ZANESVILLE, Ohio – The County Commissioners received an update for the Philo Bridge project.
The Muskingum County Engineer’s office have a three-phase process for the new bridge. The first phase was holding public meetings and a feasibility study on the location of the new bridge. The second was focused on the technical aspects of the bridge. They discussed the design, traffic right of way, and what properties and businesses will be effected.
“The current structure is going to stay in place until the new structure is built and then the old structure will be torn down,”Muskingum County Engineer Doug Davis said. “So there for we have to make some traffic considerations and changes.”
“Now we are moving on to stage three and in stage three is finishing up the notes for construction,” Davis said. “So we can put the project out for bid, so that is working forward. We are on track for that job to be sold in 2018.”
Along with finalizing all the technical aspects of the bridge in phases two and three. Davis said The Muskingum County Engineer’s office is also taking financial calculations on the new bridge. The county engineer’s office has collected over $1 million and they still need $1 million.
So the engineers office is looking into getting a loan from Ohio Department of Transportation State Infrastructure Bank. According to Davis for communities that need projects done they can borrow money from the state as a revolving loan and they’ll just pay back into that fund for future projects.
“If we were going to go to a local bank with a competitive interest rate, I would have to have a fixed finite number,” Davis said. “I don’t have to have it right down to the penny exactly and we won’t for the Ohio Department of Transportation State Infrastructure Bank and we won’t have to have that dollar figure pinned down until the job goes out for bid and we know what the contractor has bid for the project.”
The engineers will apply for the loan this July.
“It takes time to acquire that financing,” Davis said. “We currently know there is about $18 million coming back into the State Infrastructure Bank for borrowing power for next year. Obviously we know we’re not going to need the 18 million, but we’re going to need a portion of that, we are going to need $1 million. So we’re going to be able to apply for that in July, so we can start that paperwork. Get in the program so we can know that it’s locked in.”
The revolving loan will take 15 to 20 years to pay back with a 3% interest rate.