05/09/17 — Bond sale moves projects forward

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Bond sale moves projects forward

By Rochelle Moore
Published in News on May 9, 2017 9:57 AM

The city of Goldsboro recently completed a $5.5 million bond sale that will provide funding for the future multisport complex and resurfacing of city streets.

The city sold $2.5 million in street improvement bonds and $3 million in recreation bonds, May 2, at a 2.79 percent interest rate and 20-year term.

City staff are working with the N.C. Local Government Commission, financial advisers and bond counsel with plans to close on the bond sale on May 23.

The funding will allow the city to move forward with a near $2.27 million street resurfacing contract, which the Goldsboro City Council approved Monday. The project is the first phase of a three phased project to resurface city streets through 2019.

The bond sale also provides $3 million for the multisport complex, on Oak Forest Road on the perimeter of Seymour Johnson Air Force Base. The complex, estimated to cost at least $6 million, is also being paid for through a $3 million Wayne County government loan.

The city contracted with S.T. Wooten Corp., in March, to complete site work, including the installation of the multisport fields for $3 million.

"We have hit the ground running on our multi-sports complex construction," said Randy Guthrie. "Our contractors are working on demolition, removing trees, installing erosion control fencing, surveying, site grading and finishing up the perimeter security fencing. There is a lot of activity going on the job site."

The complex, planned for completion in March 2018, includes the addition of eight multisport fields, two with artificial turf and six with different blades of grass, on the 62-acre property.

The site will also have several buildings, including a concessions stand, picnic shelter and restrooms, and other amenities.

The bond financing is part of the $10 million in general obligation bonds approved by city voters in November.