According to the ordinance, the funds will be used for traffic improvements on Lower Seguin Road and Main Street.
What you need to know
In July, City Council approved the notice of intention for the bonds. The city used the competitive sale method accepting bidders on bonds with the award going to the one with the best interest rate, which results in the lowest interest expenses, according to the city council agenda.
Representatives with SAMCO Capital Markets said that nine bids came in for the bond issuance, with Robert W. Baird & Co. Inc. coming in with the best rate.
City staff estimated that the bonds will not result in a tax rate increase.
Moving forward
Plans to revitalize Main Street have been underway since 2022, when City Council approved $20 million in certificates of obligation. The 2022 funds allocated around $3.5 million to the project.
The goal for the main street revitalization project is to improve sidewalks, street lighting, way-finding signage, landscaping, utility relocations and architectural elements, such as decorative concrete, decorative lighting, screening and area signage, according to the city website.
Funds approved Sept. 3 will be split between Main Street and Lower Seguin Road. The Lower Seguin Road reconstruction project will include the widening of the roadway.
Additional information on Schertz capital improvement projects can be found here.
