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News Details (Posted: July 12, 2004):
Woodbury OKs plan for major improvements
Full Description:
Woodbury City Council members at their June 23 meeting approved both a capital improvement plan for 2005-09 and bonds that would help pay for improvement projects remaining in 2004.
The sale of $3.7 million worth of bonds is scheduled to take place in September. It will cost the average household in Woodbury $12 per year during the next 15 years to issue the bonds. The city plans on including this cost in its portion of the property tax bill beginning in 2005.
With the sale of the bonds, the city would be able to fully fund capital improvement projects for 2004. The sale of bonds needed unanimous approval from the council.
“Most of those projects are already under way,” council member Cheryl Hurst said. “You can’t now say you won’t fund them.”
The sale of bonds would also keep the city on track for its five-year capital improvement plan (CIP), according to the city. The 2005-09 CIP addresses public works projects ranging from major road construction to replacement of water and sewer lines. The CIP lays out a time frame for future projects, but the council must approve each project as it becomes necessary.
Without the sale of bonds, the city said planned road construction projects, and those already under way, could be in danger of not being fully funded.
Most of the construction that is being funded by the bond sale is in the eastern half of the city, where the city is partially funding road upgrades that will eventually connect new residential developments to the rest of the city.
The biggest project included in the CIP during the next couple of years is the upgrade of Radio Drive from Pioneer Drive to Bailey Road in 2006. The city’s portion of the project is expected to cost about $4.2 million.
In 2005, the CIP lists a $2.2 million upgrade of Tamarack Road from Springhill Drive to Interlachen Parkway. It also allows for a $3.6 million upgrade of Weir Drive, which is part of a larger upgrade of the Valley Creek Road Interchange over Interstate 494.
