The Hamilton County Commission moved ahead with the Tennessee Riverwalk expansion project Wednesday, awarding a $189,900 contract for design work.
The design work will be done by Barge, Waggoner, Sumner & Cannon.
The Riverwalk will be extended from its current end point at Ross’s Landing to the Alstom Power plant. It will veer from the river at West 19th Street to the trailhead at Finley Stadium.
“It’s one of our most-used parks,” County Mayor Claude Ramsey said. “It will eventually end up in the St. Elmo area.”
The county received a $1.7 million federal grant that requires a $430,900 match to be split between the county and the city.
Mr. Ramsey said he also is seeking additional money for the project from local businesses.
Also on Wednesday, Finance Director Louis Wright announced that the county had received its second AAA bond rating, this time from Moody’s Corp. Standard & Poor’s Rating Services gave the county a AAA rating in February.
The rating means better borrowing rates for the county, which has $250 million in bond debt, according to records. The county’s total budget is about $650 million, with about $65 million in reserves, Mr. Wright said.
Mr. Ramsey said the rating recognizes the county for managing its money well and is a commentary on what he calls the county’s “bright future.”
As the county pays off its bond debt, it likely will look at taking on more, Mr. Ramsey said, but he didn’t have a specific project in mind. He said school construction is a likely possibility.
In other action Wednesday, commissioners authorized the mayor to enter into a contract with the Tennessee Department of Economic and Community Development for a $500,000 community development block grant.
The money will be used to help pay for another water line for the Mowbray Mountain Utility District, which will benefit the district’s 1,600 customers.
The expected cost of the project is more than $800,000, and it has received additional grant and a loan from the U.S. Department of Agriculture.
“We continue to try to get additional water and additional sources of water to all parts of the county,” Mr. Ramsey said. “This is another step in that direction.”
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