CEDAR LAKE | The Town Council gave first-reading approval to a lease agreement between the Redevelopment Commission and Redevelopment Authority during its regular June business meeting.
Earlier in the month the lease agreement was approved by both the Commission and the Authority during a special joint meeting. The lease agreement is an important step toward issuing revenue bonds that will pay for both the widening of 133rd Avenue on the east side, and the installation of water mains on the street’s west side.
A final vote on the issuance of the bonds is expected after a public hearing planned for July 27. The Redevelopment Authority will issue no more than $2.9 million in revenue bonds to fund both projects.
“We don’t need $2.9 million, the cost of the projects will be significantly less,” said Town Attorney David Austgen. But approving the right to issue more bonds than the projects require gives the commissions some breathing room.
Of that money, $700,000 will be spent on the installation of water mains on the west side of 133rd Avenue. The remaining funds will be spent on the widening of 133rd between Morse Street and Colfax, on the east side of town.