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City crunching numbers to find road funds

September 17, 2013

The city of Deer Park, which was shut out of receiving a Public Trust Fund loan this year to build a new industrial road near the airport, will look at issuing bonds to complete the $3.6 million project.
City officials have received $1.8 million in federal Economic Administration Development funds. Those funds will not be released until the city comes up with $1.8 million in matching funds.
In a memo to city council members earlier this month, Mayor Robert Whisman, city staffers, affected property owners and City Attorney Chuck Zimmerman held a telephone conference call with bond attorneys Jeff Nave of Foster Pepper and Michael King of DA Davidson.
King told the group that an unrated bond issuance would be targeted at 4.54 percent.
The cost of bond issuance would be an additional $37,500. City officials hope to have those costs absorbed by the LID petitioners.
The PWTF loan carried a 1.5 percent interest rate.
If the city pursues the bond issue option, a portion of the bond payments ($1.2 million) would be paid by the five affected property owners who have agreed to form a local improvement district. The city would be responsible for the balance of the bond payments.
In his memo, Whisman said having the bond attorney attend the Sept. 3 city council meeting would be premature. Instead, the parties, along with property owners, would attend the Sept. 17 meeting.
During the meeting the city council will be asked to accept the LID petition and schedule a public hearing as the next step in the district formation.

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