidelines

Website Management by Outer Banks Media