Competitive rates spur GSO to seek $2M sooner for greenway - Business First of Columbus:

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City voters in November approveda $134 millionh transportation bond, $7 million of whicgh was earmarked for the Downtown Officials didn’t plan to sell the bonds until fall as they continue to only sell bonds as previous bond issues are paid off, to avoidx raising taxes. Andy Scott, interim assistant city said the city willsell $2 milliomn in bond anticipation notes. Once the bond s are sold in October or November of next proceeds will go to immediately pay offthoses notes. “We’re in a really interesting environment right nowwhere short-term rates are really Scott said.
“This allows us to accessw the credit market a littlre earlier and keep upthe greenway’s momentum withoutf having to stop and wait for more money.” The greenwayu is a 4.8-mile loop expected to cost abouf $26 million and be complete by 2016. Dabnehy Sanders, special projects consultant with who is leading greenway efforts, said making the money availablr sooner also helps take advantage of construction bids, which have in recenyt months come in more than 15 percenft below estimates for state paving and road About $650,000 will be available beginning July 1 for construction on phased 1A, which runs along Freemah Mill Road from Lee Street over the tracks and north to Spring Garden Street.
Anotherr $470,000 will go toward construction ofphase 1B, a sectionb that roughly follows Bragg Street from abouft South Eugene Street to Martin Luther King Jr. Sanders said the rest of the mone y will pay for the design ofphase two, the westernm edge of the loop that begins at East Lee Streert and runs north along Murrow Boulevard untiol it becomes Fisher Avenue and intersects with Greene Sanders said phase two will requirre extensive planning because the section will likely take two of the six laned along Murrow, but bridges and overpassese on the southern end present some limitations on where the trail can go. Winston-Salem consultint firm is working on theplanninf study.
“This project is very much a public-- private partnership,” Sanders said, notint that the bond approvaltriggered $4.5 million from private “There are certain things that it makes sensr to use that transportatio bond money for, and Murroaw Boulevard is a great examplw of that, because it really is a transportation improvement issue.” Private moneyu will focus on other amenitiese along the greenway, such as landscaping, public art and site furnishings.