Council To Borrow $10 Million For Major Projects

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On Monday the town council unanimously approved a resolution for the $10 million which will be used for the Bay Oaks rebuild, the Times Square redesign and Bayside Park. The 20 year loan is at an interest rate of 3.1%. The interest rate is locked in for 10 years and will need to be recalculated after 10 years. There is also a loan initiation for of $20,000 so if the town does not close the loan they lose that $20,000.

About $5.5 million is earmarked for Bay Oaks, although estimates from that project have come in much higher than that. About $2 million is needed for the Times Square refurbishing and the balance would go to Bayside Park, although its completely up in the air what will be done at Bayside Park