Council approves $10 million in capital projects borrowing, grants expected to reimburse most

Several capital projects in the City Amsterdam will be funded by a $10.3 million bond resolution passed by the common council at its regular meeting last Tuesday. At the meeting, Controller Matt Agresta said he estimates as much as 80% of the amount will be reimbursed by various grants.

The projects outlined in the resolution:

  1. Reconstruction of Church Street from Cornell Street to Clizbe Avenue at a cost of $1.9 million. Two grants from New York State were previously announced to cover the full cost.
  2. Replacement of the Pioneer/Crescent Avenue Bridge at Shuttleworth Park and a culvert located on Florida Avenue. Total cost is $3.2 million. A total of $2.9 million in grants from New York were previously announced for the projects.
  3. Construction of a disinfection facility at the city’s waste water treatment plant, with a total project cost of $475,000. According to the resolution, $183,353 is expected in grant money toward the project.
  4. Replacement of additional air handling equipment at the city’s public safety building, estimated to cost $475,000.
  5. Planning, design, and construction or reconstruction costs for the waste water system related to compliance with an order from the New York State Department of Environmental Conservation estimated to cost $105,000.
  6. Demolition of city properties, estimated to cost $525,000.
  7. Additional work on the reconstruction of the Dove Creek retaining wall by St. Mary’s Hospital, a project estimated to cost a total of $1.2 million and may be be fully reimbursed by several different grants.
  8. Upgrades to equipment within the waste water treatment plant estimated to cost $160,000.
  9. The design and construction of various sidewalks, pedestrian signals, crosswalks, and warning signs, estimated to cost $2.6 million, with $2 million expected in federal or state aid.

During the meeting, Alderman Dave Dybas asked Agresta what the interest rate for the new borrowing will be. Agresta was not able to answer but rather pointed out that rates for previous rounds of borrowing ranged from 2% to 6%.

Council members were informed earlier in the year by Municipal Solutions that due to the city’s deficits in three different funds, that it’s Moody’s credit rating had been withdrawn which would increase the interest rates available to the city.

Tim Becker

Tim Becker is the owner of Anthem Websites Inc. which publishes The Compass. He serves as both editor and a writer.