The Tylersville Road reconstruction: From the city’s corporation limits to Gateway Avenue, which is 1.36 miles, this project would shore up the anticipated additional traffic volume (and the weight of trucks), as well as provide safer travel for traffic to and from Bypass Ohio 4. Where possible, the travel lanes will be widened to at least 13 feet. City funds would help fund the project, but up to $2.5 million of the note would be for this $3.6 million project.
Storm sewer: This work entails catch basins and storm sewers to support street paving activities. Storm sewer projects are on Millville Avenue, Tylersville Road, Milliken Street, the Five Points roundabout, and Progress Avenue. Up to $3.7 million of the note is earmarked for the storm sewer projects, though it’s expected to come under that total.
Wastewater: The wastewater projects include sanitary sewer lining and replacements, work at the Eden Park relief sewer and manhole replacements. Up to $3.3 million of the note is earmarked for the wastewater projects. Costs are expected to come under that total.
Hamilton City Manager Joshua Smith asked why is the BAN financing approach better than traditional financing, where there could be an amortized fixed rate over a set amount of years.
Jones said that based on the city’s A1 bond rating, they could see a 4% to 4.5% with traditional financing, and added the city’s financial advisor believes the short-term note is a better option.
“There is interest rate risk,” Jones said, but added, “the risk is right now. You’re facing high rates, and we expect rates to come down.”