Olivette Council OKs Sale of $730,000 in Bonds for Dielman Improvements

A bond issue for improvements to park and public safety structures failed in an election in April, but the City Council OK'ed a $730,000 bond issue that won't touch Olivette taxpayer's pockets.

In its council meeting in November, the council approved the bond issue for street and other infrastructure improvements in the Dielman Industrial Park, just north of Olive Boulevard at Dielman Road.

City Manager Mike McDowell said the bonds would be repaid from a special assessment levied on affected property owners in the park. The park has 19 property owners, McDowell said.

"The project resulted from severely deteriorated infrastructure conditions on the privately-owned streets in the industrial park and the need to upgrade to preserve the commercial viability and property values in the industrial park," he told Patch in an email.

He said the city worked with property owners to develop a mutually agreeable means of financing the upgrades to the property.

"The cooperation and support of the property owners was a key element to the success of the project," McDowell said.

The council approved the bond sale at its Nov. 13 meeting; McDowell said the closing on the sale is expected the week of Nov. 26.

The industrial park includes a large collection of businesses such as Gannett Offset printing, Kone elevators and escalators and a FedEx distribution center.