Celina Mayor Luke Collins has identified a $2 million rural development loan to possibly fund several paving projects in the city.
Collins said the plan is to resurface 14 miles of street.
“Some of them have a lot of potholes in them, and some of them where work has been done the road had to be dug up and patched,” Collins said. “Then there are some in some subdivisions that are coming apart.”
Collins said the loan payment would be $134,000 a year for 20 years. Collins said the city will be able to afford the debt based on current and projected sales and gas tax revenue.
“We feel like according to estimates and information we have, we should be able to do it for a little less than that loan,” Collins said.
Collins said before the project would go out for bid, the Board of Aldermen must approve the loan during its September meeting.
“We will be voting to do that on the 13th I believe,” Collins said. “It’s at 3.25 percent with Rural Development. It would be an inch and a half overlay.”
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