Highland City Council approves two new road projects
By Brittany Blackwell, Reporter • Highland City Council looks to maintain its infrastructure and public safety standards through two road projects, funded by a $2 million bond issuance.
At its regular meeting on April 6, council members approved a proposal for underwriting as well as the selection of an underwriter in connection with its general obligation bond issuance.
“We are taking out roughly $2 million in proceeds, and we’re pledging tax-increment financing (TIF) revenue for it with the intention of building two separate roads,” said Highland City Manager Chris Conrad.
“It’s a pretty large, upfront cost and the TIF district for us seems to make the most sense for how to pay for it because the project benefits those within the TIF district so it would make sense that those within the district would pay for it.”
The first project will be a new road called Market Street, off Cally Lane near Walmart and Scott Credit Union. The road would provide a second point of access to the incoming Aldi’s grocery store lot.
Safety was cited as a primary reason for the projects, which require certain permissions from IDOT.
“143 can be busy at various times of the day so, from a public safety perspective, we thought it was responsible to have an alternate way out,” said Conrad.
The second roadway would be located on the southeast corner of St. Joseph’s Hospital, to the west of Highland’s Public Safety building, which will provide another emergency entrance to the hospital. The city plans to change the current T-intersection at US 40 and Sycamore Street into a four-way intersection.
UMB was chosen as an underwriter, reportedly offering the best rate.
“We run our TIFs a little differently in Highland because we have a revenue sharing agreement with the school district,” said Conrad. “We have a percentage that goes to the school district to offset any of their costs so that way they’re not harmed by the TIF district.”
Following Monday’s approval, funds should be received within the month. Construction should start soon and is projected to conclude within the next 12 months. With some roads reaching the extent of their lifespan, the city has focused on reconstruction over the last few years.
“We are trying to do a lot of infrastructure projects right now,” added Conrad. “We are trying to keep our infrastructure in a state that doesn’t cause a problem for us in the future.”
