Thu November 5, 2009
Macomb Seeks Unlimited Line of Credit
Macomb – As plans to convert an old factory on Macomb's east side into a bus garage progress, the city wants to make sure it has enough money to cover the expenses.
The city council approved a measure this week that will essentially allow the city to ask local financial institutions to "bid" on extending it an ongoing line of credit for construction costs.
The entire project will be funded with federal money, but Macomb Mayor Mick Wisslead says the city will need first to pay for everything up front.
"We've been promised that the turnaround time is pretty quick," says Wisslead. "But again, we need to be able to cover that, so when we get our bills from someone else, we can go ahead and write the check, then we can submit the voucher that it's been paid to the government, and they get us back."
Wisslead says the city is looking to purchase the back end of the Porcelain Products building. He says the state has not yet approved the purchase, but anticipates it will soon. Bids for the first part of the building project could go out early next year.
In addition to work on the building, Wisslead says new fleets of busses will be coming to Macomb within the next couple of months to replace older, outdated models. He says the first set will cost around $300,000 and should be here by early next month. While the city can cover that expense internally, Wisslead says the next set of transit vehicles will be more costly at anywhere from $600,000 to $700,000. Those should arrive between late January and early February.
To listen to a conversation with Mayor Wisslead about the proposed unlimited credit line, you can click play on the audio bar above.