Tryon to borrow $150k from fund balance to finish streetscape
Published 10:30 pm Thursday, March 31, 2016
By Leah Justice
leah.justice@tryondailybulletin.com
The Town of Tryon should be doing major street and sidewalk projects soon after deciding to borrow $150,000 from the town’s fund balance and $11,000 from its Powell Bill fund to complete five projects.
The Tryon Board of Commissioners met March 15 and approved the expenditures to complete a project at Oak Street downtown, to put new sidewalks in from Misseldine’s to the Tryon Theatre, repave a section of East Howard Street, to remove the bump out at Maple Street, and to repave a section of Peake Street.
Commissioner Bill Crowell initially proposed the town do the Oak Street project so the Lanes can continue their project renovating Misseldine’s, to complete the sidewalks along that same block from Misseldine’s to the theater, to repave East Howard and to fix the bump out at Maple Street. The estimated cost for those projects is $134,000. Crowell said his wish is the town can find a magic grant to complete the rest of the sidewalks as well as other projects.
“And if it takes a year I can live with that,” Crowell said. “These four sections need to move forward and get done and then next month we can talk about Peake Street.”
Commissioner Roy Miller suggested the town borrow up to $150,000 from its fund balance to give the town some contingency in case there are any issues. Miller also said the town should take some money from its Powell Bill fund to repay the general fund’s fund balance. He initially suggested in the early part of the next fiscal year, which begins July 1, to repave Peake Street. Peake Street is located in the Eastside neighborhood and connects to East Howard Street.
Town manager Joey Davis informed commissioners that repaving Peake Street is estimated to cost $50,000.
Miller said the upper part of Peake Street from Jackson to Shepherd streets was done about six years ago and it was just never extended from Shepherd to Howard Street.
“The worst section is probably 90 Peake Street down to Howard,” Miller said.
Miller said if the cost for the other projects is $134,000 and the town is going to take $150,000 from fund balance, the town could do half of Peake Street for $35,000 and include it as well. Miller suggested the town take $150,000 from fund balance and another $11,000 from Powell Bill to include that section of Peake Street.
Commissioners unanimously approved borrowing $150,000 from fund balance and $11,000 from Powell Bill to complete all projects, including Peake Street.
Davis said the Oak and Trade Street project will include redoing sidewalks, adding a sidewalk down Oak Street past the Misseldine’s building (old Tryon Federal) and improving the intersection.
The Maple Street project will include removing the bump out and addressing pedestrian safety, particularly regarding wheelchairs and strollers.
The Peake Street project will be to repave Peake Street between East Howard and Shepherd Street.
The repaving of East Howard Street will include from the North Trade intersection to the Oak Street intersection. Davis said this project will include the replacement of certain elements of infrastructure as well. The infrastructure costs will be paid out of the town’s water/sewer fund, with the amount yet to be determined.
Davis also said the borrowing of money from the town’s fund balance comes with the direction that the town will make annual repayments to itself. The town plans to budget a specific amount annually to repay its fund balance.
The town plans to approve contracts for all the work approved no later than its April meeting.
Davis also said there is not yet a timeframe for the completion of the projects, but did say the East Howard Street project will likely be done as quickly as possible because the amount of work there will disrupt traffic.
“Council will consider allocating funding (whether that means from the budget or through loans) for additional street and sidewalk projects as we approach the new budget year,” Davis said.