Wyalusing Council Okays Resolution for $450K Loan
At a special meeting Monday night, the Wyalusing Borough Council unanimously approved a resolution that paves the way for the borough to borrow $450,000 from Peoples State Bank (PSB). Most of the loan money will be used to cover the cost of correcting a drainage problem that has hounded properties along Marsh Street and nearby homes on Second Street and Third Street for years. The loan has an interest rate of 4.75 percent.
At council’s March meeting, President George Anderson suggested that the borough refinance the PSB loan with a loan from the U.S. Department of Agriculture at 2.5 percent. He said it would take about eight months to obtain the USDA loan. Anderson said the loan from PSB would be what's known as a construction loan, where interest is accumulated only on money spent or drawn from the loan account during the first year.
A major portion of the loan, $375,000, will go to bring drainage improvements. The balance will be used to pay off approximately $70,000 the borough currently owes for street renovations. The borough is currently making payments of $3,200 per month on the street loan; the new payment will be $3,500 per month.
Jonathan Foster, Jr. walked council through the steps of signing multiple copies of the resolution paving the way for the loan. Foster was standing in for his father, Borough Solicitor Jonathan Foster.
Council is hoping to advertise for bids for the drainage project sometime this summer with construction starting later this year.
Other business Monday night included:
—Opening bids for the purchase of the borough’s Skidsteer, which is being replaced with a new machine. High bidder was David C. Keeney, at $14,000. Other bidders included Tim Hart, $8,552, Dennis Wiley, $10,650, and Wayne Felter, $13,125.
—Asking Jonathan Foster, Jr. to check on the borough’s liability if it were to create a handicapped parking spot in front of Carolyn Harrsch’s home on Route 6. Council also plans to contact Harrsch regarding low-interest loans that may be available for constructing an off-street parking area at her home. Council tabled taking any action on Harrsch’s request to be allowed to park in front of her home until it hears from Foster.
—Agreeing to write a letter to Brian Keeler advising him that council does not plan to change the current status on permitting parking only on one side of Front Street. Keeler had requested parking on both sides of the street so his tenants would have parking spaces.
—Discussing a proposed pipe yard at the rear of the Farm and Home Plaza with David Burgess. Council is hoping to meet in the near future with Dan Driscoll who plans to build the pipe yard.
— Approving positions on the Wyalusing Planning and Zoning Commission for John Bradley, Lewis Reinhart and Joan Cashin. Kelly Bradley abstained from the voting.
—Agreeing to write a letter to Daniel Cotter, owner of the former McCarty storage barn on Bridge Street, informing him that his building has apparently shifted and is leaning somewhat. Council will advise Cotter that he needs to repair the building or the borough may be forced to condemn it as a public hazard and have it torn down or have it sold at a sheriff’s sale.
Prior to the meeting, Mayor Jean Reinhart signed a proclamation naming National Music Week in Wyalusing Borough.