Update from latest meeting

After a blessing by Corey Landreth of Real Life Church and the Pledge of Allegiance, Vice Mayor Gregg Lewis led the meeting in Mayor Vince Haines’ absence. The commissioners got to work discussing new business which included awarding Surface Protection Services, LLC (SPS) the job of paving South Vine. SPS came in with the lowest bid and it is expected to take about three weeks to complete Project #539. The award was approved 4-0.
The next project on the agenda to be awarded was Project #529, which is the paving of a parking lot at Riverview Park. A surfaced parking has been needed at this location for many years. The parking lot will restrict vehicular traffic within the park and meet the needs of ADA parking for use at Riverview Park, El Dorado Linear Park/Bike Path, and the ADA fishing bridge over the Walnut River. New sections of fencing and sidewalk are included with this project. The lowest bid was submitted by APAC Kansas, Inc and they were awarded the project. The award was approved 4-0.
Next on the agenda was the forgiveness of the loan used to fund BG Stadium.
In 2012, the City of El Dorado participated financially in the construction of BG Stadium. The City contributed one-third of the project cost, or about $3.13 million, with the funds being borrowed from the Lake Debt Fund. Proceeds were to be repaid, with 4% interest, from several internal funds. The internal loan provided the Lake Debt Fund with much needed return on investment to help grow the fund. The eventual plan was to use proceeds from the loan and other investments to pay future stages of Lake Debt.  The City annually pays the Lake Debt fund a total of $230,000 from Water, Sewer, Refuse, Tourism and Economic Development. It was determined that those payments will have little impact on the lake debt and could be better utilized in the previously listed funds. As a result, forgiveness of the loan will save Water, Sewer, Refuse, Tourism and Economic Development a total of $3.2 million dollars. The debt forgiveness was approved, 4-0.
The final action of the evening was to utilize funds previously allocated for improvements to the Disc Golf Course to be used for a basketball court at the Library Park instead. The $10,000 reallocation would provide for the first half of a basketball court to be installed at the Library Park with the second half to be completed at a later date. The recommendation was approved 4-0.