For the third time in five years, Pike County supervisors plan to borrow millions of dollars for industrial and infrastructure projects.
Supervisors voted 4-1 Friday to borrow $2.5 million to expand Gateway Industrial Park, make repairs to the Holmesville bridge and remove a closed bridge on Guy Barkdull Road.
County administrator Daniel Calcote said borrowing $2.5 million would require levying approximately .65 mill in taxes, which would raise annual property taxes $65 on a $100,000 house.
In 2014, supervisors issued $3 million in bonds to buy and develop 110 acres in the new industrial park. And in 2012 they borrowed $5.5 million to replace bridges at Chatawa, Leatherwood Road and Brent Road and make repairs at Holmesville.
When they purchased the 110 acres, they committed to buy an additional 134 acres by Aug. 12, Calcote said. The new land costs $12,000 an acre — same as the prior purchase — for a total of $1.61 million.
Supervisors said Friday that while they’re borrowing money, they should tackle some other important projects as well.
Bank stabilization on the Bogue Chitto River just upstream from the bridge at Holmesville is “critical,” said Keith Lott of Neel-Schaffer.
Supervisors had included it in the 2012 bond issue but haven’t gotten to it yet. The estimated cost for the work is $650,000, and since supervisors will have $250,000 left from bridge bond proceeds, they’ll need an additional $400,000 in the new bond.
The railroad bridge on Guy Barkdull Road is closed and needs to be either replaced or removed, supervisors said. Replacing it would cost an estimated $1.5 million, while simply removing it would take $280,000.
“As far as Guy Barkdull, yes, I’d love to open it back up,” said District 4 Supervisor Luke Brewer. “Is it a priority? I’ll be the first to say it’s not a priority.”
The bridge must be taken out before a new one can be built, so removing the old one doesn’t rule out building a new one later, supervisors said. Supervisors asked Lott to contact CN Railroad about helping remove and possibly replace the Guy Barkdull bridge.
Clearing and grubbing the new industrial park land will take another $268,000 if handled by the county road crew, plus $85,000 for an inspector to make sure the work complies with state Department of Environmental Quality standards.
In February, supervisors had to pay DEQ $30,000 for failing to comply with those standards while clearing the first part of the industrial park.
Supervisor Chuck Lambert said $200,000 remains in the 2014 bond issue — all of which brings the ballpark figure on the new bonds to $2.5 million.
Supervisor Tazwell Bowsky voted against the plan, however, saying he’s uncomfortable mixing funds from earlier bond issues with a new one.
“If all this money came from a new bond issue, that would be OK,” Bowsky said.
Board attorney Wayne Dowdy said, “I think if it’s a related purpose, that would be legal.”
“I’m comfortable with it,” Lambert said. “I’ve checked with bond counsel. I trust our attorney here.”
Supervisors directed Calcote to get quotes from two bond attorneys on bond issuance fees.
