The City of Knox should have money in hand by early June to replace the roof and HVAC system at the Nancy J. Dembowski Community Center.
Accounting firm Umbaugh and Associates has negotiated a tentative purchase agreement for the municipal bonds to fund the project. The $270,000 loan will carry an interest rate of 2.25 percent and will not affect local tax rates.
Before finalizing the deal, they want to make sure that’s enough money to do the necessary work. City officials have the specs ready for the roof project and are ready to solicit three quotes. They’re finalizing the details of the HVAC project now.
If the city needs to borrow more money based on the project quotes, that can be worked out before the bond sale is completed without compromising the project’s timeline.
Mayor Dennis Estok told the city council Tuesday the HVAC work is tentatively scheduled for July or August. No timeline was stated for the roof replacement.
