Main St. financing tops agenda
How the city will pay for its share of the Main Street reconstruction project will be the main order of business at this week's meeting of the Lansing City Council.
The Main Street System Enhancement project will stretch from just north of Gilman Road to Connie Street. Improvements include widening Main Street from Connie to Ida streets to include a center turn lane, rebuilding the bridge over 7-Mile Creek, reconstructing medians from Gilman Road to Ida Street and constructing a "reverse frontage road" from West Mary Street to West Kansas Avenue.
The project is a joint effort of the city and the Kansas Department of Transportation. While the state will pick up 80 percent of the cost of the estimated $13.7 million project, the city is responsible for 20 percent, or about $2.8 million.
To pay for its share of the project, the council at its meeting tonight, March 2, will consider borrowing the money by issuing general obligation bonds, to be paid off over a 20-year period.
Also at tonight's meeting, the council will be asked to consider refinancing the debt on construction of West Mary Street. In 2001, the city borrowed $4.04 million for that project, of which about $3.545 million remains to be paid to bond holders.
Bond counsel has advised the city to combine the Main Street funds and a portion of the West Mary Street debt into a new, single $5.465 million bond issue, said City Clerk Karen Logan.
Interest rates to be paid by the city will be determined when the bonds are sold, Logan said.
City Administrator Mike Smith said refunding the West Mary bonds at the same time as the city issues the Main Street general obligation bonds could save the city about $60,000, thus easing the mill levy impact on Lansing taxpayers.
The council meets at 7 p.m. Here's the agenda:
¢ Consider minutes from the council's Feb. 16 meeting.
¢ Presentation of a valor award to Lansing Police Officer Sundae Holler by Chief Steve Wayman.
¢ Hear a report from Richard O'Donnell, basketball commissioner, on this year's program.
¢ Consider a resolution and ordinance committing the city to issuing $5.465 million in general obligation bonds.
¢ Consider the appointment of Patty Schmidling, general manager of Condotels Suites, and reappointment of Mayor Kenneth Bernard to the Convention & Tourism Committee.
¢ Consider proposed improvements for Gamble Street related to the construction of Carriage Hills Plaza shopping center.