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Laconia council authorizes $610,000 bonding for Opechee Loop Section A pedestrian improvements
Summary
The City Council approved authorization to issue up to $610,000 in bonds to fund construction of Opechee Loop Section A, part of a wider trail extension. Grants totaling $325,000 and Lakeport TIF district revenues will cover the remainder; the project’s total estimate in packets was $935,000.
The Laconia City Council on June 9 approved a resolution authorizing the issuance of bonds and notes in the amount of $610,000 to fund construction of the Opechee Loop Section A pedestrian improvements.
City materials list a total project cost of $935,000, including deck repairs to the Elm Street Bridge. The project has been awarded a $225,000 Northern Borders Regional Commission grant and $100,000 in funding from Belknap County; the council authorized bonding for the remaining $610,000 with principal and interest proposed to be paid from the Lakeport tax-increment financing (TIF) district.
City Manager Kirk Biotti summarized the funding package and said the authorization will allow the project to move forward; Finance Director Glenn Smith confirmed the Lakeport TIF district has funds projected to cover anticipated repayments. Councilor Phelps moved the final approval and Councilor Haynes seconded; the motion passed by recorded vote with six affirmative votes.
Councilors requested a repayment schedule estimate tied to a 15-year borrowing term; staff said the precise interest rate will depend on bond market conditions and whether the city applies through the state bond bank or other institutions. City staff said the bond bank issues are in July and January and that the city will solicit bids once the council authorizes bonding.
The Opechee Loop Section A work will widen the pedestrian walkway on the west side of Elm Street from Doris Ray Court to Franklin Street and connect to the privately funded Lakeport Promenade to extend the existing trail to Franklin Street. The city plans to return a final bond schedule to the council once interest rates are known and the financing is finalized.
