During its monthly Board of Aldermen meeting, the City of Troy unanimously approved to authorize Mayor Ron Sconce to negotiate an agreement to refinance the existing leasing debts with Stifel Nicolaus on the Southeast Wastewater Treatment Plant on Bueneman Lane, as well as the City Hall Building.
Sconce admitted the city has to refinance old debt on the old plant while building the new facility on the same site
“There were some bad deals made years ago that caused this debt,” he said. “That’s the cost of doing business, but we’re trying to get that fixed.”
Martin Ghatoori of Stifel Nicolaus, who was present at the meeting, gave a rough estimate of the rates to the board, but added the final rates won’t be locked down until the end of 2020 or the beginning of 2021. However, the savings for the city look more than promising under the current economy.
“The numbers I’ve looked at are very promising,” Ghatoori said. “(The City of Troy) is looking at probably saving about $60,000 or more per year over the next five to six years.”
Final approval of the agreement will be voted on at next month’s meeting.
In other business, the board passed an ordinance annexing 893 Elm Tree Road into the Troy City Limits.
The board also approved Change Order No. 2 submitted by Plocher Construction for additional excavation of unsuitable materials and additional select backfill for the new Wastewater Treatment Facility in the amount of $25,874.
“We are still under the budgeted amount, so the increase isn’t that substantial,” Sconce said to the board members.
Change Order No. 7 was also approved by the Board of Aldermen, which was a pay application submitted by Plocher Construction for upgrades for the Southeast Wastewater Treatment Plant and the Highway 47 Lift Station totaling $1,471,681.44.
The board in the amount of $1,570.25 also unanimously approved change Order No. 2, which was submitted by T.S. Banze Construction for addition of an entrance for a parcel of land under a city agreement on the Mennemeyer Road Improvement Project.
The Board of Aldermen was scheduled to discuss an application from Roles Homes and Starr Properties II for rezoning from a single-family residential district to a single-family residential district planned overlay, as well as approval of a planned development for Park Hills Estates not recommended by the Planning and Zoning Commission.
However, the applicant before the meeting removed that request, even though nearly a dozen residents from the neighborhood were in attendance to make citizen comments against the application.