NIFA allows county to borrow $1.4 million for local capital projects

NIFA allows county to borrow $1.4 million for local capital projects
There will be two Nassau County capital projects each in the Great Neck, Port Washington and Roslyn areas. (Map by Janelle Clausen)

The Nassau County Interim Finance Authority, or NIFA, signed off on a county plan to issue more than $87 million in bonds for capital improvement projects on Tuesday, including nearly $1.4 million for area projects.

According to NIFA documents, the county had requested to borrow $1.39 million to go toward six projects for county parks and traffic safety projects.

While the county Legislature approved the bond ordinances for the projects, state law dictates that NIFA must review and approve long-term or short-term borrowing by the county.

“NIFA staff has worked with the County to be certain that these are of the highest priority and can be funded through the issuance of bonds,” according to a draft of NIFA’s Tuesday night meeting.

All of the project amounts requested have bond ordinances that have been approved by the Legislature.

The 89-acre Christopher Morley Park in the Roslyn-North Hills area, home to wooded nature trails, an ice rink, swimming pool, tennis courts and other features, will be the subject of “various improvements.” NIFA voted to allow Nassau County to borrow $500,000 for the project.

The authority also voted to let Nassau County borrow $500,000 for rehabilitating Sand Point Park’s seawall, which it notes as a “protective barrier which prevents beach erosion” and thus protects the historic Falaise Mansion and Hempstead House.

NIFA also signed off on the county borrowing $250,000 for traffic safety improvements on Roslyn Road in Roslyn Heights and $40,000 for a stabilization feasibility study to investigate “potential methodologies of stabilizing Shore Road in Port Washington.”

Great Neck will be seeing a fair share of capital projects too. NIFA allowed the county to borrow $50,000 to go toward replacing decaying medians and make safety improvements along Middle Neck Road and $50,000 to make traffic safety improvements on Cuttermill Road.

No posts to display