Town Meeting Will Be Held Next Week to Address $14,000,000 Capital Improvement Resolution

Ever since the passage of last year’s budget, First Selectman Michael Freda has alluded to plans for North Haven’s economic future that will be presented to the town in September. Next Tuesday, residents will hear a presentation from Freda and other officials at the annual town meeting to be held at the high school at 7:00 pm.

Freda provided details about the session at last night’s Board of Finance meeting, which was attended by two financial professionals who explained a key element of next Tuesday’s presentation – a resolution appropriating $14,000,000 for capital improvements that will be paid for by the issuance of town bonds.

Glenn Rybacki, an investment advisor at IBIC and Mark Chapman, a Robinson & Cole lawyer spoke to the Board after Freda described next Tuesday’s meeting.

Rybacki noted that the resolution will appropriate the $14,000,000, authorize the bonds to finance it and indentify the projects the money will be spent on.

Freda said the money will be used for substantial fire department improvements: renovations and additions to fire headquarters, the construction of a new fire station for the Montowese company and renovations to the West Ridge and Northeast companies.

Funds will also be used for road repair projects and the construction of a new storage facility for the Department of Public Works.

Chapman explained that the money devoted to town projects will go a long way because the slow economy is a good time to initiate capital improvement projects. Interest rates are low, the ability to negotiate construction costs favors the town and the price of oil is lower, which will benefit the road repair projects.

Freda noted that a consultant will prioritize which roads will be repaired first.

No vote will be taken at next Tuesday’s meeting on the resolution. The meeting will be used to unveil Freda’s long term capital improvement plan, with the repairs to the fire department and town roads to be completed over the next three to four years, he said.

The town will vote on the resolution before the end of the year with other town meetings to be held to discuss the resolution before then.

Next Tuesday, meeting attendees will vote on four items:

• A budget transfer recommended by the Board of Finance of $620,469.28.
• A resolution to accept Pierpont Court as a town road.
• A resolution to adopt a North Haven Open Burning Ordinance.
• A resolution to adopt a North Haven Blight Ordinance.

Following next Tuesday's meeting, the Board of Finance will examine the resolution proposal and make recommendations about it to the Selectman's office.