May 16, 2022

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Interest rate fears prompt Canton to approve $14 million project early

Canton City Hall

CANTON – City Council has approved ordinances to fund improvements to the City Service Center and relocate road salt domes for an estimated total of $14.1 million. 

The city will issue 15-year bonds to pay for the work. The council was scheduled to vote on the bond and contract authorizations April 25, but members asked for an early vote Monday because of concerns about the Federal Reserve Board raising interest rates to combat inflation.

“We’ve already been hit with one increase that probably cost us a couple of million already,” Councilman Frank Morris, D-9, said during a committee meeting prior to the regular council session.

Public Service Director John Highman presented plans to move road salt storage from the City Service Center at 2436 30th St. NE to property the city purchased last year near Ninth Street and Marion Motley Boulevard NE. The dilapidated storage facility on 30th Street also is above an aquifer, posing a risk to a city water source.