Council approves $13.385M loan; wastewater plant. 89th street and EOC projects up first
Mustang residents won’t have to wait long to start seeing progress on the list of projects to be funded by the city’s sales tax extension.
On Tuesday, councilmembers approved borrowing $13.385 million from JP Morgan Chase Bank at a 2.15 interest rate with a “callable” option to pay off the note after seven years. City Manager Tim Rooney said the loan closing will be held within the next 10 days.
In August, voters approved by 55 percent extending the tax to 2030 for $25 million in various projects.
The first project residents can expect, Rooney said, will be upgrades to the city’s waste water plant treatment, as well as engineering for the widening of SW 89th Street.
Another lead-off project will be the expansion of Town Center, the official said, and the design and engineering selection for the city’s new fire substation and emergency operations center.
Overall, 10 percent of the tax will be slated for public safety, including the new sub-fire station and EOC on the east side of the city, new police and fire employees, software upgrades, new vehicles and equipment, as well as raises for existing personnel, city leaders have reported.
For the remaining 90 percent, the city will focus on road improvements, new water lines, sewer upgrades and numerous other projects.
Quality of life projects planned are an all-inclusive playground and splash pad, more senior center parking at Town Center, animal shelter renovation, soccer field lighting and a new Mustang Market Place.
Projects are subject to change, based on the city’s priorities, Rooney has been reported as saying. He said if a tornado were to ever devastate Mustang, the city would be flexible with the sales tax funds in order to address those pressing needs.
The city’s first loan payment will be $445,000 in March 2018. Subsequent payments will be due every September and March until 2030 as currently planned.