$22.5 million bond issue delayed until January

Historic City News previously reported that tomorrow night during the last regular commission meeting of 2010, St. Augustine City Commissioners would take up final approval of a proposed $22.5 million bond issue to finance long-delayed city projects.

City Attorney Ron Brown now says that although the proposed bond issue was scheduled for Monday’s City Commission meeting, it has been delayed until January.

“We want to make sure everyone understands the elements of the bond plan,” Brown said.

Bond issue for stalled projects

The $22.5 million bond issue to be considered by commissioners in January won’t go before the voters, because the city’s finance team has found ways to draw repayment from existing – non-property tax – revenues, and it won’t plunge the city into debt, because it’s about a third of the city’s bonding capability, officials say.

Among sixteen major projects are a new island fire station, the seawall south of the Bridge of Lions, and Riberia Street. Nearly half the funding, $9.41 million, will go to rehabilitation of Riberia Street and corridor improvements along King Street, San Marco Avenue and Anastasia Boulevard.

The complete breakout of projects to be addressed with the $22.5 million bond issue according to the city website as of 12/12/2010:

Utility Fund Projects
San Sebastian River Force Main – $625,000
Volusia St/Pearl St. Upgrades – $510,000
King St. Drainage – $340,000
Various Utility Projects – $3,325,000

General, Utility and Stormwater Funds Projects
Riberia Street Phase I – $2,900,000
Riberia Street Phase II – $3,810,000
Entry Corridor Improvements – $2,700,000

Stormwater Fund Projects
Seawall Replacement (matching funds) – $1,500,000
Cordova St./Treasury St. Flooding – $1,125,000

General Fund Projects
Riberia St. Peninsula Bank Stabilization – $800,000
Aerial Apparatus Truck – $525,000
E-One Pumper Engine – $240,000
Wayfinding Signage for Downtown – $250,000
Street Resurfacing/Sidewalk Repairs – $500,000
New Island Fire Station – $850,000

Marina Fund Projects
Breakwater and Dredging – $2,500,000

Projects Considered but not included in the Bond Issue
Alcazar Hotel Rehabilitation
North Water Works Building Restoration
Exhibit Hall(s) Construction
Spanish St./Charlotte St. Rehabilitation
King St./US1 Corner Rehabilitation
Francis Field Upgrade
Establishment of Spanish Village
Bayfront Band Shell
Dow Museum
Riberia Street Park (Galimore Center)
Priority B & C Utility Projects