Bonds to fund Timnath projects

Timnath soon will have $25 million in the bank to begin making long-planned public improvements to accommodate its anticipated growth.

The town council, acting as the Timnath Development Authority, on May 16 approved issuance of the bonds. Town Manager Becky Davidson said they will bear an interest rate of about 6 percent with a maturity of 20 years, although she said it's expected that they will be retired several years sooner.

Eighty-two percent of the town's anticipated sales tax revenues from the Wal-Mart Super Center were dedicated to debt-service for the tax-increment bonds. The remainder will be available to the town for other uses.

The bond money, in addition to other projects, will fund Boxelder Creek drainage improvements estimated to cost up to $4.5 million, the first phase of installing sewers in the original town at cost of up to $2 million, replacement of the Harmony Road bridge over the Poudre River at an estimated cost of $4.7 million, widening of Harmony from Interstate 25 to County Road 5 at a cost of $1 million, and frontage road relocation costing $750,000.