The Kyle City Council received a presentation from City staff during the January 20th council meeting regarding the status of the five roads scheduled for upgrades as part of the $36 million Road Bond Improvement Package approved by voters in the May 2013, general election. The five road improvement projects include the reconstruction and expansion of N. Burleson Street, Bunton Creek Road, Goforth Road, Lehman Road, and the extension of Marketplace Avenue.
The presentation also included an updated schedule for the beginning of the construction phase of each project. The roads were originally planned to begin construction over five years to spread out the bond debt. The construction schedule has been updated in order to take advantage of current low interest rates on the bonds and to avoid the continuing increase being experienced for construction labor and materials.
The updated schedule to begin construction of each road is:
-
Goforth Road – June, 2015,
-
Bunton Creek Road – September, 2015
-
Marketplace Avenue – October, 2015
-
Lehman Road – March, 2016
-
N. Burleson Street – November, 2016
An update on the cost of the bond sales was also given. In March 2013, the preliminary estimate for the property tax impact of debt service payments on the $36 million dollar road bond package was projected at $0.2075 per $100 of taxable assessed valuation. As of January 2015, City staff has updated the property rate impact based on current tax base, interest rates, project schedule, and projected costs for the five roadways.
The updated property tax impact of debt service payments on the $36 million dollar road bond package is estimated to range $0.1300 to $0.1700 per $100 of taxable assessed valuation. It should be noted that the revised property tax rate impact is an estimate at this time and that a number of variables will determine the actual impact including but not limited to the timing of bond sale, interest rates, credit rating, repayment structure, tax base valuation, project schedule, and final costs.
Additional information on each project is available at www.cityofkyle.com.