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Crockett reviews State Infrastructure Bank loan options to tackle streets and utilities; no vote taken
Summary
City staff outlined a plan to apply for a State Infrastructure Bank loan to repair streets and underlying water and sewer lines, presented preliminary estimates and priority street lists, and said staff will complete the application and return with a resolution; council provided feedback but took no formal vote on loan size.
Crockett — City staff told the Crockett City Council on April 4, 2022 that the city has an opportunity to apply to the State Infrastructure Bank for a very-low-interest loan to address multiple street and utility needs across town.
In a detailed presentation staff described the program as offering "a 95% reduction on interest rates" and placing the city in a "very, very, low interest rate bracket, about a tenth of a percent," as spoken in the meeting record. Staff said preliminary engineering for road reconstruction (roadwork only) on eight priority streets produced an estimate of about $2,600,000, but that number excludes replacement of…
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