Huntsville set to borrow $135M for capital improvement projects

The City of Huntsville just had their credit rating renewed, which will help them borrow that money at the lowest interest rates possible.

Posted: Jan. 26, 2018 5:44 PM
Updated: Jan. 26, 2018 6:54 PM

For the 10th straight year the City of Huntsville has a credit rating of AAA, which is the highest rating there is.

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Less than one percent of over 22,000 cities and counties in the U.S. get that rating.

The city plans on putting that rating to use right away.

The AAA credit rating for the city means they can borrow money at the lowest interest rates possible.

In February Huntsville city leaders plan on borrowing $135 Million for projects around our area.

Kayla Manley and her family moved to our area two years ago and she doesn't have a problem with the city borrowing that kind of cash.

"I am all about growth of the city and whats best for the community, so I think it's a great idea," said Manley.

There are several key projects the mayor said the money will go towards.

"This will include parks, green ways, road ways, downtown parking garage, vbc improvements, but it will also include the money to buy land, construct a rail road spur for the toyota mazda project," said Mayor Tommy Battle.

Of all of those projects Manley is excited to see one of those projects the most.

"It will be really great to see money go towards things like roadways and traffic flow in this whole area," said Manley.

She said all of the proposed projects will make the city even more family friendly.

"I'm excited to see and watch huntsville grow as we raise our kids here and excited to see all the projects fall into place," said Manley.

The difference between AAA rating and AA a rating is pretty substantial.

For every $110 Million that is borrowed the AAA rated city saves $2.7 Million in interest.

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