PLATTSBURGH — The Town of Plattsburgh plans to use a $690,000 bond to move two pending projects forward.
The bond anticipation note is to be paid off within five years. The council also approved issuance and sale of serial bonds to pay off the note as payments come due.
Town Supervisor Bernie Bassett said $290,000 would be used to purchase 93.5 acres of property that includes the Cadyville Recreation Park and surrounding lands from Clinton County.
The remaining $400,000 would be used to acquire the street lights and associated equipment in the town from New York State Electric and Gas.
“We combined them (projects) to save fees and costs,” Bassett said.
Because the town has a very favorable bond rating, he said, it was able to secure an interest rate not to exceed 1.19 percent. The town worked with local attorney Joe Lavorando on the bond issuance.
The town used to lease the park land from Clinton County for $1 a year, but the 40-year lease was soon to expire when the two sides reached a purchase agreement in March.
The land had been given to Clinton Community College by the Alpert family years ago, with the title held by the county because the college is not allowed to own land.
Cadyville Park includes numerous trails, as well as the town’s disc golf course, which has been very popular.
Town Recreation and Youth Services Director Melanie Defayette noted the park offers many opportunities for outdoor activities and is available for everyone in the region to enjoy.
“On any given evening, a passerby will see disc golfers out on the course, folks jumping on their mountain bikes for a ride on the trails, kids enjoying a softball game or dogs walking their owners,” she said by email.
“We are relieved to know that this park will remain forever parkland for many generations to come.”
Bassett said there is plenty of room to expand what is available, something that could be explored at a later date.
“In 2013, we bought an opportunity for future town residents to take advantage of,” he said.
The town and county have yet to close on the acquisition.
The town has been working on a plan to acquire the street lights and associated infrastructure since last fall.
The town expects to save money and have better control of maintenance of the lights.
Bassett said the town had been renting some of the lights and equipment for more than 50 years. That cost $93,000 in 2012.
The town expects to be able maintain each light within the system in an eight-year cycle using its own crews.
A Consolidated Lighting District was approved in 2012 and took effect at the start of 2013.
By requiring all town property owners to contribute, the Lighting District tax rate dropped from an average of about 24 cents per $1,000 of assessed property value to 16 cents per $1,000.
The acquisition is under review by the New York State Public Service Commission.
LAND FOR SALE
The town has listed a 6.46-acre parcel with 725 feet of frontage on Lake Champlain just north of Cliff Haven with Fesette Realty. The asking price is $349,900.
The property is zoned for residential use and could be subdivided.
Bassett said that if the town is able to sell the property, it could use some of that money to pay off the bonds more rapidly.
Email Dan Heath:email@example.com