$4 million bonds would offer tax-exempt interest for Palmyra Industrial Inc. during construction of expansion facility for Rack Builders Inc.
Palmyra City Council members and city officials gave the nod to an ordinance that would provide $4 million in industrial revenue bonds as construction project moves forward for a new business in Warren Head Business Park.
The ordinance, which will be presented during the next council meeting for final approval as a bill, will assist Palmyra Industrial Inc. with building an expansion facility in Warren Head Business Park. Quincy-based Rack Builders Inc. established Palmyra Industrial Inc. for the forthcoming facility as plat work and infrastructure efforts move forward at the park.
In other business:
Gary Luck provided a financial report during the meeting, detailing projects from the past fiscal year and how they affected the city's budget. Details such as reduced deficit funds were a good sign, he said, reporting that “the city is in good financial condition.”
Council member Andrew Salsman told fellow council members and city officials that members of the Street and Alley Committee met with MECO Geologist Jane Rushford regarding potential grants for improvements throughout the Flower City.
Fellow council member Ken Sheputis recommended a future ballot issue that would increase the city's existing 1/4-cent capital improvement sales tax to a 1/2-cent sales tax. The funds would be split between street and alley work and storm water improvements if voters decided to pass the issue. During the April election, residents narrowly voted down separate 1/4-cent sales tax proposals that would help alleviate the city's storm water issues. Mayor Loren Graham noted that if voters approved the 1/4-cent increase to the capital improvements fund in the future, the sales tax rate would be 1/4-cent lower than it was during the construction of the Highway 36/I-72 project.
Graham appointed Dan Gard to serve on the Industrial Development Authority, following the resignation of Steve Lewis.
City Clerk Deena Parsons reported that a pre-construction conference could lead to new roof construction for City Hall by next week.
Reach reporter Trevor McDonald at email@example.com