It’s official. Lewisboro Town Board members agreed Monday night to borrow $315,000 for planned work on town roads. The resolution to borrow the funds passed unanimously.
Officials also agreed to borrow an additional $75,000 to repave the badly damaged surfaces of the basketball courts at the Town Park.
The group, after hearing recommendations from the town’s Parks & Recreation superintendent, agreed to repave the courts with a more durable material. The courts have taken a beating over the past few years, with skateboarding and other high-impact uses exacting a toll.
Total monies to be spent on road repairs is $582,225, with $315,000 coming from borrowing, using bond anticipation notes (BANs); $167,225 from New York State CHIPS (Consolidated Local Street and Highway Improvement Program) funding and the final $100,000 to come from the approved paving line in the town’s 2014 Highway Department budget.
“We have gone through these numbers thoroughly over the past year and are confident that this is the way to go,” said Town Supervisor Peter Parsons.
As outlined Monday night, the roads set to receive repair and/or paving work are Butternut Lane, $40,000; Kitchawan Road, $160,000; Conant Valley Road, $87,000; Avery Road, $40,000; Cross Pond Road, $90,000; Todd Road, $10,000; and Boway Road, $60,000. A culvert for Cornwall Court will add $70,475, and there is a 5% asphalt adjustment to cover the projects.
All repairs will be done according to recommendations made last summer by the Cornell Local Roads Program. The program, which conducted an extensive survey of Lewisboro streets, would like to see the town implement a policy of repairing roads while they are still in reasonable condition as opposed to letting them become badly deteriorated. Cornell said this approach is much more economical in the long run.
Borrowing rates are expected to be very reasonable. The town borrowed earlier this year at 0.75% and officials are confident that the low rates will hold steady for the new round of bond anticipation notes.
The Town Board did not haggle in the past over the need to borrow the money, agreeing that rates of under 1% were too favorable to resist, with one board member saying, “it’s almost like free money.”
Prep work is underway on some roads and work will begin on others while good weather holds.