Steps to renovate the Montgomery County Courthouse continued at Monday’s Montgomery County Commissioners meeting. Commissioners approved a lease between the Montgomery County Building Corporation and the county.
The lease shows the county paying $1.6 million payable semiannually on Jan. 1 and July 1 for a term not to exceed 20 years. The payments will begin upon completion of the renovation which will most likely be July 1, 2026.
The bonds to cover the cost of the renovation will be going on sale later this year. The lease is for 20 years, however the county council expects the bond to be less than 20 years. Once the bond liability is paid in full. The lease agreement will expire.
This is not the first time using bonds to finance a project has been used in the county. The Montgomery County Jail was funded with bonds and used a lease agreement to retire the debt.
Commissioners approved a preliminary engagement agreement to potentially fund the Nucor Towers Water Project. The engineering company Stifell will begin to work with the county and county financial consultants Peter Franklin to provide financing, structuring and market interest advice.
In June, the county council appropriated $500,000 in the county general fund to be transferred to the Montgomery County Redevelopment Commission. The funds will be used for economic development outside the existing Tax Increment Finance area along the Nucor Corridor.
The Redevelopment Commission requested the funds to allow them to develop other areas in the county beyond the Nucor Corridor.
A contract with Traffic Control Specialist for striping county roads was approved in the amount of $73,903. County Highway Director Jake Lough said he had received two quotes for the work and recommended Traffic Control Specialists.
Roads to be striped are C.R. 475W between C.R. 950S and South County Line Road, C.R. 400N between C.R. 175E and Old 55, C.R. 500S between C.R. 200E and Ladoga Road, C.R. 500S between C.R. 500E and U.S. 136 and Old 55 between U.S. 136 and Wingate.
