Crockett council authorizes application for up to $6 million in SIB funds to rebuild streets and replace water lines

The Crockett City Council voted at its meeting to authorize the mayor and city administrator to submit an application to the Texas State Infrastructure Bank (SIB) for up to $6,000,000 to reconstruct multiple streets and replace water and storm infrastructure.

City staff said the request covers a set of arterial and collector streets discussed in prior meetings — including full reconstruction, chemical stabilization of road bases, replacement of water lines and new surfacing with 2–2.5 inches of hot-mix asphalt. Staff warned that the final list of streets could change if the construction budgets come back over estimates.

Ben Rosenberg of US Capital Advisors, the city's financial adviser, described the SIB as a TxDOT loan program with favorable terms. He said the city qualifies for a 95% subsidy of the stated interest rate and that the effective rate is "about 0.13" percent, adding, "that's almost 0 interest." Rosenberg said the program can lock the interest rate when the application is submitted even if the loan closing happens months later.

Staff told council the application process takes roughly three to six months and that the city would return for additional council direction if it needed to reduce or change the list of streets after bids or updated cost estimates. Council then moved, seconded and voted to authorize staff to file the SIB application; the presiding officer announced the motion carried.

The measure authorizes city staff to pursue up to $6,000,000 of assistance; council did not in the meeting adopt a final construction contract or borrowing resolution. Next steps identified by staff included lock-in of the interest rate through the application and returning in several months with updated budgets and, if needed, revised project lists.