The Town of Argyle has been quite busy over the last few months, and town administrator Lyle Dresher said some big changes are on the way for the town’s roads.
At its meeting on Sept. 14, the Argyle town council approved a resolution of intent to issue certificates of obligation in the amount of $3,650,000 for a comprehensive street reconstruction program.
“For several months, the Town Council and staff reviewed a priority list of streets within the town in need of significant repair or reconstruction, as well as considered financing options to pay for the improvements,” Dresher said. “Because of the overwhelming list of streets in need of total reconstruction, the Town Council determined it to be in the best interest of the citizens to take advantage of low borrowing costs and competitive construction costs and attempt to address all streets on the high priority list.”
Street improvements will be divided into the following two phases:
The Settlement Addition
Old Town District
Phase I Cost Est. – $2,457,200
Hickory Hill Road
C. Taylor Road
Tanglewood MH Addition
Phase II Cost Est. – $1,609,100
Streets will include a 4-inch asphalt surface on a 6-inch stabilized rock base.
At the towns’ Oct. 26 meeting, certificates of obligation for a 20-year term at an interest rate of 3.508 percent was approved.
“The staff estimated that the very favorable interest saved the town between $600,000 and $800,000 in interest cost when compared to borrowing rates last summer,” Dresher said.
On Jan. 25, the town council took steps to call a special election on May 14 for the purpose of asking the voters to renew the one quarter of one percent (.25%) local option sales tax for street maintenance.
“The street maintenance sales tax revenue can only be used for the maintenance and repair of existing municipal streets and cannot be used to construct new streets,” Dresher said. “Currently, the sales tax generates approximately $56,000 per year in revenue.”
Since collections began in September 2003, street repairs have been made to Pecan Acres Lane, Pecan Acres Circle, Crawford Road, Sam Davis Road, Stonecrest Road, Joyce Drive, Charyl Lynn Lane, and Thornridge Circle.
Contact Argyle Town Hall at 940-464-7273 for more information about this project.