Greenville Reviews Neighborhood Infrastructure Bond: City Council Notes
Greenville City Council received an update on the Neighborhood Infrastructure Bond during a recent work session meeting, where they discussed plans for issuing the second round of funding. The Neighborhood Infrastructure Bond (NIB) aims to support various projects focused on improving roads, bridges, sidewalks, community centers, and more.
Update: Neighborhood Infrastructure Bond
The city is set to issue the second round of the Neighborhood Infrastructure Bond, with funding totaling $18 million for fiscal year 2024-25. The NIB funding is sourced from Installment Purchase Revenue Bonds, which are issued by the Greenville Public Facilities Corporation, a non-profit entity that holds title to land and buildings for the city. The city pays back the NIB bonds over time.
In 2022, the council issued the first round of NIB funding amounting to $36 million. Since then, nine projects have been completed, including phase one of sidewalk improvements and road resurfacing projects. Currently, six projects are underway, with five more projects scheduled to begin construction in the next year.
Final Approval: Public Space and Safety Project Funding
During the meeting, council members gave final approval to an ordinance appropriating an additional $954,044 in state funding for four public space and safety projects:
- Pedestrian Safety Action Plan projects – $712,402
- Downtown Bypass – $177,450
- Cultural Corridor – $58,792
- Wade Hampton Corridor – $5,400
Initial Approval: $4M in Sewer Bonds
Council also approved the first reading of an ordinance that allows the city to issue $4 million in bonds for sewer rehabilitation, replacement, and relocation projects. This debt will be added to the city’s wastewater fund and repaid over the next 20 years. Currently, the city has around $14.8 million in outstanding principal sewer bond issuances dating back to 2008.
Final Approval: Ordinance Amendment for Signs
Another ordinance that received final approval from the council is an amendment to the city’s regulations for temporary signs placed on rights-of-way or other public property. The amendment eliminates the requirement of a 48-hour notice before the city removes a sign from a public right-of-way. In addition, signs are prohibited from being placed on bus shelters in residential zoning districts. The amendment also grants the city manager the authority to permit signs that share public information to be placed on public property.
Overall, the updates and approvals made during the meeting indicate the city’s commitment to enhancing various aspects of Greenville’s infrastructure and public spaces for the benefit of residents and visitors alike.
