The second reading and public hearing for a neighborhood and side street project to bury above ground power lines was approved Jan. 4. But residents that both support and oppose the funding mechanism for the project will pack Town Hall again today at the Longboat Key Town Commission's 1 p.m. workshop for a discussion item on the $23.85 million project.
For many north end communities and side streets, their total upfront cost for the proposed neighborhood and side-street project to bury power lines is $8,500.60. Financing costs over 30 years at the same interest rate, those residents would pay $527.36 annually, for a total cost of $15,820.80.
The Town Commission reached a 6-1 consensus at its December regular workshop and approved an ordinance on first reading to keep the power running to a neighborhood and side-street referendum and approved it on second reading by a 5-2 vote.
The referendum will ask voters in the March 15 election if the town can issue bonds not to exceed $23.85 million to bury utility lines in neighborhoods and side streets.
Property owners with existing underground utilities would pay for 18.5% of the project’s cost; owners with above ground utilities would pay for 81.5%.
The Gulf of Mexico Drive project, combined with a pending neighborhood project, would also eliminate approximately 85 power poles that otherwise need to be added near Gulf of Mexico Drive to funnel power to neighborhoods with above-ground power lines.
Contact Kurt Schultheis at [email protected].