Lake City officials have approved a contract with a Des Moines-based financial firm to help them secure funding for infrastructure improvements in the community’s downtown. Aaron Smith, a public finance adviser with D.A. Davidson, attended the Monday, March 4 council meeting to discuss the estimated $900,000 effort to replace two blocks of Center Street, repair many of the nearby sidewalks and make the crosswalks ADA compliant. According to City Administrator, Eric Wood, Smith outlined several ways they could pay for the project. Wood says the council agreed after some discussion that securing a bond was their best option.
The council also considered implementing a special levy on the downtown businesses as a source of funding. Wood indicated the council did not like the idea of increasing taxes on just a few businesses for a project that will benefit the whole community.
Foot and vehicle traffic in downtown will be affected while work is underway, and the council intends to reach out to the nearby businesses to work with them as the start of construction draws nearer. Wood says plans are already being formulated to incorporate them into the process.
The council voted unanimously to approve a contract with D.A. Davidson to provide financial advice for the project’s duration. Wood says they are way ahead of schedule on this aspect with bid letting projected to take place later sometime this fall.
