A key development for the Neosho Transportation Development District has been extended by one week, after action by the TDD board of directors Thursday to extend the bid time for banks.
Jeff Maxwell, TDD vice chair, said the action gives the participating banks until 4 p.m. next Thursday to submit their bids for financing the work of the TDD, to develop a roadway system on both the north and south of U.S. Highway 60, and east of Interstate 49.
All area banks were invited to participate, five expressed an interest and Maxwell said four banks remain in the running, including Southwest Missouri Bank, Community Bank & Trust, Hometown Bank and Arvest Bank.
Maxwell explained, “They are being offered to bid as a group or individually. If they wanted to take the whole loan, they would bid that individually, that whole $4.95 million, or they can cooperate and pull together as a participation loan.”
Maxwell said the board initially invited all area banks to participate – as a group if they saw that as beneficial – for a couple of reasons.
“For a competitive bid, we wanted everyone to bid, and at the same time, it’s a community project so we wanted all the banks to have that chance to participate,” he said.
Anticipating that moment when the bids are opened, Maxwell stated, “It’s huge! With that and the letting of the bids, the projects will get started.” He said securing the financing will allow the board to then put the initiative on the Missouri Department of Transportation to bring the projects to fruition. He said they can then tell MODOT, “We have our money, we’re ready to go.”
Steve Roark, TDD chairman, explained previously that MoDOT is investing approximately $2.6 million in the project. He said the goal is to have a financing plan in place to take to MoDOT by Sept. 15 so that the department can let bids on the project this fall. Roark said that would allow construction to begin in Spring 2015.
The TDD board also approved a resolution to send an engagement letter to Nick Myers, CPA, to perform the annual audit of the political subdivision. Maxwell said Myers has conducted the TDD audit the past two years, and there is no change in price for the upcoming audit.
The TDD board will meet next at 4 p.m. Thursday, when Maxwell said the bids from the banks will be opened.