During an Oct. 4 meeting, Grapevine City Council approved a notice of intention resolution to issue $14.5 million in certificates of obligation. Of the $14.5 million price tag, $14.1 million will go toward capital projects while the remaining amount—about $350,000—will cover costs relating to issuing the certificates of obligation.
Unlike general obligation bonds that must be voter approved, certificates of obligation involve debt incurred on flexible expenses and do not require voter approval, according to the Texas comptroller’s office website.
“The debt program is extremely critical for the long-term sustainability of the city,” Grapevine Chief Financial Officer Greg Jordan said in the Sept. 20 council meeting. “This gives us the ability to continually reinvest into our capital [and] into our streets, into our vehicles [and] into our buildings. It is a very important project.”
The certificates of obligation will be used to pay $6.7 million on vehicle replacements, $4.9 million on streets and $2.5 million on parks.
In the Sept. 20 council meeting, Jordan said the fiscal year 2022-23 vehicle replacement program will remove end-of-life vehicles with comparable replacements. For the fire department, about $5.6 million will be spent on two 100-foot ladder trucks, one pumper truck, two ambulances and five pickup trucks, according to the meeting presentation. The police department will receive seven new pursuit vehicles totaling $545,000.
Jordan said the city needs to order new vehicles soon as supply chain disruptions have increased the time from order to delivery. Grapevine Fire Chief Darrell Brown said it can take anywhere from 24 months for new ambulances to 30 months for ladder trucks.
“We’re just trying to get in line so our stuff can get built,” he said.
The costs related to streets will go to reimburse a $4.9 million resolution approved April 21, 2020, the presentation stated. The resolution covered several city street projects, including the reconstruction of East Worth Street, lighting and sidewalk improvements along Main Street, and repaving a portion of Kimball Road.
Grapevine is looking at two projects for the city’s parks. The Green Ribbon 6&7 will cost $1.9 million and will provide beautification down SH 26 in the Entertainment District. This includes the placement of shrubs, trees, grasses, irrigation and other features along the state highway, the presentation stated.
The other park project is Settlers Park, a 15.9-acre regional park that will be focused on outdoor programing and environmental education. The $2.2 million cost will be split between the city and the Texas Parks & Wildlife Department, the presentation stated. The park will include a 6.2-acre spring-fed pond surrounded by a mature wooded area.
Jordan said council will revisit the item and vote on approval for the sale at its Dec. 6 meeting.
