The Tracy City Council on Monday received a complete breakdown of the nearly $10 million Phase E project, which will zero in on 20 blocks of town. And it appears residents who don’t live within the project boundaries will be on hook for a portion of the cost in the form of increased utility rates.
The total grant amount will only be about 52% of the project costs; the City had expected closer to 70-80%. This was partly due to overall project costs coming in lower. If the project had cost, say $12 million, the loan amount would have stayed the same while the grant would have increased.
“We expected bids to come in at more than $11 million, and with us getting a bit at just under $7 million, that made the overall cost less, and thus, the amount of the loan was a greater percentage,” City Finance Director Tyler Twistol said.
