At its regular meeting on Monday evening, the Montevideo City Council discussed approving a total $250,000 financial commitment to the Veterans Home Project.
At its regular meeting on Monday evening, the Montevideo City Council discussed approving a total $250,000 financial commitment to the Veterans Home Project. The city has already committed the $200,000 from its CIP fund, but is also looking to add to the total by asking for a $50,000 pledge from the city’s utility fund.
The utility has sufficient reserves to add $50,000 to the city’s existing pledge, and according to Steve Jones, Montevideo’s City Manager, this action should not raise utility rates. “I’m not saying there will not be utility increases, but this won’t be the driver.”
Jones also felt that, overall, the city will see a benefit from the increased activity that the construction of the Veterans Home will bring to the city in the future.
The present value of state and local pledges for the Veterans Home Project stand at $9,400,000 from the state, and $4,172,295 from the city. The federal contribution is estimated to come in at $27,555,871, with a total building cost estimated to be $38,777,985, or $497 per square foot.
After further discussion, the $200,000 pledge from the city CIP and the $50,000 pledge from the utility were both approved by the council.
In other business, the council considered two items on the consent agenda. The first was the approval of verified claims in the amount of $870,898.47 for the period ending June 29, 2018.
For more on this story and others pick up this week’s paper or subscribe today!