Work on Uptown Station started in 2010 and the building was dedicated in July 2012. (B. Corbin/WJBC)
By Stephanie Pawlowski
NORMAL - Work on the Uptown Station has gone longer than anticipated and the Normal Town Council Monday night will consider a budget adjustment to pay the contractor for additional work.
The amount is $30,000 and City Manager Mark Peterson said it's for more signage installation and work on the HVAC system. He said there's one other potentially significant project in the building, that's the woodwork.
"And, we're in the process of working that through with the contractor to determine what components, and we call it millwork, what components of the millwork contract do not meet our specifications or our standards and what do we have to do to fix them," Peterson said.
The money for the extra contractor work will come from the Uptown Station's contingency.
"The project took longer than anticipated. I don't think that's our fault, I think the contractor took longer than we had anticipated that he would and so we've had to keep Cotter Consulting for longer than we've expected," Peterson said.
The town council Monday night will also consider the refinancing of a bond issued in 2004 for $10 million. Peterson said the savings will be spread over the life of the bond.
"When we borrowed these in 2004, the interest rate was 4.82 percent," Peterson said. "We are now able to refinance those, it's a lot like refinancing a mortgage, and get a rate of 2.48 percent."
The savings, which Peterson estimated could be anywhere from $400,000 to $600,000, will be earmarked for street repairs and other projects as requested by the town council.
Stephanie Pawlowski can be reached at Stephanie.Pawlowski@Cumulus.com.