The Union City Commission discussed financing for the development of the new town center Monday. Union bought 22 acres of land in 2022 with the goal of building a new city building, along with a park and some retail space.
The cost of the development has been estimated to be $12.4 million.
The board of commissioners went over multiple options with public finance advisors during the meeting. It was decided that the city would commit to a 20-year bond and use its growth fund (approximately $1.4m each year) to cover the debt.
While covering the initial development cost is nearly planned out, Public Works Director Paul Kremer says he only has a rough estimate of what maintenance for the park and land would cost each year.
“There’s a lot of question marks still,” Kremer said. “The estimate I came up with was $105,000. That doesn’t include labor. If you add hiring another public works laborer plus benefits, probably another truck, you’re probably right at $200,000.”
While the conversation of raising taxes as a potential monetary source for the project did come up, it was shut down by Union’s mayor, Larry Solomon.
“I don’t see any scenario that we have to do that,” Solomon said.
Solomon says he’s very excited for the project to move forward.
“This is going to be one of the neatest things to happen in the city. This is where everybody’s going to be coming to gather,” he said.
Getting all of the plans drawn out is going to be a long process, but Mayor Solomon says that Union citizens can expect to start seeing movement in 2025.