City Council to Use New Type of Funding on Police Station and Pool Projects

Faced with the dilemma of rising costs on two separate projects, the Frankfort City Council decided its time to try something that is fairly new with a great track record behind it.

After rejecting all bids on the Frankfort Police Station and the Aquatic Center, the City Council held a work session Monday night to determine what was next. Following an hour-and-a-half of talks, they have decided to take a leap of faith and try something they have never done — work with a new statute called BOT (Build, Option, Transfer).

“It’s the financing of the future,” said Frankfort Mayor Judy Sheets. “A lot of municipalities are using this type of financing and it seems to be very successful. It’s going to make the process speedier and we want to make sure these projects get going. The community deserves both of these projects. It has been recommended to us to put the pool and the police station in the very quote.”

Sheets explains what they are going to try and do. First, they are going to pass a resolution that allows them to use the BOT method for funding. After that, they will put out a request for quotes that actually work in this type of financial planning for cities or municipalities and hopefully get three or four people that will come in and give the city a quote.

What this new financial planning attempts to do is make the contractors and all of those involved in the project work within the final budget of each project, which Sheets said is currently at the not-to-exceed numbers of $9.5 million for the police station and $10.5 million for the aquatic center.

“Both quotes are a little bit higher than what we anticipated because of the increase in the cost of materials,” said Sheets. “I think this is our only choice.”

Sheets added this way they don’t have to go back and re-bid one or both of the projects.

Sheets also said it’s time to get this going. They are hoping to open the police station either late in 2022 or early 2023 while the aquatic center is looking at an opening in early 2023.

 

 

4 Comments

  1. How about this , lets allow the over taxed citizens of Frankfort decide if they want to continue the downward spiral of debt! Our elected officials have been spending like drunken sailors for years now , the cities debt is enormous , it will have to be passed down to our children and grand children. Mrs sheets says we deserve these projects , but what about the uncontrollable debt ? We are now so deep in debt we are forced to find novel and innovating ways to assume even more debt , Please stop ! We have spent beyond our means for a long time and it cannot be allowed to continue , let the citizens decide if we want to saddle the grandchildren with even more debt!

    • Hopefully this new method they are using will help control spending. I personally agree with the Mayor that we do deserve this. I was also against Prairie Creek Park with the former administration but I believe that now that we have it, we need to make the most of it and enjoy it. The best way to let citizens have a say is at the voting booth. The last few elections have been terrible voter turnout so until that changes, or someone of your choosing runs and wins, this will co0ntinue. Love it or hate it. It’s reality. Thanks for your spirited discussion Paul.-Kevin Keith

  2. I have no faith that this is going to be good for the taxpayers. It sounds to me like they are so desperate that they will do anything! They might try to eliminate all the fluff they added to these projects!
    Our streets are in desperate need of attention! Had a family reunion at the TPA park and reserved a shelter! Had to clean the tables and benches because they were dirty and the paint was peeling off! Let’s not forget that we don’t have money to maintain the new park!

    • The Parks department cannot control how someone left the tables for the next person. That is just general courtesy. We are paving more roads than ever. A state of the art police station and a new pool I believe will be VERY good for all of us.Thanks for your opinion. Please call Partyline sometime and we can talk about it. Weekdays 8:30 659-3338.-Kevin Keith

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