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State OKs city bonds

In World
April 05, 2024

Apr. 5—HIGH POINT — The state has approved the city of High Point’s plans for how to pay for an upcoming road project.

The North Carolina Local Government Commission on Tuesday authorized the sale of $5.4 million in two-thirds bonds to finance the extension of Samet Drive from W. Wendover Avenue to Penny Road.

Construction is set to begin next week and take about one year to complete.

General contractor Triangle Grading and Paving of Burlington will build the new road, which will run about a half-mile through an undeveloped site at the southeast quadrant of the intersection.

The project will include a roundabout intersection, turn lanes, traffic signal improvements at both ends of the extension, sidewalks and installation of water, sewer, and stormwater utilities.

The city has long wanted the connection built to help with traffic flow through this busy commercial area.

The extension will traverse the site of the proposed Palladium South mixed-use development.

The city is selling the bonds to TD Bank. They will have a seven-year payback schedule at an interest rate of 4.30%.

The city can refund the bonds after a year if interest rates shift downward.

The contract price for the Samet Drive extension is $4.29 million.

Bond funds not used on the project will go toward the design phase of the city’s upcoming Triangle Lake Road improvements.

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