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Council reviews $2.65 million street-resurfacing plan and financing options
Summary
Council discussed bids to mill and resurface 32 streets (about 7.4 miles) with a contractor cost of $1.93M plus DOT fees raising the total to ~$2.65M; staff outlined options including using power-bill funds, borrowing, or staging work across years and expects DOT agreements before formal approval.
Town staff presented a resurfacing plan covering 32 streets (roughly 7.4 miles) with an estimated contractor cost of $1.93 million and an additional NCDOT fee of $135,000, for a total near $2.65 million.
Staff said the work would include milling and resurfacing of about 10,000 tons of material. The contractor would have through calendar year 2026 to complete the work under the anticipated supplemental agreement with NCDOT, and the schedule may be intermittent as the contractor fits Valdese work into its DOT contract calendar.
Council discussed financing options. The town currently has approximately $500,000 budgeted this year for paving plus about $100,000 in power-bill reserves; staff suggested possible approaches including (1) borrowing and repaying over 10–12 years with power-bill funds offsetting much of the annual payment, (2) borrowing from fund balance and repaying across a few budget cycles (interest-free if repaid from fund balance), or (3) staging work across years. The staff presentation estimated an annual payment example of $191,000 with about $150,000 of that potentially covered by power-bill funds.
Council members asked about notice to residents when paving crews arrive; staff said contractors fitting Valdese work under a DOT schedule could sometimes show up with limited advance notice and recommended specifying notice terms in the DOT supplemental agreement. Staff said they will present the supplemental and reimbursable agreements to the town attorney and council before asking for formal approval.
No vote was taken; staff requested to circulate the agreements and return with recommended motions once terms are finalized.
Next steps: staff to obtain the DOT supplemental and reimbursable agreements, submit them to the town attorney for review, and return to council (target: October meeting) with recommended approval language.
