There are plenty of streets in need of repair in Macomb and the city council is now looking at options to pay for the work.
Aldermen this week discussed whether to issue bonds. Sixth Ward Alderman Tim Lobdell said he's debated the idea for a while and now believes it's the city's best solution.
“I hope we see the long-term value in this. You're talking capital projects. They're going to be used in the future. Those people should be paying the interest debt on them in the future as well,” Lobdell said.
Other aldermen also expressed support for a bond issue, though they also want to make sure the city limits its debt.
One option is to issue $7.1 million in bonds to get a jump on major projects. The city would use proceeds from its one-cent sales tax for street repairs to repay $600,000 per year for 15 years. That would still leave plenty of money for other street repairs because the tax is currently generating about $1.8 million per year.
Third Ward Alderman Lou Gilbert said the timing is right for the city to move ahead.
“The interest rates will never be this low again,” Gilbert said, adding the Public Works Committee tried to find something for each section of town.
Committee members said their list of top priority projects is open to discussion and subject to change. The cost figures are estimates and are also subject to change:
- Downtown Revitalization Project: $2.5 million
- East Carroll Street from Campbell to White: $2 million
- North Ward Street from Jackson to Adams: $1 million
- Wigwam Hollow Road - the bridge & a portion of the street: $2 million
- Box Culverts on Dudley and McArthur & wing walls for Summit: $550,000
The bond issue will come up discussion again during the city council's Committee of the Whole meeting on June 25.
