Plan considered to pay for turn lane

By Shea Zirlott
Posted 1/12/11

The Town of Magnolia Springs finance committee suggested a plan for the town to fund a portion of the turn lane put in place to accommodate Family Dollar.

 Mayor Charles Houser said the town will fund up to $90,000 of the project, but the exact …

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Plan considered to pay for turn lane

Posted

The Town of Magnolia Springs finance committee suggested a plan for the town to fund a portion of the turn lane put in place to accommodate Family Dollar.

 Mayor Charles Houser said the town will fund up to $90,000 of the project, but the exact cost of the total project was not yet known. The finance committee recommended for the town to take the seven-month CD it currently has and convert it to 24 month CD, which would raise the income. The new CD would then be used as collateral on a five-month note.

“We make more income and we pay less interest. It is a no brainer from a financial standpoint. For the balance of the money we think we can pull that from the money market account and still leave $64,000. I think we can replenish that pretty quickly once we start getting income from Family Dollar,” said Houser.

He anticipates monthly revenue from Family Dollar to be almost $2,000 a month. The store is expected to open this weekend.