Washington gets A+ rating for Business 50 bonds

The rating will help to lessen the financial burden by providing a lower interest rate.

Posted: Jul 16, 2019 7:16 PM
Updated: Jul 16, 2019 7:16 PM

Speech to Text for Washington gets A+ rating for Business 50 bonds

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in january... the indiana department of transportation reached an agreement on a project to renovate "business 50" in washington. the city now has a financial plan for that project. news 10 bureau chief gary brian tells us how one business owner feels about the upcoming work. "there are over eighty businesses along business fifty here in washington. as the project to fix this major roadway kicks into gear...it's taxes saved from these businesses that will help pay the city's portion of the project." mason's drive in has sat at the corner of business 50 and us 257 since 1951. the business has always served up root beer in a frosty mug. but owner bob arnold says one thing that has changed is the state of business 50. "during the winter time it is horrible. summer time is a little better but it's still a rough ride. i'd say it needs to be done." the project to renovate business 50 will begin in just a few months. work will begin on it's outer edges first. "by this fall our plans are to repave the east segment which is from state street, if you're familiar with washington, out to the roundabout." engineers are currently working on plans for the west segment. the city will use tif bonds to pay for their portion of the project. "about 3.55 million. we received an a+ rating on that which were are just really elated about. through standard and poors." the a+ rating means a low interest rate...which means less financial burden on the city. "after they looked at our city's finances, cash balances, budgeting process that we go through, and our financial controls they felt real good about the city of washington." the city is planning progress meetings as the project kicks into gear. "we know there is going to be disruptions when they actually re-do it. but at the end of the day it's going to be better for everybody." "the mayor says the first meeting to go over the plans for the project is scheduled for this september. in washington gary brian news 10." news 10."
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