The $6 million is part of the $30 million bond authorization, which voters approved during the November 2022 election.
By the numbers
City Council accepted the bid from The Baker Group, which is based in Oklahoma City, with an interest rate of 4.07%.
This interest rate is lower than the 5% rate that was budgeted, meaning the average annual payment will be $450,221 rather than the anticipated $479,567, according to the presentation given to City Council.
Following this allocation of funds, the city will have a remaining $24 million in voter-approved bond authorization to use for additional street improvements. Closing on the bid is scheduled for Oct. 18.
What’s next?
City staff will return to City Council with a list of proposed street packages. Following approval of the streets, city staff will initiate the street improvement process.
During the election process, 93 roads were listed with the potential for improvements funded by the authorized bond. The date for the streets to be approved by City Council has not yet been determined.
