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Bloomfield staff: city's streets backlog roughly $2.5M; TIF and borrowing constrain options
Summary
Staff told the council an estimate of about $2.5 million to address streets not touched in the last decade; they said TIF money is tied to an outstanding loan for two years and the city is limited to borrowing $5,000,000, which constrains near-term options.
City staff presented a citywide estimate for streets the city has not addressed in the last 10 years and discussed funding constraints.
"That estimate is coming in around $2,500,000 today," a staff member said, noting the figure covers streets not touched in the last decade. Staff also explained the city sometimes uses tax-increment financing (TIF) to pay for streets but that current street loans must be paid off in roughly two years before that TIF becomes available. In addition, staff noted the city's statutory or policy borrowing cap limits the city to $5,000,000 in debt and that outstanding loans reduce near-term borrowing capacity.
Councilors and commenters discussed alternatives including local option sales tax or borrowing but raised concern about timing and budget capacity. No funding decision was made during the meeting.
