Saving and spending for Lawrence County’s future

Last Tuesday night, Commissioners agreed to borrow $2 million, $1.5 of which is earmarked for the proposed $9 million building. The City of Lawrenceburg has also pledged $1.5 million, and with those commitments, we feel very positive about receiving another $4.5 million from the State of Tennessee in its upcoming budget. Some private fundraising will also be conducted.

Although the funds for the college are not immediately needed, we saved money by rolling the transaction together with the refunding of existing bonds under a lower interest rate. That action will save the county approximately $600,000. A similar transaction last year saved $1.3 million in interest payments. Simple math tells us the $2 million bond is almost completely paid for with savings.

Even more important to understand is that Lawrence County will own that $9 million building when it’s complete and will lease space to the colleges involved. I say college“s” because Columbia State, Tennessee Tech University and Middle Tennessee State University have all expressed interest in providing classes there. They will all offer different courses, creating a variety of degree programs for students.

We are still working to secure land for the new college, but our plan is to locate it at the crossing of Highway 43 and the new Highway 64 bypass. I’m excited about the private development that will no doubt follow in that area: restaurants, stores, hotels.

Under the terms of the bond, we will have three years to spend the $2 million. A number of existing projects – new patrol cars, replacement of two boilers at the courthouse and more – will be covered by the remaining $500,000.