Polk approves 3.56 percent loan for DSS construction
Published 12:51 pm Friday, November 5, 2010
Polk County commissioners&bsp; approved Monday the low bid for financing the construction of a new department of social services (DSS) building.
The low bid came from BB&T and offers funding at 3.56 percent interest.
The financing has been approved by the county, but is contingent on the N.C. Local Government Commission (LGC) approving Polks application to finance the project.
Polk County Finance Director Sandra Hughes told commissioners that the LGC should have the countys application by Nov. 17 and the application should be approved on Dec. 7.
Commissioner Tommy Melton voted against the proposal.
Grading for the building has been completed on county owned property off Wolverine Trail in Mill Spring.
Commissioners also discussed last week the area’s recent rainfall of 10 inches over 36 hours, which affected the DSS site along with the adult day care site off Skyuka Road in Columbus.
Polk County Manager Ryan Whitson said the significant rain had an impact on both sites, but everything was scheduled to be repaired at the DSS site this week. Whitson said all the sites control measures worked and there were no sedimentation issues.
The adult day care site experienced a good washing during the recent heavy rains, Whitson said. The county engineer was expected to assess needed repairs sometime this&bsp; week. Whitson said the banks washed and there probably will be some cost associated with repairs at the adult day care, but no costs at the DSS site for repairs.
The county recently dedicated the adult day care, and the opening is expected to be sometime before the end of the year.
The DSS building construction could begin soon, as commissioners recently approved the low construction bid of $1,590,755 from Able Constructors out of Greenville, S.C.
The total project cost is estimated at $1,914,052. The&bsp; county expects $95,498 in state and federal reimbursements for the building this fiscal year. The building will receive reimbursements over the next 40 years, which is the expected life of the building.
Polk County will finance up to $1,850,000 for the building and will be reimbursed a portion of the interest on the loan.
The BB&T loan is for 15 years. The first years payment of $189,193 will be due on Oct. 28, 2011.