Niles capital improvement projects move forward
NILES — The city will sell bonds to pay for $1.6 million in capital improvement projects in the coming years.
The Financial Planning and Supervision Commission approved the issuance of general obligation bonds Monday, which will pay for a variety of renovations to city buildings.
“A lack of maintenance over the years is causing us to do a lot of renovations,” City Auditor Giovanne Merlo said.
The largest share of the bonds, at just more than $1 million, will pay for renovations to the safety service building, he said.
Repairs at the safety service building will include roof replacement, outside brick and flashing replacement and sealing, reconstruction of walls, ceilings and floors, bathroom renovations, mold and asbestos testing and abatement and heating and air conditioning repairs.
The fire station on Niles Cortland Road will receive similar upgrades in the amount of $303,000, including roof replacement, heating and air conditioning repairs, construction of a drainage swale, installation of a generator, and water heaters, reinforcement of metal wall panels and other interior reonovations.
The remainder of the money will pay for upgrades at the Niles Union Cemetery to the tune of $160,600, municipal building renovations at $21,700 and parks and recreation facilities renovations at $54,900.
Repairs at the cemetery will include roof replacement, installation of lighting, exterior block replacement, restroom renovations, and reconstruction of sidewalks, drives and roads to the cemetery maintenance garage. Park facilities renovations include roof replacements on Stevens Park Cabin and Waddell Park Maintenance Center and replacement of doors and door frames at Waddell Park Cabin.
The Niles municipal building will receive repairs including basement waterproofing, construction and reconstruction of the west wall, generator and garage door renovations and other interior improvements.
Farmers National Bank of Canfield will purchase the bonds and the city will receive a fixed interest rate of 3.996 percent for 10 years. The city will make payments out of the general fund totalling more than $196,000 annually until 2027 to pay back the debt.
Niles fiscal supervisor Tim Lintner said the city had projected as part of its financial recovery plan to make payments of $205,000 annually to pay for the municipal building repairs.
Merlo said the city has awarded one bid for more than $300,000 to Twinsburg-based Campopiano Roofing to replace roofs and make exterior brick repairs at several of the properties. He said the remainder of the renovations, including all interior work, will be bid as the projects progress in phases over the next couple of years.