Reynoldsburg City Council agreed Monday to spend almost $1-million on street repairs.

Reynoldsburg City Council agreed Monday to spend almost $1-million on street repairs.

Council also heard the first reading of an ordinance that will eventually authorize a $563,600 contract for work on the city's water tower and agreed to hire Pyrotechnico of New Castle, Pa., to put on the city's July 4 fireworks at a cost not to exceed $25,000.

Strawser Paving Co. was awarded the contact to do milling and filling on 12 streets. Director of engineering Jim Miller said the total cost of the contract, including contingencies, comes to $999,560.

He said work should begin by the middle or end of May and be completed in October with traffic being maintained throughout that time. Auditor Richard Harris said money to pay for the project will come from the city's street fund, the storm water fund and the capital improvement fund.

The streets scheduled for work are:

• East Main Street west of the corporation boundary to Rosehill Road.

• Summit Road from Firstgate Drive north to the corporation limit.

• Rodebaugh Road from Brightstone Drive to Rodebaugh Park Drive.

• Beech Alley from Main Street to South Street.

• Daylight Drive from Kingsley Drive to Glencrest Drive.

• Glenview Street from Glencrest to Goldsmith Drive.

• Knob Avenue from Rugosa Avenue to Hilltop Avenue.

• Starlight Drive from Taylor Road to Morningdew Drive.

• Priestley Drive from Ruskin Drive to east to the county line.

• Rosetree Drive from Rosehill to Olivetree Court.

• Hammond Road from Laird Avenue to Clymer Drive.

• Haft Drive from Main Street to Bartlett Road.

V & T Painting is expected to get the contract for work on the city's Broad Street water tower, once the legislation goes through three readings.

Miller said city officials are currently shopping for loans to fund the work to see if they can save on the cost in the long run.

"When you invest $500,000-plus, the rate of return on that money can oftentimes be greater than that rate paid on the loan," he said. "For example, you invest $500,000. ´our return on investment is 7 percent, let's just say, but if you borrow $500,000 over the course of 10 years, you can pay an interest rate of 4 percent.

"So you are actually financially better off to borrow the money rather than you are to just pay for it out of your pocket," Miller said. "So we are shopping for the best loan for the best terms and making a determination as to whether or not it is more advantageous to borrow the money to pay for it or to pay for it outright."

The water tower is located at the corner of East Broad Street and Taylor Road. Miller estimates it will take three to four months to finish the work.

He said the water tower will be taken out of service for the duration of the project and when that happens, the city will get its water from a nearby Columbus water tower.

The project should begin in late May and be finished by fall, Miller said.

dowen@thisweeknews.com