Town Council approves up to $3 million in borrowing

Town Council approves up to $3 million in borrowing

NORTH PROVIDENCE – The Town Council last week approved an ordinance authorizing the town to issue bonds and notes up to $3 million to purchase multiple properties for use as open recreation space.

The money would go toward the purchase, development, improvements and equipping of the properties.

Responding to a resident who had concerns about the development of one of the properties, Town Council President Dino Autiello said last week’s vote was simply to authorize the borrowing, and public hearings will be held in the future on actual proposals relating to what will go on the sites.

The borrowing will not go to voters, as previously reported. The Breeze reported last month that the council had approved a $200,000 first payment on the borrowing for the properties to be included in the 2018-2019 budget. The council last week officially passed that budget.

Autiello said the town has low debt levels and is able to absorb the new borrowing without raising taxes.

Mayor Charles Lombardi is in negotiations with owners of two properties to develop new athletic field space.

• The first property is located off Washington Street near the existing Ivan Street baseball fields.

• The second property is the Colletti Farm property bordered by Elena, Hamlin and Verdi streets.

The combined asking price for the two properties, prior to negotiations, was tabbed at $1.7 million.