Hollister residents have Christmas in May as Missouri Department of Transportation (MoDOT) presents the city with a grant to forgive $680,000 in debt for a portion of the U.S. 65 Highway Improvement Project.
At a Partners for Progress meeting Thursday afternoon at
Originally, Hollister was to come up with $9.5 million for their share of the improvement project, but their funding options came up short. Hollister raised $6 million, received $3 million form Taney County Commissioners, but ended up $500,000 short.
Through gap funding, the city was able to borrow $500,000 to complete their part of the improvement, but that loan equated to a 10-year interest payment of $180,000 which then brought the total debt for this loan to $680,000.
Through the efforts of Senator Kit Bond, the Hollister interchange was added to a federal highway bill that was passed and money for the project was sent to MoDOT. MoDOT, in turn, forgave the $680,000 debt that was to tie up some of Hollister’s money for the next 10 years.
"It is very important to us that we made sure that this project did succeed," Tate said. "When we were able to acquire this money, it was money well spent. As far as the interest that we saved, it will free up funds for other projects.
"This is a very exciting day for Hollister,
On the subject of the widening project for U.S. Highway 65 to the border, Keith was the MoDOT official chosen to announce that future project.
"One of the privileges I have is doing the good news and that is why I am here," Keith said. "As we worked through what was possible with Amendment Three funding, we’ve got all the work to finish U.S. 65 all the way to the
"Very shortly the whole corridor will be completed," he added. "This will then allow you to continue with the amazing economic development that is occurring in this region and that is the good news that I have the privilege to bring you today."
The precedent setting joint venture project between Hollister and MoDOT has given the whole state a way for cities to come together with the state to speed up the improvement of roads and Hollister has set the example for others to follow, according to Keith.
Hollister City Administrator Rick Ziegenfuss, who has been a driving force to develop the working relationship with MoDOT and get the improvement project completed, was delighted with the announcement of the grant to remove the debt Hollister had incurred on the $500,000 loan as well as the widening project south to the state line and the Taneycomo bridge project.
"I think this afternoons event was an excellent as it demonstrated the cooperation between several levels of government," Ziegenfuss said. "It had private industry represented here, not only contractors with MoDOT, but also our private business people and everybody can feel good about the progress being made with the highway.
"I think it is good for the residents of Hollister and the area to realize that the state and federal government are working towards this project," he added. "The $680,000 it represents to the taxpayers of Hollister is a very, very big deal.
"The rewards that we are going to see from this highway project are going to be very significant to our school district, our residential taxpayers and our local business people."
Originally Published In the Branson Courier on June 5, 2005.
