CIRCLEVILLE – Circleville’s Ted Lewis has been in construction now for several years, slowly moving forward due to the limitation on yearly funding from a levy passed a few years ago, now Councilman Todd Brady wants to push for funding sooner to finish the park quicker.
Councilman Brady says that most of the reason for the slow progress on Ted Lewis has to do with the funding. The Levy creates around a million dollars a year so Ted Lewis park is set to build in phases keeping within that budget. The issue is that is slowing down construction.
Todd Brady approached Circleville city auditor Gayle Spangler about a possible loan, and that’s when Spangler suggested to borrow a note and then when the project is done to roll the cost into a 20 year debt. Interest on this type of way to borrow money would be low at around .5%, but according to Brady that cheap of a interest rate may not last forever.
Brady says that he has experience with construction and engineering and he know that costs for construction will go up and the percentage rate of this loan wont be low forever. He believes that Circleville would save money by going this route, and we could finish Ted Lewis in less time. To him its a win-win.
This idea will be talked about more in detail during the next finance meeting. Below you will hear comments from Council, and Spangler about this idea.
More on whats going in Ted Lewis here: http://www.sciotopost.com/circleville-city-talks-ted-lewis-improvements-2020/