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Stew Lilker’s

Columbia County Observer

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Lake City News

Lake City Report - April 15, 2011
Final CRA expansion hearing Monday

From City Manager Wendell Johnson

CRA Expansion - Public encouraged to attend

The final reading of Ordinance 2011-2010 amending the Lake City Community Redevelopment Plan will be considered by the Council at the regular meeting on April 18, 2011.

Final approval will expand the existing CRA boundaries both to the North and South of the existing boundaries.  The Finding of Necessity Study supporting and qualifying the proposed expansion is on file in the Office of the City Clerk.

The public is encouraged to attend and participate in the discussion and action on this important community issue.

2011 Sales Tax Bond

The City Council authorized its Finance Team on March 7, 2011 to proceed with the refunding of a Series 2010 Sales Tax Bond. The Team prepared a comprehensive loan request and credit package that was sent to 20 banks on March 11, 2011 and the best bid was a fixed interest rate of 4.04%, before expenses, with an effective rate of 4.15% after expenses.

As a result of this highly competitive rate, the City will issue a Series 2011 Sales Tax Bond refunding and draw $500,000 in new revenue for general fund capital projects.

Bond Resolution 2011-023 is on the Council Agenda for April 18, 2011.

The Council will hold a workshop at 6:00 p.m. on April 18 to discuss the use of remaining 2010 Series funds and the additional $500,000.

The project shall consist of capital improvements to certain City streets, sidewalks, curbing, stormwater, and a vehicle garage at the Public Works/Utilities compound. Approximately $1,800,000 will be available to complete the Project.

The City Staff Report is available in pdf format here.

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Read the City Manager's 2010 Budget and Administrative Report • here.

 

City Staff Report
 • Week ending April 15, 2011

 

The April Activity Report showing all the current City projects is available here.