By CULLAN STAACK/Montana State News
The Bozeman City Comission approved the creation of an Olive Street special improvement district of the objections of a pair of homowners.
Kellen Gamradt, a staff and project engineer with the city, says, “The purpose of this SID is to help finance a street reconstruction on East Olive and a portion of South Church Avenue… We received two written protests, representing 3.8 percent of the district, and seven letters of support.”
Gamradt explains in his hearing that the amount of the SID is $140,950, 15 percent of the overall costs of the improvements. The SID revolving fund will finance the project initially, which means a low interest rate for property owners, the elimination of the need for a bond sale, and the fund being paid back over a 20-year period with interest.
Citing an overwhelming amount of support and an insufficient number of written protests, Gamradt and the city commissioners voiced their approval of the project as a necessary infrastructure investment for the city. The motion carried unanimously. Continue reading “Despite protests, city OKs Olive Street SID”