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July 15, 2008

Township secures line of financing

By Nancy Lowry

Interim financing for the $20 million Mahoning Township sewer project was approved this week.

The township supervisors Tuesday accepted the bid of First Commonwealth Bank, which has agreed to make $5 million available to the township, if needed, over the next five years. Interest will range between 3.5 and 5.5 percent.

The township will pay a $500 commitment fee, and loan collateral will be from municipal taxes, tap-in fees, funds already pledged through the Pennsylvania Infrastructure Investment Authority and other sources.

This was the best of five offers obtained by the township, said solicitor Lou Perrotta, who added that the township might never need to use a penny of the funding.

“If the casino license is approved, we want to be in position to start construction as soon as possible,” he said.

Although the township is seeking additional funding for the sewer project, Perrotta said, he does not know when it will become available.

Supervisor chairman Gary Pezzuolo said the township has applied for an $11 million PennVest loan and anticipates receiving $7 million through state gaming revenue funds.

“We want this line of credit to be in place before the casino gets license and they start construction,” he said. “Once that license becomes available, we must start (constructing the township sewer line).”

Perrotta also will begin interviewing bond companies in anticipation of securing a bond to fund the project.

In another matter, Resident Carol McCree asked township officials to address high grass complaints.

McCree said a vacant house in her Churchill Road neighborhood has chest-high grass. She said that when she called the realtor selling the property, “They came once to cut it.”

Trash and high grass are seen at other vacant and for sale houses McCree said.

Township ordinance requires the supervisors to send a letter to property owners, informing them of the violation, Pezzuolo said. They have 10 days to respond. If it is not resolved, the township can cut grass and haul out trash and bill the owners.

The supervisors also approved a conditional use application for Beyond Corp. to conduct surface mining in the township. The application was recommended by the township planning commission. The application is limited to five acres of land.

The supervisors also approved an agreement with CSX Railroad to allow the sewer line to be extended across the railroad tracks.

Secretary Elaine Kielar also read a letter from the Pennsylvania Department of Transportation, noting the speed limit of Route 551 between Route 208 in Pulaski Township and Route 422 in Mahoning Township was recently posted at 50 miles per hour. The road previously was not posted.

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