Underground Utilities Project Status
October 30, 2018
At the Monday, October 29, 2018 Special Called Commission Meeting, the Town Commission approved the contracts and loan agreements necessary for the Underground Utilities project to move forward.
This includes the Binding Cost Estimate with Florida Power & Light, the loan agreements with CenterState Bank and the construction contract with Viking Electric.
- The Binding Cost Estimate is the contract between the Town and FPL which outlines each one’s responsibilities.
- The 15-year loans with CenterState Bank total $6 million with a 3.58% interest rate.
- Viking Electric has experience on local undergrounding projects. We look forward to working with them towards a successful project implementation.
The plans for the locations of the transformers is in Town Hall. We expect to start digging in January. Details to follow.
Thank you to everyone for your thoughtful comments – whether you supported the project or not. We appreciate your participation in this important improvement for the Town.