Roy looks at bonding options
Text 
No Comments [ Add Comment ]By Antone Clark
Standard-Examiner correspondent
R
OY -- A Salt Lake City company has been selected to lead the city through potential bonding options available for the renovation and construction of the Municipal Building.
At a recent meeting, the City Council unanimously approved hiring Municipal Bond Consulting. The move puts one more element in place for a project city officials hope will be ready for construction in the spring.
City officials estimate the renovation and new construction will add about 3,800 square feet to the existing Municipal Building, 5051 S. 1900 West, and will allow for the redesign of some existing space.
The project is estimated to cost $2.25 million.
City Manager Chris Davis said the city will likely put toward the project as much as $1.4 million from funds that have been set aside, but then potentially bond for the rest.
Any potential bond could be financed through revenues generated by a property tax increase approved in 2005.
Municipal Bond Consulting has worked with the city on other projects, according to Davis, and was one of three firms to be considered for the project.
A committee made up of Davis, Mayor Joe Ritchie, City Attorney Andy Blackburn and Director of Management Services Cathy Spencer considered bids from all three companies before forwarding a recommendation to the council for final approval.
Renovation of the city building is part of a three-stage capital improvement program city officials have discussed in conjunction with the property tax increase.
City officials have already purchased a new ladder truck and pumper for the Roy Fire Department as part of the same capital improvement program.
Add Your Comment
