Rockville City Council Approves Capital Improvement Plan
ROCKVILLE -- The City of Rockville will now have the ability to tackle a few large-scale projects in the coming years.
At Wednesday night's city council meeting, a public hearing was held regarding the adoption of a five-year Capital Improvement Plan and the city’s ability to issue General Obligation bonds to fund at least three potential projects.
Following the hearing, which offered no feedback from residents, the council voted unanimously to approve the motion. The plan will give the city the flexibility to borrow up to $475,000.
That money could potentially be used to fund the construction of the new public works building, which is estimated to cost around $466,000. Additionally, the city could direct some of the funds towards the repair of the Prairie Industrial Park lift station that suffered a premature failure in December and the reconstruction of Lake Road.
Back in June, the city entered into a five-year street reconstruction plan where they can borrow just over $4.9 million to repair over 30 miles of roads. Neither plan creates additional property tax burdens for residents and will be paid back at a low interest rate over a number of years.