Mayor is out of control with spending in a recession
In this recession, the City of Kingsport, Tennessee has decided to go ahead with borrowing $34.77 million to fund various projects listed below. While companies and citizens are having a difficult time in this economy, the city is going ahead with the spending of taxpayers money. The addition of the $34.77 million would put the total debt for the City of Kingsport around $190 million.
According to Moody’s the three bonds have been issued and are listed below. The dollar amounts below do not include interest expense.
General Obligation Public Improvement Bonds, Series 2009A
Sale Date: 22 JAN 2009
Sale Amt: $12.31 million
The detailed spending for this bond is listed in the table below.
| K Play Park and Recreation Facility Improvements (Grant Match) | $400,000 | |
| Various Road Improvements listed below (items 1-5) | ||
| 1. Cleek Road Phase I – This project consists of adding width to both New Beasonwell Rd. and Cleek Rd. at their intersection with Stone Drive (SR 1, US 1IW) to provide for the separation of left, thru and right turns, reduce delays and improve the alignment between left turning traffic. Also included in this project is the addition of a left turn lane on Stone Dr. westbound for traffic turning onto Cleek Rd. as well as the extension of the eastbound left turn. This project would improve approximately 500′ of New Beasonwell Rd. and 770′ of Cleek Rd. | $825,000 | |
| 2. Harbor Chapel Road – This project would provide a wider two lane roadway with a multi-use mobility path along Harbor Chapel Drive from just south of Skyland Dr. to Cooks Valley Rd. and also improve the alignment of Cooks Valley Road between Harbor Chapel Road and Harbor Springs Dr. At the Road Workshop this was presented as a two phase project due to maintenance of traffic, however at this time we propose that it be design as one project and we will take care of the maintenance of traffic through the contract documents. | $1,680,000 | |
| 3. Clinchfield / Center Intersection Improvements – This project includes the resurfacing of the intersection, mast arm traffic signal, additional right turn lanes and an additional lane in the area of the old railroad bed to align the two Clinchfield St. approaches and provide a left turn northbound. This will remove the grade problem the railroad tracks caused and provide for reduced delays and confusion. | $385,000 | |
| 4. Netherland Inn Road / Industry Drive / Center Street Roundabout – This project would construct a modern roundabout at this intersection, similar to the one built at the intersections of Watauga / Gibson Mill / Ravine. This would Increase safety and reduce delay and confusion experienced at the existing intersection and is an integral part of the development of the Kingsport Riverwalk Redevelopment. | $935,000 | |
| 5. Rock Springs Road Improvements – This project involves upgrading Rock Springs Road from the southwesterly City Limits to Rock Springs Drive (SR 347) to an improved two-lane section. It will provide wider travel lanes, shoulder and some realignments at key locations to improve safety. | $1,175,000 | |
| Stormwater Management Project – Modeling Study, Land Acquisition, Pipe | $700,000 | |
| Riverwalk Project – Land acquisition, engineering design studies, select infrastructure improvements | $600,000 | |
| School Projects – land acquisition, expand band room, security modifications for school entrances | $1,100,000 | |
| Library Design and renovations – site assessment and preliminary design | $200,000 | |
| Justice Center – design and architect fees (Total cost $4,000,000) | $260,000 | |
| Downtown Parking Garage – 300 space garage with retail and office space | $3,800,000 | |
| Bond #1 General Improvement Bond total for above items | $12,305,000 |
General Obligation Bonds, Series 2009B
Sale Date: 22 JAN 2009
Sale Amt: $7.15 million
The bond above is for rebuilding of the V.O. Dobbins Community Center as well as the creation of a new non-profit center. This non-profit center will take tenants away from the private sector, which means, the City of Kingsport becomes a competitor with it’s own tax customers. Alderman Marsh and Shull voted against this project.
Local Option Sales Tax Revenue and Tax Bonds, Series 2009C
Sale Date: 22 JAN 2009
Sale Amt: $15.31 million
The above bond is for the MeadowView Conference Center Expansion. This expansion is a very controversial subject with many citizens because of it benefiting special interest groups. The current convention center loses money and it wishful thinking that the expansion would break even.
This new $15.31 million bond for the convention center expansion combined with the $25.7 million already spent for the current convention center and Cattails Golf Course would make it $41 million that the taxpayers will have poured into MeadowView. The Cattails and the current convention center do not make money. Alderman Marsh and Shull voted against this project. See link for additional information on Meadowview