City Hopes to Minimize Borrowing on Clark Avenue School Project

March 10, 2018
By

City Manager Tom Ambrosino said he will request $3 million from the City’s recently certified Free Cash figure to pay for a portion of the Clark Avenue Middle School project.

“We’ve made a payment every year on the school from Free Cash,” he said. “I’m going to request $3 million be paid out of Free Cash in June for the project this year…We don’t end up bonding as much as we had anticipated.”

The City will have the project paid for by its completion next year, with only about $10 million of the $60 million being borrowed or bonded.

Ambrosino said the City hasn’t done a lot of borrowing in the past, and saving on school bonding will help them when they do borrow for the downtown improvement programs.

Ambrosino said they plan to bond for those sidewalk and infrastructure improvements.


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