For the Town Park & Fire Stations projects the Town acquired two loans totaling $3.7 million for 20 years at 3.09% interest. The payments for these loans is already built in to our yearly budget and will not result in a property tax increase.
The Empire Drive Pump Station and Sewer Line and B, C, Wade, Reid Streets area Sewer Line and Manhole Replacement Project were funded by a USDA loan in the amount of $6.04 million for 40 years at 2.75% interest. The payments for this loan are already built into the rate structure for the water and sewer enteprise fund.
The Water Line Project and the Lower Adams Creek Interceptor will primarily funded from the state budget utilizing ARPA (American Rescue Plan Act) grant funds allocated to the states from the federal goverment. Estimates place the total project costs at approximately $12.8 million. Actual cost will be determiend when projects go to bid in the summer of 2024.
The Town received a direct grant from the state budget for $2.7 million for sidewalk improvements. Engineering is currenlty underway to implement portions of the NCDOT funded Bicycle & Pedestrian Project Acceleration Plan. Improvements will primary take place along Franklin Street.