SCRANTON — The Scranton City Council passed an important bond measure during its regular meeting this week for the city’s TIF District, a project that was established last year.
A project that started in 2013, the area north of Scranton has been getting improvements throughout the past year, including paved streets, along with curb and gutter additions. The project is almost completed.
The project was initially estimated at $400,000, but the bond is for $350,000, payable over 15 years with an interest rate of 2.79 percent.
With the paperwork finishing up this week, Scranton City Auditor Kari Ruggles said the city would receive the bonded money Nov. 3.
Now that the city has finished the finance portion for the district, the lots will go up for sale.
Gordon Teske donated the land in 2006 with the hope of encouraging people to move to Scranton and develop the town.
“He owned those lots and he donated that land to the city to develop, to get more people to move to Scranton,” Ruggles said.
Overall, the area holds 12 lots. The city’s water tower sits on one lot with four other lots already containing housing. Seven lots remain available.
The lots themselves are free. However, the potential purchaser must pay for the improvements. Those improvements include the cost of water, sewer, curb, gutter and street. The council set that price at $18,580.73.
“The land itself is [free], but the improvements and the money we’ve put into developing, that has to be paid for,” Ruggles said.
As far as the bond is concerned, the city did not need to hold a vote since the majority of the land is owned by the city. Ruggles said if the majority of ownership was private, then a vote would have needed to take place.