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Last updated on Friday, June 27, 2014
(MITCHELL) - The Mitchell Board of Public Works and Safety board opened bids for a loan to pay for a proposed construction project at city hall.
The project encompasses a new roof on the building, converting garage space into a new police department office and the installation of an emergency generator.
The police department is currently housed on Main Street in the former First National Bank building. The building has water and mold issues, and the costs associated with repairing that building exceed the expenses of refitting city hall. The proposed cost of the building project is $400,000.
The city received four bids for the loan: Hoosier Hills Credit Union offered the loan at 5.45 percent; Mid-Southern Savings Bank offered the loan at 4.2 percent; German American Bank rate was a fixed 4.0 rate and Bedford Federal was at 4.25 percent. All were for a 10-year period.
Clerk-Treasurer George James said that some of the financial institutions asked if the city wanted the money at once, or if it would prefer a line of credit up to the $400,000.
The bids will be turned over to the Mitchell City Council, which has the authority to select the winning bid.
In other business, James asked the board to have the financial consulting firm of Crowe Horwath look over the city's finances in order to see if there are untapped revenue streams and grants for the city.
He says with current obligations, income, surpluses in some funds, the possible costly fixes to the city's hydrant system and obligated money for improvements to the sewage treatment facility, the city needs a clear financial path to meet all of its obligations.
The board approved the request.
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