Council Approves Refinancing

| March 1, 2013
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The Richmond City Council met on Wednesday this week after a Tuesday cancellation due to the snow.  Click to hear KMZU’s Kristie Cross talk to city administrator Ron Brohammer:

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Refinancing of the municipal complex was given approval during the session.  Brohammer said the time was right with the current interest rate being offered.  “That resulted because we were able to obtain an A rating for our general obligation bond and an A minus rating through Standard and Poor’s for this type of refinancing,” said Brohammer, “We took it from a 4.25% down to 3.9%.  We will save in the neighborhood of $20, 000 per year over our payment time.”

County officials were also on hand for discussion of the enhanced enterprise ordinance that was also given the nod by council.  While the action can’t guarantee new companies moving into the area, it is another tool in the city’s economic development plan.  “It provides an opportunity to offer tax benefits and and breaks for a certain period of time and for certain types of businesses, “said Brohammer, “When this occurs, there is a board that will review the business and their application for things such as number of employees, amount of money invested in equipment and so on.  After the review, they will then make a recommendation.”

The upgrade of the city’s waste water plant was also on Wednesday’s agenda.  “We’ve selected the sequencing batch reactor system and the UV system that will be used,” said Brohammer, “After bids were received, engineers made their recommendations and council went with those.  They both came in a few hundred thousand dollars below the engineer’s estimate.”

The city is moving into the final approval process now for the facility.  “We understand the Missouri Department of Natural Resources has approved the overall plan, but we have not received that in writing yet, “said Brohammer, “Once the USDA received that approval, they will do their final reviews.  We are optimistic and hoping we will have all of the approvals by late March.”

Once that process is complete, officials will open a 30 to 60 day bid process and hope to have construction underway by late spring or early summer.

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