Starkville aldermen awarded its $2.7 million-maximum infrastructure bonds to FTN Financial, a subsidiary of the Memphis, Tennessee-based First Horizon National Corporation, during Thursday’s recess meeting.
FTN Financial provided the lowest interest rate — a 2.89 percent bid — out of three total proposals.
The board unanimously approved the bond resolution. Ward 1 Alderman Ben Carver and Ward 3 Alderman David Little were absent from the meeting.
Aldermen previously greenlit the bond plan in February as supporters championed the financing package’s ability to knock out large portion of the city’s growing to-do list without necessitating a tax increase.
Planned improvements include all street improvements for this and next year — a combined $820,000 exercise — and allocations for numerous other efforts: $275,000 for the proposed Russell Street corridor redesign; $175,000 for drainage projects in the Huntington Park subdivision and along Northside Drive; $315,000 for the Safe Routes to School program and other sidewalk connectivity projects; a $200,000 South Montgomery Street signal and traffic flow study; $75,000 to redesign Lincoln Green; $75,000 for improvements to Lafayette Street’s streetscape and Americans with Disabilities Act compliance; and $75,000 to repave the public lot behind Starkville Cafe.
The project list also includes a combined $630,000 allocation for other projects to be identified later in Starkville’s seven wards.
In April, City Engineer Edward Kemp estimated a majority of the project list could be completed by the end of 2016.
Officials estimate the city will pay about $280,000 annually to retire the debt.
Park spending draws fire
Aldermen also approved a $55,000-maximum project that will have Starkville workers build bathroom facilities at the J.L. King Splash Pad after two board members warned their peers to think strategically in terms of 2 percent food and beverage allocations.
The project, as designed by Starkville Building Department employees, would produce two 10-foot-deep stalls at the Ward 7 park located at Long Street. A draft estimated costs at $41,232, but that total does not include fixtures.
Ward 5 Alderman Scott Maynard and Ward 4 Alderman Jason Walker voted against the project after saying they preferred the city and the Starkville Parks Advisory Board map out long-range construction needs before committing the park system’s capital improvement revenue stream to outlying needs.
“This project will definitely be in there, probably close to the top of our priority,” Maynard said. “I do hope that before we appropriate other 2 percent money that we take our time (to conduct a comprehensive needs list).”
Walker, who serves as the advisory board’s liaison, said voting for the project sets a precedent for allowing other city departments to share resources to the park system.
“It seems if we’re going to have our city planner do design work for this, there is going to be opportunities for new rehab, construction, utilities and sanitation’s landscaping crew (to provide services for SPR),” he said. “Again, we’re not vetting this like we probably should. We’ll probably get, at the end of the day, a project that’ll serve a short-term need, but I don’t think we’re being very strategic in how we think about our projects. I sincerely hope … we’re going to be able to take a strong, hard look at that so we can think about this in a holistic manner. If we don’t, it’s going to be a complete failure, and we’re going to burn through that 2 percent money and not have much to show for it.”
Carl Smith covers Starkville and Oktibbeha County for The Dispatch. Follow him on Twitter @StarkDispatch
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