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Panel votes to get loan
City projects would include parks, streets
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Published: November 17, 2009
Updated:
The Winston-Salem City Council voted unanimously last night to start the process of borrowing nearly $4.8 million to pay for parks and recreation improvements and other repairs and upgrades.
The money would be borrowed in the form of city bonds that the city would sell. The bonds do not need to be approved by a public vote, said Denise Bell, the city's chief finance officer.
Council members said that the city is considering a number of specific uses for the money.
City officials have proposed a list of possible projects, which include:
□ Almost $1.2 million to resurface streets.
□ $815,500 for playground renovations.
□ $310,000 for lighting improvements at the Hanes Hosiery and Washington Park #3 athletic fields.
City Manager Lee Garrity said last night that some of the projects on the list have already been started, including resurfacing some of the city's tennis courts and renovating Corpening Plaza downtown.
Bell said that the city has the authority to pay for projects and then reimburse itself from future debt.
"It's like borrowing money from your savings account," she said last night.
She said most of the projects on the list are still just suggestions.
The council set a public hearing last night for Dec. 21 to hear from city residents about whether the city should go through with borrowing the money and what it should be spent on.
In other business last night, the council approved contracts for about $1.6 million in federal stimulus money.
That money will be used to pay for improving or adding sidewalks along a portion of New Walkertown Road and Peters Creek Parkway, to widen a section of Shattalon Drive, and to improve part of Northwest Boulevard.
lgraff@wsjournal.com
727-7279
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