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Aldermen decline Stockton Lake storage agreement, citing long-term $800,000 commitment
Summary
The Willard Board of Aldermen voted not to enter into an agreement to purchase relocated water storage space in Stockton Lake after extended discussion about upfront cost, long-term debt and infrastructure needs.
The Board of Aldermen of the City of Willard voted to decline entering an agreement to purchase relocated water storage space in Stockton Lake after extended discussion of costs, financing and infrastructure needs. The motion not to enter the agreement passed at the meeting.
The board discussed two payment approaches presented by staff: a one-time full payment or an annual payment plan. Staff reported an annual payment option of $26,638 per year for 30 years and said the city would nonetheless have to encumber the full project amount in its reserves. Board members…
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