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.”