Show Me the Money! Cortland County Receives $4 Million Dollar Check For Radio Project
Cortland County has received a four million dollar state grant that was awarded to help defray the $16 million dollar countywide emergency communications project.
Last December the county was awarded the four million dollar grant, the funding will help redcue the county’s lease payments toward the project.
The county is borrowing $3.3 million for the project and has signed a 10 year, $10.9 million dollar lease with the Motorola, the company providing the new radio equipment.
Initially the county’s lease payment for the project was $1.3 million for the next 10 years, however with the state grant the payment has dropped to $844 thousand dollars a year, the bond payment is expected be just over $191 thousand for 10 years. The grant will save the county taxpayers $670 thousand dollars in interest payments over 10 years.
The county has applied for additional funding for the project, that award could be announced next month, if it is awarded the project payments will go down.
Construction of the new radio towers is underway, the new system is expected to go live sometime in early 2013.