GLENVILLE — The town has announced a plan to borrow $580,000 to bring water, sewer, electricity service and other improvements to Maalwyck Park on Route 5.
The Town Board on Wednesday unanimously authorized a total of $955,000 in short-term borrowing to pay for the improvements, plus the purchase of a street sweeper and roadside mower. The town plans to take out a five-year bond anticipation note, which allows it to either pay off the loan within five years or convert the debt to long-term bonds.
Town Supervisor Chris Koetzle said the town is considered a good credit risk, and he hopes to borrow the money at a 2 percent interest rate and pay off the debt within the five-year term of the bond anticipation note.
Koetzle said the work at the 60-acre riverfront park will include construction of a new pavilion, a playground, bathrooms and a concession stand, as well as the utility installation. In January, he listed the park improvements among his goals for the year.
The park, which lies between Route 5 and the Mohawk River at Erie Canal Lock 8, has been expanded in recent years with multi-use playing fields and a second entrance, but it has not had plumbing, electricity or concession stands. Koetzle said he expects the work to take place this year.
"I think investing money in our parks will give a long-term positive impact for the community," said town Councilman Michael Godlewski, who also noted how popular riverfront recreation is.
The park flooded during Tropical Storm Irene in 2011, but Koetzle said the town isn't taking any specific measures to harden the new facilities against flooding.
"We're not going to be able to do anything to prevent flooding, but the Erie Canal [state Canal Corp.] did a lot of work down there [after Irene] to mitigate against the area flooding again," Koetzle said. "We couldn't bring in enough fill to raise that off the flood plain."
Most of the development at the park has taken place over the past decade.
"Between sports leagues and more and more people coming to just enjoy the park with their dog, or just to enjoy the river, a lot of people enjoy it," Koetzle said.
He said that despite the new borrowing, the town will overall have lowered its $14 million in debt by the end of the year.
The remainder of the borrowing authorized Wednesday night includes $245,000 for the estimated cost of a new street sweeper and $130,000 for the new roadside mower, said town Comptroller Jason Cuthbert. He estimated the new equipment should last the town 12-15 years.