The Troutman Board of Aldermen has approved a loan agreement that will finance the largest road maintenance project — and one of the largest projects of any kind — in the town's history.
The deal calls for the town to borrow almost $2.3 million from RBC Bank, to be paid back over a period of 15 years.
The funds will finance Phase I of the town's street improvement project, an area that includes the Inglewood neighborhood, as well a good portion of West Church Street.
Inglewood resident Michael "Pee Wee" Williams, who spoke during the public hearing on the matter, said his neighbors are getting restless waiting for the work to start.
"This was first brought up in March of '07," said Williams, who is a regular at town meetings and often speaks about issues in the community. He said the matter has been on the agenda several times since being proposed.
"And some of the Inglewood people are frustrated and want to know when you are going to get started," he said.
Town Manager David Saleeby said the project has been pieced together because of the process.
"And the financing piece cannot start until you get all the preliminary work done," he said.
Part of that work has been getting easements from homeowners.
Mayor Elbert Richardson half-jokingly asked Williams if he could help the town secure the easements.
"I've talked to people until I'm blue in the face about this," Williams said. "But I can't get them to understand."
Alderman Michael Spath asked about invoking eminent domain rights on the outstanding easements but Saleeby said he did not want to entertain that possibility with Town Attorney Gary Thomas not being present.
Also on Thursday, the board:
- Adopted a new Minimum Housing Code for the town.
- Voted to rezone about 306 acres. The property was annexed into the town's limits last month and still had Iredell County zoning classifications.
- Approved the annexation request for more than 377 acres, including 80 different parcels with three different owners.
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