Crockett council approves ordinance to enter State Infrastructure Bank loan for street and water upgrades

The City of Crockett council voted to approve an ordinance authorizing a State Infrastructure Bank (SIB) loan agreement intended to finance street and water infrastructure upgrades. City staff said funding is expected next week and described a roughly $6,000,000 project that would cover multiple streets and related underground utility work.

Ben Rosenberg, the city’s finance consultant, told the council the city secured an A credit rating that he estimated saved the city roughly $480,000 in interest and structured the debt so there would be no principal payments for the first two years while older obligations fall off. Rosenberg said the first interest payment is projected to be $95,000 and offered homeowner-impact examples, saying for a $50,000 house the additional tax impact would be about $16 a year and “if you had a hundred thousand dollar house, it's about $33 a year.”

Staff listed the primary streets included in the project — MLK, West Houston, East Bell, Cedar, North Grama, South Grace, South Kent and South Seventh — and identified alternates including Clark, East San Jacinto and North Tenth where additional funding might allow expansion of the scope. City staff and bond counsel Erin Roberts were present to finalize and sign documents after the vote.

Council member S6 moved to consider and approve the ordinance and, after a second and a vote, the chair declared the motion carried. Staff said signatures and loan-closing documents will be completed following the meeting.

The loan ordinance passed at the meeting; staff indicated they would return signed documents and next steps to the council. No opposition was recorded on the floor during the vote.