Terms were finalized Monday for a financing agreement to help fund part of the cost to reconstruct north Main Street in Lakeview.
Village council during a regular meeting approved particulars with Osgood Bank to finance $500,000 to be repaid over seven years at an interest rate of 3.58 percent.
The village is borrowing a little over half of the $880,000 or so it’s going to take to rebuild north Main Street to Stephenson Street.
Additionally, plans call for replacing some of the oldest water and storm lines in the village, adding new sidewalks and installing new street lighting.
The balance of the cost will be spread across multiple village funds, including street and electric funds, Mayor Ryan Shoffstall said after the meeting.
Council hopes to have the project out for bid within the month, and expects the project to be completed in 2015.
This initiative picks up on a similar venture council completed recently on south Main Street to east Lake Street.
(NOTE: The interest rate for the loan the village of Lakeview will obtain to help fund part of the cost to reconstruct north Main Street in the village is 3.85 percent. An incorrect rate was cited in an article Tuesday about the project. Additionally, the $4,886 expense the village approved with CMI, the company which provides software support for the village’s billing system, is for installation and support of a new server and update of software afterward.)
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