The City of Allen is gearing up for street enhancements and a big remodeling project using funds approved by Allen voters in 2016.
City Council members voted to move forward with the issuance and sale of Series 2018 general obligation bonds during the July 10 meeting. This $9.2 million issuance will fund the remodel and expansion of Central Fire Station along with citywide pavement replacement, intersection improvements, street reconstruction and the extension of Ridgeview Drive.
In 2016, Allen voters approved $93 million in bond funding for citywide improvements. Funding has already been used for several projects, including the creation of a police firearms training center, a library parking expansion and median landscape and lighting.
Last year the City of Allen transitioned its general obligation bond program from a 20-year repayment schedule to a 15-year repayment schedule to reduce the interest paid on debt. In July, the City was reaffirmed with an “Aaa” rating from Moody’s and “AAA” from S&P. This helps Allen qualify for low interest rates, as very few Texas cities hold triple-A ratings from both agencies.
“The stable outlook reflects the expectation that the city's financial and economic profile will remain strong given its favorable location and ongoing commercial and residential development and steadily improving revenue performance,” wrote analysts for Moody’s Investors Service in the latest credit analysis. “The profile also benefits from strong fiscal management with healthy reserves, above average resident income, significant revenue raising flexibility, and manageable debt and pension burdens”
Learn about projects included in the 2016 bond program.