Lebanon Upgrades Storm Water System While Keeping Property Taxes Unaffected
Cities everywhere are struggling to maintain aging infrastructure and meet requirements for handling storm water. The City of Lebanon issued its third set and final of storm water bonds to fund storm water drainage and storm sewer improvements along streets throughout its storm water district. The final project will improve storm water management along Lafayette Avenue, Grant Street and South Meridian Street.
The City was having issues with storm water and was frequently receiving complaints about basement flooding, particularly along Meridian Street. So the City decided it needed to get something done.
In all, the storm water capital projects will accomplish $6 million in storm water improvements without affecting the existing storm water district property tax levy.
They did this by carefully planning projects over a multi-year period, refinancing one set of the existing bonds, and issuing new bonds each year for three years as prior debt was being paid off.
Lebanon has been fortunate to see its assessed value growing and as new businesses have chosen to locate in the city’s business park as well as existing businesses expanding.
Lebanon funds its storm water needs using a double barrel approach: the project needs are funded through property taxes and the operation and maintenance expenses are provided through a monthly storm water fee charged by the storm water utility.
The other advantage of spreading the storm water construction projects over multiple projects and multiple years is that the projects are easier to manage and they can be scheduled around other community events, including the city’s big July 4th festival and parade.