The Town of Culver has authorized work to its storm water system, but it’s going to take a bit of financing to complete.
During Tuesday night’s Culver Town Council meeting, two resolutions were considered to help move the work along. Financing monies would be used to improve the storm water utility system.
Town Council President Ginny Bess Munroe says the CRC can’t act alone when it comes to financing.
“They would like the Town Council to pass a resolution approving of them issuing a bond on that project not to exceed 1.3,” says Munroe.
That’s $1.3-million. The CRC is funded with TIF dollars, but is in need of financing options to improve the utility which the Town has identified as improving the quality of life of its residents.
The bond issuance is not to exceed 5.5-percent interest once completed. The Town Council authorized officials to handle the necessary paperwork to ensure the bond issuance is handled smoothly.
A second resolution, however, recognized an agreement to begin construction work on the Storm Water Project, as it’s called. Town Attorney Jim Clevenger says the interlocal governmental agreement must be signed by both bodies.
“The Redevelopment Commission must’ve approved their resolution, because they’ve signed the Interlocal Governmental Agreement, Kathy Clark as President and Tom Yuhas as Secretary, so we’re ready to go forward,” says Clevenger.
The resolution was approved, recognizing the intergovernmental agreement. The bond issuance is anticipated to be undertaken shortly.
Construction work on East Lakeshore Drive will begin in the fall.