Manteca’s strong fiscal position and discipline reflected in stellar ratings awarded by financial professionals that investors rely on to assess risk, means Measure Q will be able to do more than just allow the city to build a new police station and a sixth fire station.
City Manager Toni Lundgren Tuesday during an overall look at the city’s bonding strategy, noted the City Council will be able to move one or more facility needs forward.
Also helping is the process the city is using to design and construct the new police station in the 600 block of South Main Street as well as how it is being financed over 18 years.
Construction costs have come in significantly lower thanks to the city’s process. That is in addition to the city being able to secure lower bond rates thanks to credit worthiness ratings they’ve earned from firms that rate government and institutional borrowing risks for investors.
The exact construction costs as well as council consideration of issuing actual bonds will take place at the next meeting on Oct. 20.
Based on the portion of the Measure Q revenue stream council directed staff to dedicate to bonding, the city will be issuing $62 million in bonds.
And the city has already set aside the first year’s payment which means they will basically be a full year ahead of what is due in terms of money set aside from Measure Q.
The city’s financing plan also involves growth fees collected for specific purposes such as government facilities.
Council members weren’t prepared at Tuesday’s meeting to indicate their personal preferences for what projects need to be tackled.
All expressed roads as a big item. That said, the Measure Q set aside plan already envisions significant investments in upgrading streets over the 20-year course of the sales tax.
Mayor Gary Singh noted a project the city already has secured $800,000 for from the federal government thanks to Congressman Josh Harder is expansion of the city’s animal shelter.
Other projects that Singh and other council members have advocated as being high recreational priorities include a community center as well as a new swimming pool.
Singh noted the city’s existing senior center is heavily used by the community as well as seniors effectively putting it at or near maximum utilization.
The mayor envisions generational community center that serves youth, seniors, and everyone in between.
And such, it would take pressure off the current senior center until such time Manteca is in a position to build a new one.
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
