The City of Oakdale is looking into refinancing Bridle Ridge development bonds that will likely generate significant savings for the property owners and also generate capital funds for the road maintenance in the Bridle Ridge subdivision.
On Monday, Dec. 15, Oakdale City Manager Bryan Whitemyer presented a plan that is estimated to generate over $1.4 million in taxpayer savings over the life of the bonds.
The city plans to apply some of its savings, $833,491 over the life of the bond or approximately $39,000 annually, for street maintenance in the Bridle Ridge subdivision that currently does not exist.
Whitemyer said the streets in the Bridle Ridge subdivision are nearly 10 years old and are starting to show their age. They need minor road treatments such as crack seals and slurry seals to extend the life of the roadway.
“Currently, the city does not have sufficient funds to do this work,” said Whitemyer. “This bond refunding will provide a reliable stream of funding that will enable the city to do more regular maintenance on the roadways in the Bridle Ridge subdivision.”
According to Whitemyer, there would be individual taxpayer savings also to residents of the Bridle Ridge subdivision in the accumulated amount of $626,324. Whitemyer said this would work out to approximately $12 to $42 from annual tax bills, depending on the phase of when the particular resident’s home was built.
For the entire story, read the Dec. 24 edition of the Oakdale Leader.