At a recent meeting, Milford City Council authorized Mayor Archie Campbell to sit with USDA loan officers and sign documents officially borrowing the funds for the new police station. The loans are in two segments with one for $8.5 million and a second at a later date for $8 million, a total of $16.5 million to cover the cost of the new facility.
“On a facility like that, 100 percent of the funds will be used to reimburse the temporary financing we set up with PNC Bank and the bond anticipation note,” Lou Vitola, Finance Director, said. “There have already been close to ten resolutions related to this and I don’t want to say we are beating a dead horse, but council must approve all aspects of the borrowing process.”
Vitola explained that the terms would likely have a 40 year max and that the maximum finance rate could go down, although that was not expected. He also felt the city needed the full term to meet what was promised to residents in terms of the tax increase.
“We will continue to beat that horse,” Councilwoman Katrina Wilson said. “We have to keep up our due diligence. It is our benefit and our blessing.”
In January, 2021, Milford residents approved a referendum for the purchase of up to $20 million in bonds in order to construct a new police station. The police force had outgrown the previous station and it lacked state-of-the-art safety features that could put residents as well as prisoners at risk. Over 67 percent of those who voted approved of building the new station. The city then appointed a Police Facility Citizens Advisory Committee who worked to keep the project under budget while still providing what the police force needed.
Because the city was able to complete the station, which is scheduled to open in the next month or so, taxes will increase only about $100 per year. Several motions were required to allow Mayor Campbell to authorize USDA funding for the project. All of the proposals included a public hearing portion. There was no one from the public who spoke for or against the measure.
Council passed all measures unanimously, allowing Mayor Campbell to authorize the USDA loans.
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