Life of a Bond Project
During recent years, the Council issued debt for improvements to the water system, and the Pantego Economic Development Corporation (PEDC) issued debt for improvements to Bicentennial Park.
Each project will follow its own timeline, but will generally include the following stages, which are not always linear. Sometimes there will be an overlap or a need to revisit a previous stage.
Cost Estimate and Funding
The initial phase involves estimating costs and developing a funding plan. When projects are capital improvements designed to last for decades, they are often funded via debt issuances. This prevents placing the total burden of the upgrades on current taxpayers and – instead – distributes the debt among all taxpayers who will enjoy the benefits over time.
Cost projections are determined by staff after consulting with potential contractors and the Town Engineer. These numbers determine an appropriate level of debt to issue.
The Town issued $12.4m in COs to fund capital improvements to the water and sewer system, including the installation of reverse osmosis (RO) filtering systems and the addition of a fifth well site. This debt will be repaid via property tax revenue and increases in utility rates.
The PEDC issued $1.3m in Tax Notes to fund capital improvements to Bicentennial Park, including new playground structures and underlay, awnings, and fencing along the creek. The splash pad is also being repaired, and a pickleball court is being added. This debt will be repaid via sales tax revenue and will, therefore, not impact tax rates.
Scope, Bidding, and Procurement
The project design scope outlines goals, deliverables, and time considerations. Staff advertises the project and evaluates bids from qualified firms. Staff makes recommendations to Council and PEDC. The governing body then deliberates before approving a bid.
The best value option is chosen based, not only on the total cost, but also on proven capabilities, experience with similar projects, the proposed approach to execution (prioritizing those that limit downtime or other impacts to our community), the overall timeline, and the firm's previous performance and customer relations with other entities in our region.
Preliminary Design, Permitting, and Easements
The preliminary design phase typically includes data gathering, the review and comparison of design options, and a review of potential environmental impacts. The information gathered during the preliminary design phase is used to make decisions that will be included in the final design phase. Finally, the Town will obtain permits or approvals from regulating agencies and necessary land or easements.
Final Plans and Construction
Final plans must be approved before construction begins. During this time, staff deploys public awareness campaigns (through social media, Talk of the Town, site signage, and our website), and personally notifies any affected property or business owners. During construction, Town staff provides daily oversight and input throughout the construction process, including inspections upon completion.
Project Celebrations
Prior to construction, there may be a groundbreaking ceremony as part of the public awareness campaign. Once construction is complete, a ribbon-cutting sometimes celebrates the completion of these significant capital projects to recognize the staff, contractors, and elected and appointed officials who made it possible.