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Two sewer lines to be moved for $4.5 million
By John Higgins
Beacon Journal staff writer
POSTED: 10:52 p.m. EST, Nov 10, 2008
The Akron City Council approved the first improvement project for the new Goodyear Tire & Rubber Co. headquarters Monday.
The project includes moving two sewer lines about 1,500 feet to bypass a proposed upscale hotel and parking deck on Martha Avenue.
Relocating the lines — a 96-inch CSO (combined sewer overflow) and a separate 24-inch sanitary sewer — will cost about $4.5 million. The work is expected to begin Dec. 1.
The nearly $900 million East Akron redevelopment project involves building new global and North American headquarters for Goodyear, creating a nearby retail center and redeveloping Goodyear's old headquarters and other buildings.
Industrial Realty Group of California, the project developer, has pledged $700 million of the project cost, and government will cover the rest through tax breaks, loans and grants.
The city is contributing about $101 million, mostly through tax increment financing, which diverts income from the incremental increase in property value from the new development to pay back the city's investment in improving the property.
Also Monday, the council scheduled a public hearing Nov. 17 for another economic development project involving Bridgestone Firestone. The tire maker is building a a new technical center in Firestone Park.
The public will be invited to comment on the South-Wilbeth Urban Renewal Area blight report and development plan — documents that authorize the city to use eminent domain, if necessary, to acquire and redevelop property.
A vacant transmission shop at South Main Street and West Wilbeth Road and some blighted apartment buildings and houses — most of them empty — will be razed as part of a plan to bring new retail, commercial, entertainment, recreational and residential development to the neighborhood.
The council also Monday approved the issuance of nearly $19 million in bond anticipation notes — a short-term financing option — to pay for building renovations, fire and police vehicle purchases, parks and recreation improvements and street work previously approved by the council.
Finance director Diane Miller-Dawson explained to the council's budget and finance committee that the city was issuing promissory notes for its annual fall general obligation debt sale instead of bonds because of poor municipal bond market conditions.
She expects the one-year bond anticipation notes will have a 3 percent interest rate. She estimated the bond interest rate would have been 6.5 percent.
The city will have the option of converting the notes into longer-term, fixed-rate bonds when market conditions improve.
John Higgins can be reached at 330-996-3792 or jhiggins@thebeaconjournal.com.
The Akron City Council approved the first improvement project for the new Goodyear Tire & Rubber Co. headquarters Monday.
The project includes moving two sewer lines about 1,500 feet to bypass a proposed upscale hotel and parking deck on Martha Avenue.
Relocating the lines — a 96-inch CSO (combined sewer overflow) and a separate 24-inch sanitary sewer — will cost about $4.5 million. The work is expected to begin Dec. 1.
The nearly $900 million East Akron redevelopment project involves building new global and North American headquarters for Goodyear, creating a nearby retail center and redeveloping Goodyear's old headquarters and other buildings.
Industrial Realty Group of California, the project developer, has pledged $700 million of the project cost, and government will cover the rest through tax breaks, loans and grants.
The city is contributing about $101 million, mostly through tax increment financing, which diverts income from the incremental increase in property value from the new development to pay back the city's investment in improving the property.
Also Monday, the council scheduled a public hearing Nov. 17 for another economic development project involving Bridgestone Firestone. The tire maker is building a a new technical center in Firestone Park.
The public will be invited to comment on the South-Wilbeth Urban Renewal Area blight report and development plan — documents that authorize the city to use eminent domain, if necessary, to acquire and redevelop property.
A vacant transmission shop at South Main Street and West Wilbeth Road and some blighted apartment buildings and houses — most of them empty — will be razed as part of a plan to bring new retail, commercial, entertainment, recreational and residential development to the neighborhood.
The council also Monday approved the issuance of nearly $19 million in bond anticipation notes — a short-term financing option — to pay for building renovations, fire and police vehicle purchases, parks and recreation improvements and street work previously approved by the council.
Finance director Diane Miller-Dawson explained to the council's budget and finance committee that the city was issuing promissory notes for its annual fall general obligation debt sale instead of bonds because of poor municipal bond market conditions.
She expects the one-year bond anticipation notes will have a 3 percent interest rate. She estimated the bond interest rate would have been 6.5 percent.
The city will have the option of converting the notes into longer-term, fixed-rate bonds when market conditions improve.
John Higgins can be reached at 330-996-3792 or jhiggins@thebeaconjournal.com.
Comments
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AKRON, OH
Posted 12:18 AM, 11/11/2008
SO - WHAT IS GOODYEAR'S END OF THIS DEAL ?
