Toledo, OHIO (WTVG) - Toledo City Council is considering a plan that would provide a solution to Toledo's ailing roads.
Council members are proposing using all of the gas tax revenue from the state of Ohio for road repairs, more specifically repaving and repairing neighborhood streets and residential commercial roads.
According to the proposal, council would like to make sure all of the gas tax money is going to be using specifically for street repairs. For years, the city has been having to pick and choose which projects get priority. Councilman Tom Waniewski says the solution doesn't fix all of the problems but combined with taking out a $25M bond the city will be able to have cash in hand to make moves. He's not sold on taking out $25 M bond just yet, he wants to see a line-item plan for repairs but also notes interest rates are good and the city recently paid down some debt so now is the time to make a move.
Here is how the idea works, the city takes out a bond, essentially putting the road projects on credit and then will repay the bond in the next five years.
Waniewski estimates the city of Toledo should receive anywhere from $5-6 million dollars in gas tax revenue each year from the state. While it seems like a lot, Waniewski says if the city waits for the cash each year they will always be playing catch up. By taking a lump sum cash advance, the city can get ahead of a growing list of repairs and in theory start making some headway on residential streets that need help.
If you would like to hear more about the proposals, a committee meeting is happening Wednesday, September 11, at 1:00pm inside of city council chambers.