The Cedaredge Town Board is preparing to approve a $945,000 bond issue for its planned town-wide major street improvements project.
Trustees heard a presentation from Troy Bernberg of Stifel Nicholas and Co. investment bankers during a work session prior to their Oct. 18 regular meeting.
Bernberg distributed copies of the lengthy ordinance that needs to be adopted approving the bond issue. That approval could take place most likely at the board's November meeting, according to discussion at the work session.
The bond ordinance may be adopted as an emergency ordinance to facilitate quick marketing and sale of bonds as interest rates remain favorable. Bernberg's presentation included references to interest rates in the 4 to 5 percent range. Actual sale of the bonds could take place yet this year, or early in 2013.
Town administrator Katie Sickles told the DCI that the board would consider a bond issue for the full $945,000 approved by voters.
Payback of the bonds will be pledged with a one-half cent sales tax approved by voters. The town has been collecting the tax since voter approval and has accumulated over $327,000 in the major street improvements account.
The trustees dealt with other street related issues at their Oct. 18 meeting, including the following ones:
• Nineteen business owners on West Main Street will receive a total of $15,000 in sidewalk rebates. Town administrator Katie Sickles explained, "Rebates will equal reductions in sidewalk assessment charged to property owners."
Resident Harold Holgate told the trustees during constituent time that he supports the rebates and said that businesses need it. "The town should pick up all the cost of the sidewalks. You need to relieve the burden on the businesses... or you won't have any businesses," he said.
• Constituent Kathy Lindley asked the board to consider narrowing the pavement on the Westador street improvement project from the planned 22 feet. She wants the present 18-foot width retained. She said the wider street would bring traffic too close to her door. It would also require removal of a large tree and of her fence that are in the town's street easement.
Lindley presented a petition with neighbors' signatures supporting her request. Neighbors Ellie Weatherly and Glenn Corrigan spoke in agreement with Lindley.
Lindley's comments sparked a lively discussion among trustees. The $500,000 Westador street improvement project is ready for bid now after three months of design and planning, trustees pointed out. The contractors' walk-through for the project was held last Friday. A well-attended neighborhood meeting about the project was staged by the town and engineers last month and no mention of pavement width issues was made then, the mayor pointed out. Trustee Gene Welch said the project "is not a done deal yet," but added that he supports "standard" pavement widths and the project's drainage improvement features.
• Cedaredge has another street project in the works. It is a $205,000 CDOT-funded improvement of the intersection at Grand Mesa Drive and Main Street. The funds are slated to come from CDOT's "enhancement program," the same program that funded improvements at SW 2nd and Grand Mesa Drive by Pioneer Town.
• Trustees heard a report that progress is being made on the DOLA grant application for West Main Street improvements in preparation of its December deadline.blog comments powered by Disqus