And the plan could be expanded to include burying more power lines along the route.
Reasons for these changed predictions lie in part with the state of the economy in which contractors’ need for work is bringing about low bids, and in the town’s receipt of a $200,000 federal grant, with the assistance of Congressman David Price, to help finance burial of unsightly utility lines.
At a meeting last week commissioners discussed moving ahead on the Streetscape, generally expressed support, but delayed action until their next meeting Aug 18.
Voters approved $2 million in bonds to finance extension of the Streetscape as part of a $19 million bond package in the spring of 2007; however, after the economy went into serious decline in 2008, commissioners decided to hold off on issuing all of the bonds approved for a variety of projects except for the $6 million for the northeast extension of Judd Parkway. That project was moved forward. Construction has begun.
Town manager Andy Hedrick suggested the board reconsider its decision not to sell bonds for any other purpose and to reexamine possible financing opportunities for the next section of Streetscape.
He pointed out that the low bid on the northeast Judd Parkway came in $1.5 million below estimate; also a bid on repairs and paving (not a part of the bond projects) came in lower than expected; a bid on repairs to a water line under Middle Creek was much lower than an earlier round of bids. And bids on a major new addition to the No. 1 fire station were lower than estimated.
Contractors’ desire for work in the difficult economy apparently led to these money-saving bids.
Hedrick also reported that he and Finance Director Carla Morgan had figured a way to save the town between $150,000 and $200,000 over a 10 year period by refinancing some old bonds at new much-lower interest rates.
Those cost reductions plus the $200,000 federal grant, led Hedrick to feel the town could safety move forward on the Streetscape. He noted, too, that plans are already drawn for the Streetscape extension. Stan Williams, the landscape architect who designed and built the first Streetscape segment on Main Street between Vance and Academy Streets, had already been commissioned to design the next leg when the economy began its downward slide.
Money saved by lower than expected bids on the Judd Road project cannot be used for another project; however money saved on some other projects can. Also currently low interest rates would help lower the overall cost of the Streetscape project.
Hedrick had scheduled a meeting last week with Progress Energy representatives to discuss the cost of burying utility lines along the route of the second section of Streetscape. It will run from Academy Street north to Ennis Street, across railroad tracks to tie into Broad Street. Improvements will include sidewalks, curbs and gutters, lamp posts, benches, trash receptacles and, perhaps, the burying of overhead utility lines.
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