It’s not often the region’s municipal managers bring out the official seals for a Council of Governments meeting, but the somewhat complex business of refinancing the loan for the two community swimming pools brought the devices into action Monday.
Financial consultant Chris Gibbons has worked with COG since June to work through the, at that time, potential refinancing, which was approved by the five municipalities that participate in the parks and recreation program — State College and College, Ferguson, Harris and Patton townships.
Gibbons distributed requests for proposals to 29 banks and received 10 proposals from six of them, including the bank originally holding the loan, Jersey Shore State Bank.
Jersey Shore submitted the best proposal, Gibbons said, with a 10-year, fixed interest rate of 2.43 percent, with a cap of 3.95 percent for the remaining years of the loan.
The previous loan, issued in 2008, was for $7.9 million to be repaid over 20 years at a fixed interest rate of 3.95 percent.
“It’s, quite frankly, an excellent deal and opportunity,” Gibbons said of the new deal.
The municipalities will see a net savings of about $518,000.
As required by the agreement, the municipalities and the region’s Parks and Recreation Authority held brief, separate meetings to approve the change individually, then came together to approve it as a group.
“Congratulations,” said COG and Halfmoon Township Chairman Mark Stevenson after the vote. “That’s a lot of money.”
Pike Street traffic calming
College Township sought public input in May regarding improvements and features along Pike Street in Lemont aimed at making the road safer for pedestrians and slowing traffic.
A $15,000 study by Keller Engineers Inc. offered design options, like street trees, crosswalks, parallel parking spaces and small peninsulas that narrow the street, to slow traffic.
The Township Council recently approved additional work on the project from Keller. The company proposed additional survey work on Pike Street, East Branch Road and Cherry Alley, additional planning of the streetscape and parking, and coordination with PennDOT.
The proposed cost is not to exceed $18,400. The council has a total of $30,000 budgeted this year for work related to the Pike Street project.
Jessica VanderKolk writes this weekly column featuring news from the Centre Region. Contact her at 235-3910. Follow her on Twitter @jVanReporter
