Slurry seal plans
Thirty-four stretches of roads will receive slurry seals this summer, according to a list of pavement repairs that City Hall released this week.
The list says that the government anticipates putting down 166,009 square yards of slurry seal, the material used to fix roads.
Some of the significant stretches of street included in the list are Heber Avenue from Park Avenue to Swede Alley, Park Avenue from 14th Street to Heber Avenue, American Saddler Drive from 3121 American Saddler Drive to Meadows Drive and Lowell Avenue from Manor Way to the end of a curve.
Meanwhile, the government plans to seal cracks on a list of other streets. The city estimates that it will apply 30 tons of the sealant, which, according to a report submitted to Mayor Dana Williams and the Park City Council, is "an excellent way to prolong pavement life." It does so by sealing cracks, which stops water from seeping through the pavement, according to the city.
Twenty streets will receive seals, including Aerie Drive, 14th Street and Monitor Drive.
Adjustments to manholes and other utilities like water valves will be required on 13 streets, encompassing 76 manholes and 64 water valves or markers, according to the report.
The City Council on Thursday authorized about $283,572 in contracts to three firms for the work. Intermountain Slurry Seal will receive the most lucrative of the deals, worth about $182,000.
"The pavement management plan is designed to maintain and improve Park City pavement quality. Approval of less than the recommended program will cause a decline of pavement quality," Pace Erickson, the operations manager in the Public Works Department, says in a report to the elected officials distributed before the contracts were authorized.
Bond rating gets better
City Hall recently received an upgrade to its bond rating from a well-known ratings service, the government announced.
In a release, City Hall says that Moody’s Investors Service upgraded the rating for general-obligation bonds from what was an ‘Aa3’ to an ‘Aa2.’ The upgrade means that the government will receive better interest rates when it borrows money, Myles Rademan, the city’s Public Affairs director, says.
He likens a bond rating to a person’s credit rating.
The ‘Aa2’ rating is the midpoint of Moody’s high-grade rankings, one of the highest rankings that the firm awards.
City Hall has about $20.1 million in debt that is influenced by the upgrade, according to the government.
In the release, City Hall touts Park City’s economy as a reason for the upgrade, saying that the higher rating "reflects the City’s continued tax base growth, resilient tourism-based economy, stable and healthy financial operations, above average wealth indices, and favorable debt profile."
The government says it tries to diversify the economy even as two-thirds of sales taxes are collected during the traditionally busy ski season.
Also, the city says that Park City’s location close to Salt Lake City "provides important economic stability."
According to the city, Park City’s market value sits at $4.8 billion, up 7 percent in a year. Per capita income is 248 percent of the state level and median family income is 151 percent of the state level, according to City Hall. Sales-tax revenues increased 19.6 percent in 2005, reaching $7.8 million, the city says.
City Hall’s financial strength has been a hallmark of the government for years and officials often cite the bond ratings and other financial successes as evidence of a well-run government.
Compiled by Jay Hamburger
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