Ogdensburg City Council expected to borrow $4 million on Monday for Paterson Street project
OGDENSBURG -- City councilors are expected to approve borrowing up to $4 million for the Paterson Street Project Monday.
Ogdensburg City Comptroller Philip Cosmo estimated the city will need to borrow about $2.5 million to pay contractors upfront as the federal and state funding will be issued on a reimbursement basis, but a resolution in Monday’s meeting agenda would allow the city to borrow up to $4 million.The local share of Ogdensburg’s Paterson Street project will cost the taxpayers nearly $1 million, according to an estimate issued by engineers at a recent board meeting.
Cosmo said the original estimate for the local share of the $7.4 million project was around $380,000. But Department of Transportation officials consider several aspects of the project as “betterments,” and therefore will not cover the costs.
Cosmo said the local share will likely be around $998,885, an increase of $618,885 over the original estimate.
An additional $276,143 will be incurred from interest over the 15-year loan.
The federal government will contribute $5.14 million and the state will pay $1.24 million toward the project.
Cosmo said the total project cost hasn’t changed much, but more of funding has been shifted to Ogdensburg taxpayers.
The project will improve 1.1 miles of Paterson Street with plans to restore pavement to good condition, separate the storm sewer system from the existing combined storm/sanitary system and improving intersections, sidewalks and drainage.
The project also includes the removal of 54 trees along the roadside as the city would also like to widen the roadway to include two 12' wide travel lanes and two 7' wide parking lanes.
Additional information on the project can be found at http://www.ogdensburg.org/index.aspx?nid=314.