Jackson County will tap a $45 million “economic development bond” fund to pay for a study expected to result in the selection of a reservoir site.
The bonds, approved earlier this year, were dedicated mostly to road projects deemed likely to spur economic development, but members of the board of commissioners and the Jackson County Industrial Development Authority reason that water is also an economic development issue.
The commissioners voted last Wednesday and the IDA Friday to use interest off the bond money to fund the $294,400 study.
The nature of the bond issue requires that both panels approve any changes in the bond projects.
In addition to selecting a reservoir site from three potential locations, the study could also put Jackson County in line to tap $40 million in state grants aimed at improving drinking water supplies.
For that to happen, however, the county’s water engineering consultants, Prime Engineering, must move quickly. The deadline for application is Aug. 29.
IDA Chairman Scott Martin recommended the move at the IDA’s Friday morning meeting, noting that the $45 million bond revenue is already drawing interest.
“There will be enough interest money made off those accounts of $40 million plus,” he said.
Pat Bell, chairman of the board of commissioners, said that she had asked the county water and sewerage authority to look for ways “they could do in-kind work or we could do in-kind work” to reduce the cost.
Bell also said the utilization of the money passed muster with the county’s bond council.
IDA member Jim Shaw made the motion to approve the use of the money. John Buchanan provided a second, and the vote was unanimous.
“This is like the 1986 drought,” said Bell of the current situation. “When we had that drought, it was a wake-up call to find more water. This is a wake-up call for the next 10-15 years.”
In the first phase of the study, which was done earlier this year, Prime Engineering identified 11 potential reservoir sites and narrowed the search to focus on three sites. The second phase is expected to result not only in the recommendation of one site, but also a conceptual design, cost estimate and financing alternatives. To get to that point, the study will cover water quality issues, wetlands, a geotechnical evaluation of the dam site, watershed protection, yield analysis, research on property owners, permitting requirements — and assistance in applying for the grant funds.
