Summit Twp. Road Improvement Bond Proposal Info.
Township of Summit to hold Informational Meetings on Road Improvement Bond Proposal
The Township of Summit will be asking voters to approve a $22,540,000 Road Improvement Bond Proposal on their August 8 ballot. If approved, the township has plans to revitalize all local roads. The total cost of improving all local roads in the Township of Summit is estimated to be approximately $31,037,222. The Jackson County Department of Transportation would fund 30% of the project, and the Township of Summit would fund the remaining 70%. If approved, the Road Improvement Bond Proposal would authorize the township to issue bonds for $22,540,000, which includes bonding costs. This is the 70% match required to make the project a reality.
The proposed millage is 2.83 mills for a period of 16 years, which equates to $2.83 per $1,000 of residential homes’ taxable value (not cash or market value). A typical home with a $50,000 taxable value would pay $141.50 per year, or $11.79 per month. This formula shows what homeowners would pay, based on the taxable value of their Township of Summit home: home’s taxable value x 2.83 mills = how much each resident would pay each year. The taxable value can never be more than one half of the property value.
Residents can learn more about the Road Improvement Bond Proposal by attending any of four scheduled informational meetings, hosted by the Jackson County Department of Transportation.
The first informational meeting will be held at the Township of Summit Hall on Monday, June 26, at 10:00 a.m. Evening meetings will take place on Monday, July 17, at 6:30 p.m. in Walker Hall at Jackson College; on Wednesday, July 19, at 6:30 p.m. at the Lumen Christi High School Cafeteria; and the final meeting will be held at the Vandercook Lake High School Cafeteria on Tuesday, August 1, at 6:30 p.m.
Township of Summit residents are encouraged to attend these informational meetings in preparation for Election Day.