Part 1 of Fixing the Avenue listed some of the problems that exist (e.g. 103 year old water main) so here is the second half of the story as presented on Dec. 6th.
Funding Needs
Available Funding Sources:
Water Enterprise funds $2,500,000
Sewer Enterprise funds $1,700,000
Existing Streetscape CIP funds $1,100,000
Storm Drainage funds $150,000
Gas Tax funds $50,000
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Total Available funding $5,500,000
Funding Shortfall $8,000,000
Financing: The annual debt financing for $8 million dollars @6.06% over 30 years is estimated to be $600,000 approximately.



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