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Mooresville updates parks projects and flags parking‑deck financing constraints
Summary
Town staff said Westside pickleball courts and Eastern Heights Park are on track; the downtown parking structure is in easement and GMP preparation phases and could require bond financing that would substantially use the town's borrowing capacity once a guaranteed maximum price is set.
Town capital‑projects staff updated the board on three major projects and warned that the downtown parking‑structure financing will require careful timing and decision points.
Amber Goudreau, capital improvement program manager, told commissioners the Westside Pickleball Courts project is fully funded, the RFQ for design was issued and due May 15, and staff is finalizing an MOU with the YMCA. She said Eastern Heights Park (revitalization of Willow Valley Park) is under active site work, on time, under budget, and expected to be completed in the first week of June.
Goudreau said the downtown parking structure is in the easement‑acquisition phase. The town awarded a legal‑services contract to Parker Poe for $35,000, she said, and described the project as partially funded. Goudreau stated a funded total of about $1,600,000 with an unfunded balance of just over $33,000,000, producing an estimated project total of $34,900,000; she said a guaranteed maximum price (GMP) is expected in November 2026 and that bond financing would follow the GMP.
Town staff and commissioners discussed borrowing capacity. The town manager and finance staff reminded the board that issuing bonds for the parking deck at the GMP would substantially use the town’s borrowing capacity unless revenues increase or costs are reduced. “We would max out kind of our borrowing capacity for a while,” a finance speaker said, cautioning that the only practical ways to restore capacity would be raising revenue or cutting costs.
Staff emphasized no debt issuance on the project will occur before the board has the GMP and appropriate milestones: “There’s nothing in the new budget proposal for this,” staff said. Commissioners asked staff to continue providing financial updates in the board’s upcoming budget workshop and quarterly reports.
The board did not authorize bond issuance in the segments provided; staff said a GMP, bond authorization and related steps will return to the board for approval.
