The Roswell City Council has approved applying for a $5 million state loan to fund a “partial catch up” on needed local street improvements.
The city will seek the loan from the Georgia Transportation Infrastructure Bank, a grant and low-interest loan program administered by the State Road and Tollway Authority, according to a staff report to the council. Awards are expected to be announced in the first quarter of 2021.
“This one-time infusion of resources, in addition to continued annual funding, will assist in improving the overall condition of the city’s road network,” staff said. “Loan funds would be used to resurface additional roads (local subdivisions and collectors) based on the city’s resurfacing list in the summer of 2021.”
Staff recommended a 15-year loan with an interest rate of 1.22%. Annual debt service, estimated at $365,000, would need to be approved as part of the Fiscal Year 2022 budget, staff said.
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