Zelienople seeks $3M low-interest bank loan
ZELIENOPLE — The borough will seek more than $3 million from the county's infrastructure bank.
Council approved the application requesting $3,055,400 from the bank, which provides low-interest rates to townships and boroughs to complete projects they otherwise could not afford.
Last year, the infrastructure bank provided $8.5 million for four projects at a 1.5 percent interest rate and 10-year loan term in its initial round of funding.
According to borough Manager Don Pepe, the request will seek $555,400 for Phase 2 of work on the Main Street project, and an additional $1.5 million for Phase 3.
The Main Street Revitalization project has been ongoing for several years, with Phase 1 and portions of Phase 2 partially paid for via a $3 million state grant received in 2014. Work has already been completed on Main Street between Spring and New Castle streets, with new sidewalks and streetlights put in place and utility lines moved underground. A new parking lot on West New Castle Street for Main Street businesses has also been installed.
The application also includes a $1 million request for stormwater improvements. Following a bout with severe flooding in late May, borough officials are looking at the stormwater management plan and reprioritizing which work is most important. Once a new plan of attack is created — with input from community members and data gathered via a borough study — the funds from the infrastructure bank would help them address the most urgent solutions, Pepe said.
