Town will finance park

Mar 10, 2010 — Eastern Wake News

Denise Sherman

Mar. 10, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- KNIGHTDALE -- The town council plans to bid out financing of $2.9 million for park land, hold public hearings, and then execute its option to buy 72 acres of property in the heart of the town.

The informal agreement was reached at a Knightdale planning retreat Feb. 27. Finance Director Jimmy Overton said the time was right to get a loan, and if the town acts quickly it could find financing for 4 percent or even 3.75 percent. He said the town could hold the money in escrow until it purchases the land.

The loan would only pay for the property and not the initial development of the park.

"If you look at where Knightdale is headed -- the families moving here, it makes sense to make it a destination park," Mayor Russell Killen said.

Assistant Town Manager Seth Lawless said $1.2 million from capital reserve can be applied toward the land purchase and the remaining $2.145 million would be financed.

Council member Jeff Eddins said he would vote against the park plan without public input. Killen said public hearings could be held before a vote on the execution of the option. The town has an option on the land with former mayor Billy Wilder and his wife Libby.

"The perception is -- 'You don't give a damn, you do what you want to do,'" said Council member Mike Chalk, who is for the park plan.

Killen said the town had gotten public input and three appraisals for the property, but agreed public hearings needed to be held.

He said if the council members didn't act now while interest rates were at all-time lows, they would not be good stewards of taxpayer money.

Council members also discussed installing sidewalks along First Avenue from Sycamore to Roberson downtown and a streetscape plan that includes planters, benches and a mulched trail for $1.025 million. All of that project would have to be financed.

A third project discussed was the pedestrian bridge over the Neuse River, boardwalk and trail to Knightdale's existing greenway.

The bridge will link Knightdale greenways to the city of Raleigh's greenway system and ultimately connect it to the statewide Mountains to the Sea Trail, Recreation Department Director Tina Cheek said.

Cost for the project is $1.6 million. To help pay for the project, the town has a state Department of Transportation grant for $700,000. It has secured $250,000 from a federal appropriation toward the project.

The town is seeking a $931,600 Jobs Bill grant for the remainder of the funds.

Eddins asked if council members considered the bridge a third priority -- one that could be dropped if grant money didn't come through.

"I don't want to put us at risk for a bridge," he said.

Killen minimized the risk, saying no money came from the town's fund balance and that two cents of the town's property tax rate went to into a capital reserve fund for projects like these.

He said the town will have invested $9 million in downtown if all the plans are carried out. There is a phase two plan for the downtown park.

"It takes a lot to get used to bigger prices when you grow up," said Town Manager Gary McConkey, referring to Knightdale's population increases.

denise.sherman@nando.com or 269-6101 ext. 101

Newstex ID: KRTB-0271-42753549