Print
E-mail
Comment
Bonds would speed up work
Improvements at high-volume Douglas County highway interchanges and intersections will be completed sooner if voters approve a $28 million sales and use tax bond resolution Nov. 4.
By By:Sean Hadden
Improvements at high-volume Douglas County highway interchanges and intersections will be completed sooner if voters approve a $28 million sales and use tax bond resolution Nov. 4.
"[The resolution] is an effort to accelerate some badly needed projects," said Douglas County Finance Director Karen Montgomery.
No county taxes will increase to pay for the project, she and Douglas County Public Works Director Duane Fellhauer said.
Selling the bonds is a way for the county to obtain future money sooner from the sales and use tax measure passed by county voters in 1995, Montgomery said.
The bonds will be paid back between 2004 and 2009 with this money, Fellhauer said.
Should voters approve selling the bonds, the county will be responsible for paying back the $28 million plus an estimated $3.9 million in interest, she said.
The county will also have to pay about $600,000, which includes insuring the bonds, attorney fees, paying the county's financial adviser and the bonding company, Montgomery said.
Fellhauer said the county has been considering doing the work for some time based on complaints about growing congestion from motorists.
The county will not be able to complete the proposed projects, which lie mostly along the C-470 corridor, until as late as 2010 without the bonds, Montgomery and Fellhauer said.
This is because enough sales and use tax from the 1995 voter-approved resolution would not be collected until then, they said.
Should county voters approve selling the bonds, some of the money would be available as early as June 2004, Montgomery said.
There are several advantages to approving the bonds, Fellhauer said.
First, the work is badly needed to decrease congestion as the county's population continues to grow.
Second, completing the work in the next several years will be cheaper than waiting until 2009 or 2010.
"It's doubtful we'd get around to these projects until about 2010," Fellhauer said. "By selling the bonds, we'll be done [with the work] by 2007."
Finally, now is a good time to begin the work because the slow economy is driving down construction contractors' bids.
"By doing these projects sooner than later [the county] will save between 25 and 30 percent, which on $28 million will be a savings of about $8 million," Fellhauer said.
"A lot of construction companies are charging less. It ends up being a supply and demand issue. There is less work available and more people looking for work," he said. "It ends up being a good time for governments to do these types of projects."
County officials have listed 10 major improvement projects on which the bond money would be spent if approved by voters in November.
q Reconstruction of the interchange at C-470 and U.S. 85.
q Improvements to Dad Clark Drive from County Line Road to C-470 at University Boulevard.
q Improvements to Dad Clark Drive from County Line Road to C-470 at Broadway.
q Improvements at Quebec Street and C-470 from Park Meadows Drive to County Line Road.
q Widening County Line Road from Colorado Boulevard to Phillips.
q Completion of the interchange at E-470 and Chambers Road.
q Reconstruction of the interchange at Castle Pines Parkway and Interstate 25.
q Construction of an interchange at I-25 and Douglas Lane.
q Extension of Chambers Road from Hess Road to Lincoln Avenue.
q Connection of Colorado 83 to I-25 via Stroh Road, Castle Pines Parkway and Crowfoot Valley Road.
"[The resolution] is an effort to accelerate some badly needed projects," said Douglas County Finance Director Karen Montgomery.
No county taxes will increase to pay for the project, she and Douglas County Public Works Director Duane Fellhauer said.
Selling the bonds is a way for the county to obtain future money sooner from the sales and use tax measure passed by county voters in 1995, Montgomery said.
The bonds will be paid back between 2004 and 2009 with this money, Fellhauer said.
Should voters approve selling the bonds, the county will be responsible for paying back the $28 million plus an estimated $3.9 million in interest, she said.
The county will also have to pay about $600,000, which includes insuring the bonds, attorney fees, paying the county's financial adviser and the bonding company, Montgomery said.
Fellhauer said the county has been considering doing the work for some time based on complaints about growing congestion from motorists.
The county will not be able to complete the proposed projects, which lie mostly along the C-470 corridor, until as late as 2010 without the bonds, Montgomery and Fellhauer said.
This is because enough sales and use tax from the 1995 voter-approved resolution would not be collected until then, they said.
Should county voters approve selling the bonds, some of the money would be available as early as June 2004, Montgomery said.
There are several advantages to approving the bonds, Fellhauer said.
First, the work is badly needed to decrease congestion as the county's population continues to grow.
Second, completing the work in the next several years will be cheaper than waiting until 2009 or 2010.
"It's doubtful we'd get around to these projects until about 2010," Fellhauer said. "By selling the bonds, we'll be done [with the work] by 2007."
Finally, now is a good time to begin the work because the slow economy is driving down construction contractors' bids.
"By doing these projects sooner than later [the county] will save between 25 and 30 percent, which on $28 million will be a savings of about $8 million," Fellhauer said.
"A lot of construction companies are charging less. It ends up being a supply and demand issue. There is less work available and more people looking for work," he said. "It ends up being a good time for governments to do these types of projects."
County officials have listed 10 major improvement projects on which the bond money would be spent if approved by voters in November.
q Reconstruction of the interchange at C-470 and U.S. 85.
q Improvements to Dad Clark Drive from County Line Road to C-470 at University Boulevard.
q Improvements to Dad Clark Drive from County Line Road to C-470 at Broadway.
q Improvements at Quebec Street and C-470 from Park Meadows Drive to County Line Road.
q Widening County Line Road from Colorado Boulevard to Phillips.
q Completion of the interchange at E-470 and Chambers Road.
q Reconstruction of the interchange at Castle Pines Parkway and Interstate 25.
q Construction of an interchange at I-25 and Douglas Lane.
q Extension of Chambers Road from Hess Road to Lincoln Avenue.
q Connection of Colorado 83 to I-25 via Stroh Road, Castle Pines Parkway and Crowfoot Valley Road.
Submit a Comment
|
You must be logged in to post a comment.
|
Not yet a registered member?
Click here to become one. |
