KENDALLVILLE – The Common Council voted unanimously at its August 7th meeting to bid interest rates from local financial institutions for a $1.6 million line of credit and future loan (in 2019) for the purpose of clean-up of the former McCray Refrigeration facility.
The Board of Works will award the bid at its next meeting, which is next Tuesday, and the ordinance to borrow will be on the next Common Council agenda. A not to exceed price quote of $1.75 million was received from August Mack Environmental, a firm which specializes in contamination clean-up, which would make the McCray property a debris-free site by the end of this year.
The Clerk-Treasurer has indicated that there is $200,000 unbudgeted which can be allocated, thereby reducing the loan amount. The cost may be reduced with the possibility of some reclaimed brick and some reclaimed metal. The fire which occurred has made this an immediate concern for public safety.
Borrowing locally was chosen over bonding to minimize the repay duration and overall cost to the City. Another option was to raise taxes; which no one wanted to do.