Monterey Avoids Taking Out Loan For Paving Project

Monterey has avoided having to take out a loan for the Industrial Drive paving project.

Monterey Mayor Bill Wiggins said they avoided the loan thanks to some help from the Tennessee Emergency Management Agency.

“They’re about to come through with the balance that they have owed for quite a while,” Wiggins said. “It should bring it even and we will be able to launch that bid without borrowing money.”

TEMA owes the city money for reimbursements related to the 2015 ice storm.

Last month Rogers group presented a $127,000 low bid for the half mile paving project from Burger King to near the city limits, but the city only budgeted $81,000 for the project.

The ice storm money will cover the remaining cost for the project.

Wiggins expects the project to get underway before November 31st.