KETR Local
9:05 am
Fri June 5, 2009

Sulphur Springs approve issuance of major bond

Sulphur Springs – The Sulphur Springs City Council Tuesday gave approval to issuing $4.4 million in bonds to fund downtown improvements.

This was the second reading of the ordinance, tied to the Tax Increment Financing Reinvestment Zone #1. The zone will used to increased tax revenue created by the expected rising property values to fund downtown improvements.

The city plans to reconstruct streets and sidewalks in and around downtown, using architectural elements and construction methods employed while rebuilding Main Street last fall. Sewer and water mains will also be replaced if found economically depleted. The estimated five-year project could include design of a park for the square and a covered central market for Main Street.

The plan does not create a new tax, nor does it increase taxes, except by spurring increased economic activity and property values downtown.