LEWISBURG — The Village of Lewisburg is planning to resurface 41 streets in the near future. Doug Kramer of Kramer & Associates attended the council meeting on Tuesday, Oct. 16 to discuss the street resurfacing program.
A similar project has previously been financed in Camden through the Ohio Department of Transportation (ODOT) State Infrastructure Bank (SIB) program. According to Kramer, that project was a success and the village is interested in having additional streets paved in the future. They are working on paying off their loan early.
“We’re glad to do it because of that and because it is one of the least paperwork inducing programs that we go through. That is good for you, because it won’t be a lot of trouble. As far as the financing part of it, that is a decision you are here tonight to make,” Kramer said.
The project started with a street assessment, to determine what streets need work. The request which will need to be made to pave as many streets as needed is a loan in the amount of $850,000. It can be paid back over a 20-year term at three percent interest.
If that option is chosen, the payments will be $31,651.42 every January and July through 2039.
The planned closing date is after the first of the year. The closing cost will be $4,000 and can be included in the loan request. There is an interest-free period for the first two years of the loan.
The loan cannot be paid off any sooner than 36 months.
The SIB will only disburse payment to the borrower, which is the village. Lewisburg will then have to pay the contractors.
“If you want to move forward with this, and we’re paving 41 streets, this is the only way I can see doing it,” Municipal Manager Jeff Sewert said.
Council waived three readings of a resolution allowing council to apply for the ODOT SIB loan program. The motion was approved to complete the project with funding through the ODOT SIB loan program.
The first payment will not be due until 2021.
Reach Kelsey Kimbler at 937-683-4061 or on Twitter @KKimbler_RH