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Richards seeks $29 million in bonding for key projects

Rochester Business Journal
December 3, 2012

Rochester Mayor Thomas Richards wants to complete several major projects over the next three years, and has submitted legislation to City Council calling for $29.15 million in bonding to pay for the work.

The funding would include $9 million to double the demolition rate for vacant and deteriorating structures in the city, and $3 million to complete funding for street improvements connected to the Collegetown development on Mt. Hope Avenue and East Drive, a project breakdown shows.

The funding would cover necessary projects such as milling and resurfacing streets, city officials said Monday. It also would pay for the finish of construction at Manhattan Square Park, the third phase of the La Avenida streetscape project, sidewalk repairs, work on city parking garages, repairs of cemetery roads, and enhancements to Thurston Road and to Portland Avenue.

“The city’s good credit rating and the unusually low interest rates for municipal debt will allow the city to borrow at historically low rates,” Richards said in a statement.

The low interest rates will reduce projected budget gaps for the next four years by $9 million, and accelerate the projects without increasing the size of the city’s long-term capital program, the city said. 

If approved by City Council at its December meeting, bonds would be issued in February. Some 315 jobs will be created or retained as a result, it said.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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