CORRECTION: Not all of the $6.4 million council is consdering is for new projects. Finance director Jenn Pae explains:
"The $3.9 million in Bond Anticipation Notes are for work projects completed in 2011 and 2012, which included the projects you listed as well as streets projects and Detroit Ave. signalization. The city is in essence refinancing this borrowed money for another year but all of the projects are done.
The 'new' money totaling over $2.3 million is for the projects listed on the Fiscal Officer Certificates and Ordinances. This is our capital program for 2013."
Lakewood City Council is considering a measure that would give the administration the green light to fund several projects around the city.
Some of them are already done.
There are six separate bond issuance proposals for work that includes street paving projects and upgrades to the city’s parks.
“We already have contracting authority, so we can enter into contracts,” said Jenn Pae, the city’s finance director. “This is to secure the funds for those projects.”
Those proposals include:
- $3.9 million for the improvement of Detroit Avenue (including the traffic signalization project); renovating the refuse facility; and replacing the roof on Lakewood City Hall. These projects were finished in 2011 and 2012.
- $1.5 million to resurface several streets as part of the city’s annual summer repaving program.
- $150,000 to pay design costs of the Madison Avenue resurfacing project. “The county and the RTA wanted a little more extensive design because of the federal funds,” said Pae.
- $225,000 to replace a salt storage facility on Metro Parks Drive.
- $225,000 to build a “sheet-pile bulkhead” docks and a parking area for the Port of Lakewood at the Rocky River.
- $400,000 to improve the city’s parks.
City council will give the measures a third reading at the next meeting, when council members are expected to vote on the issue.