Mola Lenghi, NBC 5 Arlington Reporter
The City of Arlington plans to sell bonds in order to fun tens of millions or dollars in critical infrastructure projects.
The city of Arlington has a backlog of infrastructure projects in the works.
The city hopes to raise $20 million this summer by selling bonds on the capital market. Revenues generated from the bond sales will fund the city's critical projects.
"We've got a backlog, so it's important that as aggressively as we can we try to meet those needs," Councilman Jimmy Bennett said.
The city is proposing nearly $55 million in capital budget projects this year.
A majority of the $20 million is expected to go to the Public Works Department for significant road repairs, as well as upgrades to parks and buildings. The City Council is also considering a possible new fire station.
The city plans to also address water and sewer system needs with bond revenues.
"It does allow us to finance those major capital projects in the city but it's also important to responsibly manage that," Bennett said. "To be good stewards of the taxpayers' money, we want to make sure we're not overextended ourselves but also trying to meet those project needs the best we can."
With an improving economic outlook and property values on the rise, Bennett said the city would be able to take on even more upgrades in the future.
Councilman Robert Rivera agreed.
"[The bonds are] an investment into our community and it's one that will help us grow and flourish into the future," he said.