Jamestown Comptroller Ericka Thomas explains bond anticipation note renewal to City Council (March 18, 2024)
The City of Jamestown is facing having to bond for even more funding for the Fleet Maintenance Building on Washington Street due to cost overages.
City Comptroller Ericka Thomas said $4,890,000 has been spent to date on the project, “The BAN that we got last year for the garage was $2,850,000. So, currently we have expenses over that BAN amount in the amount of $2,040,081.”
Thomas said Acting Public Works Director Mark Roetzer indicated that it’ll take $700,000 to complete the project. She said she is proposing a $2.7 million bond anticipation note renewal, however, that amount could be reduced if the city receives the $1 million in Financial Restructuring Board (FRB) funding from the state for the project.
Thomas said there are all indications that the city will still receive this funding but the FRB could not give her a timeline for when that would happen.
She said the new BAN amount would be $6,348,081.
Thomas said the resolution doesn’t need to be voted on in March and that she hopes to have the interest rate and principal payment information by the April voting session.
Council member at large Russ Bonfiglio pointed out that the additional costs were not part of the original contract, “Mark gave us a paper where just from 2023 to 2024 prices were up. I think one of them went up $20,000.. on the lifts $20,000 or $25,000. [Mark Roetzer “..for one of the lifts..”] So that.. I mean.. you can’t prepare for that. We have no control over that.”
Roetzer said they anticipate being able to start to move into the Washington Street facility over the next month with equipment being moved in and transferred from Steele Street this summer.
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