The Mill Creek City Council is contemplating a series of capital projects totaling $35.5 million between 2009 and 2015.
Among the projects outlined in the city’s proposed Capital Facilities Plan: City Hall renovations, relocation of the police department to a new or renovated facility sometime after 2011, design and construction of a sports park expansion, intersection improvements at State Route 527 and 151st Street Southeast, and multiple traffic signal installations along Seattle Hill Road.
Money is readily available in the general fund to pay for projects scheduled in the upcoming 2009-2010 budget cycle.
But more expensive items including the $3.6 million police station project and the $7 million sports park expansion — both scheduled beyond 2011 — will force the city to secure funding through grants and a mixture of voter-approved or nonvoter-approved bonds.
There is some debate among council members regarding financing options and whether or not it’s a good idea to issue bonds for big-ticket items this year while interest rates are low.
“We may not need the money this year, but we will probably need it down the road,” Councilman Mike Todd said. “We’re still looking at historically low interest rates. The question is: do you strike now while the money is cheap? That’s what you’re doing when you refinance your house or any other loan.”
Other council members, Terry Ryan and Mary Kay Voss, favor a more conservative strategy.
“Why go into debt if we don’t have to?” Voss asked. “I think we should keep our options open. But it doesn’t make sense to me to incur debt just because we can.”
• A public hearing is scheduled on Tuesday, July 22, so residents can share their thoughts on the city’s facility needs and funding strategies for future construction projects.
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