$475K Bond Approved to Build Ridgeway Park

In a 4-1 vote, the West Orange Township Council approved a bond ordinance of $475,000 at Tuesday night's meeting to build the recently proposed Ridgeway Park in the St. Cloud area of town.

Councilman Joe Krakoviak said the Open Space Commission should use the money currently in its trust fund to fund the project and voted against the bond.

The administration disagreed with draining the Open Space Trust Fund and it felt in the long run the bond would be a better option it wouldn't cost the township a substantial amount of additional money, Mayor Robert Parisi said. 

President Victor Cirilo, Councilman Jerry Guarino and Councilwoman Patty Spango and Susan McCartney voted in favor of the bond. 

The public in attendance said they were happy the township was cleaning up the approximate four-acres of land, which were acquired in 2006 from Northfield Associates LLC, that are currently in disarray. 

However, the public said they were concerned about the interest the township would have to pay, agreeing with Krakoviak that some of the money should be payed from the Open Space Trust Fund. 

"I hate to say it but money is cheap for municipalities right now," Parisi said.

He explained the interest rate of the bond would be between 1 and 2 percent and over a 15-year period the township expects to pay between $10,000 and $70,000 in interest. 

The Open Space Commission will pay the down payment on the bond, approximately $25,000 according to the Parisi. 

According to the officials, $431,000 is currently in the Open Space Trust Fund with $125,000-$130,000 already committed to other projects. The annual collection for the fund is about $146,000. 

"If we were to pull all their money then they would have to sit idle before they had other kind of resources, " the mayor said. "Great concept and worked very well but not a lot of money."

However, Parisi noted, although it is the suggestion of the administration and Open Space Commission it was ultimately the board decision. 

According to the administration, the township has a AA rating* with its current debt at about 1 percent on the rating scale.

*Correction: It was originally reported the township had a triple-A rating. It has a AA rating.