Lenox City Council discussed a proposed road project and set a public hearing date for plans and specifications for the pool project at their April 27 meeting.Allison Kitzman, city administrator, talked about a road project that would asphalt all gravel streets in Lenox. Streets affected and proposed costs are:
-Allen Street, Van Buren to Michigan, $83,876.00
-Nebraska Street, Allen to Layne St., $148,720.00
-Oak Street, Van Buren to Ohio St., $174,408.00
-Michigan Street, Oak to Locust St., $56,420.00
-Birch Street, 110th to Temple St., $282,932.00
-Westwind Drive, Lake Shore to dead end, $491,712.00
The council discussed this at their last meeting and wanted more information on the impact on property taxes.
Cost of the project is estimated at $1.2 million Four inches of asphalt will be poured over the gravel. The price does not include the bonding attorney. Kitzman figured the cost to property taxes at a cost of $1.3 million based on a 15-year or 20-year loan at a 4.75% interest rate. The interest is variable every five years. The city’s annual loan payment on a 15-year note would be about $148,417 and on a 20-year note, $126,750. Payments would decrease as principal is paid down.
At the last meeting, the council talked about applying the cost of the project to everyone’s property taxes or a special assessment to those who live on the affected roads.
Examples of property valuations and the property tax impact can be found in a table to the left.