Since 2012, Addison voters have approved several bond programs to fund various projects throughout Town. Once voter approval is secured, the CIty Council is authorized to issue bonds to pay for projects.
The proposed 2021 General Obligation Bond issuance totals $16,095,000 and consists of the following:
- $8,000,000, from the authorized $16,000,000 ($3,000,000 issued to date), from Proposition 1 of the 2012 Bond Election for reconstruction of Midway Road. Council awarded a construction contract to Tiseo Construction on December 8th, 2020. The project is currently under construction with an anticipated completion date in Fiscal Year 2024.
- $3,145,000, from the authorized $6,723,000 ($365,000 issued to date), from Proposition C of the 2019 Bond Election for parks and recreation improvements and facilities. Council approved a contract for design of locker room, pool, and gymnasium and track improvements to the Addison Athletic Club on June 9th, 2020. Design is nearing completion with construction anticipated to begin in September 2021 with an estimated construction timeline of 12-24 months.
- $4,950,000, from the authorized $7,395,000 ($140,000 issued to date), from Proposition D of the 2019 Bond Election for improvements to existing municipal buildings. Council approved a contract for design of roof and HVAC improvements to the Addison Athletic Club on June 9th, 2020. Design is nearing completion with construction anticipated to begin in September 2021 with an estimated construction timeline of 12-24 months. Additionally, Council approved a professional services contract for engineering and project management of phase one facility projects on April 13, 2021. The phase one projects include roofing, HVAC, and ADA improvements on all Town facilities except the Addison Athletic Club (i.e., Town Hall, Service Center, Finance Building, etc.). It is anticipated that all phase one projects will be completed by the end of Fiscal Year 2022.
Additionally, the Town has the opportunity to refund (i.e. refinance) the 2013 General Obligation Bonds and 2013A General Obligation Bonds which is estimated to create $296,770, or 7.43%, in Net Present Value savings over the remaining life of the debt. |