By Matt Hopf Herald-Whig
QUINCY — The Quincy Park Board voted Wednesday to accept the low bid to issue a $2.3 million general obligation bond, which will be used for upcoming construction of the Bill Klingner Trail.
With an interest rate of 2.75 percent, the bond from First Bankers Trust Co. will be paid back over five years.
Director of Business Services Don Hilgenbrinck said interest rates were projected at 3 and 3.25 percent when bids were sought.
Park Board President Bob Gough said he was pleased that the district chose a local bank for the bond. Four bids were received.
“I’m glad that we can do that for a reasonable rate and get this done at a quicker schedule,” Gough said.
The Park Board was unanimous in accepting the bid, though Kelly Stupavsky abstained from the vote.
Next month, commissioners will consider a bond ordinance that would allocate the money and set the payments on the property tax levy. Annual payments for the bond will be $493,610.
The next phase of the Bill Klingner Trail, which is complete between 18th and Fifth streets, is the portion between 18th and 24th streets.
Laverdiere Construction of Macomb submitted a $2.138 million bid, which was accepted by the Park District in November, to complete the portion of the trail. Besides bond funding, construction is being funded with a $791,990 grant through the Illinois Transportation Enhancement Program and $350,000 raised by Friends of the Trails.
Park District Executive Director Rome Frericks said a meeting was set for next week between the Park District, Laverdiere and project engineer Klingner and Associates to discuss the project so work can start this spring.
Initial bids sought by the Illinois Department of Transportation for the project initially came in higher than anticipated, so new bids with altered plans were sought.
The bond also will fund the portion of the trail planned to run through Parker Heights Park between Fifth Street and Bonansinga Drive. That work is expected to cost $1 million, with 20 percent of the funds raised through Friends of the Trails.
The Park Board has already approved design and engineering work for that portion of the trail, as well as brush and tree removal.
The Park District initially sought grant funding for the project, but it did nor receive ITEP funding for it, and it won’t be able to apply for additional funding until 2022.