The City of Newton will look to enter into several General Obligation Loan Agreements at its regular city council meeting on Monday. The loans would be used to cover various utilities, improvements at the DMACC Newton campus and work at Hotel Maytag.
The first loan, the “Essential Purpose Loan Agreement,” is not to exceed $2.3 million and will be used to pay the costs of constructing streets, water systems, storm water drainage, sanitary sewer system and sidewalk improvements, installing public emergency sirens, acquiring public works equipment and vehicles, acquiring vehicles and equipment for the municipal police and fire departments, acquiring, demolishing and restoring dangerous and dilapidated properties and providing funding for the Newton Housing Initiative Program.
The second loan, the “Urban Renewal Loan Agreement,” is not to exceed $550,000 and will be used to pay the costs of undertaking urban renewal project in the North Central Urban Renewal Area. Those projects include construction improvements at the Newton Public Library and contribution to the improvements at the DMACC Newton Campus facilities.
The third loan, a “General Purpose Loan Agreement,” is not to exceed $325,000. It is to used to pay costs for construction improvements to the municipal office complex/public safety offices and other municipal buildings, acquiring a mower for the municipal golf course and bringing public buildings, grounds and infrastructure into compliance with the requirements of the Americans with Disabilities Act.
The final loan, the “Hotel Maytag Loan Agreement,” consisting of the Essential Purpose Loan Agreement, the Urban Renewal Loan Agreement, the General Purpose Loan Agreement and the Hotel Maytag Loan Agreement, sometimes referred to as the “Loan Agreements,” is not to exceed $500,000. The funds will be used to pay the costs in connection with the development of the Hotel Maytag project.
If the resolution is approved and the loan agreement forward moves, a public hearing will be held July 3 at the city council meeting. If authorized, the city can expect delivery of funds on Aug. 1.
Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or jpierson@newtondailynews.com