Streetsboro -- City officials are trying to determine how to pay for a 1.5 million gallon water tower that would cost an estimated $3.6 million.
The tower would be located off Route 43 on the old Carter Lumber site, which now is home to the city's water department.
About another $300,000 is needed to refurbish the water department building on the Carter Lumber property, Mayor Glenn Broska said Feb. 25, bringing the total amount necessary to around $3.9 million.
Councilman Chuck Kocisko said the project is important because the water flow needs to be increased and because some residents' wells are drying out, and they would be able to tap into the water lines if the water tower project gets the go-ahead.
Building the water tower at the old Carter Lumber location would help the tower do its natural job, which is to increase water pressure with the help of gravity, Broska said.
Broska said the tower is needed to help provide water pressure to some areas of town with narrow water lines and low pressure.
The city, which does not have a water tower, gets its water from Portage County and would continue to do so if a water tower is built, according to John Kuklisin, water superintendent.
At the Feb. 25 Council meeting, Broska proposed a plan in which the city would use about $1 million from the city's water reserve fund to make a down payment on the water tower, then purchase a bond that would be used to pay off the remainder of the project over 20 to 25 years.
The city's water reserve fund currently contains about $1.7 million, according to Finance Director Mitch Michalec.
By purchasing a bond, Broska said the city would be able to make annual payments to pay off the water tower and still be able to pay for the waterline update projects each year.
Specific financial details of the plan have not been determined yet, officials said.
"As it stands, we are looking at various bond financing options and are in the process of working up the numbers to present to Council," Michalec said.
If the project is approved by Council, Broska said he hopes to have bids back by mid-April.
Discussion of the project is scheduled to continue at the March 11 service department meeting at 7 p.m. at City Hall.
Councilwoman Bridget Pavlick cautioned city officials Feb. 25 that once the bond is purchased, the project must be completed.
"Once we get this train rolling, there's no stopping it," she said.
The city's planning & zoning commission unanimously approved the site plan for the water tower Nov. 13.