FOR IMMEDIATE RELEASE: DECEMBER 22, 2016
Norristown Council approves $10 million CIP Program
NORRISTOWN, PA – Norristown Municipal Council approved a $10 million Capital Improvement Program (CIP) during the December 20th council work session. The Program includes funds designated for park improvements, improvements for public safety equipment, public works equipment, facilities improvements and property acquisition.
The CIP identifies the capital priorities of the municipality over a five-year period (2017-2021), not only identifying the immediate needs but also capturing long-term improvement requirements.
“Because of its strong financial position, the Municipality is able to refinance existing debt, lower its interest rates, shorten its debt term and borrow the CIP funds without impacting the annual operating budget,” explained Municipal Administrator Crandall Jones. “Council’s approval of the CIP program, when combined with our previously approved $3.4 million comprehensive local roads improvement program, the County campus project and the other infrastructure development going on in town, means 2017 will be a very dynamic year in Norristown.”
Council also named Stevens & Lee as bond counsel to guide the Municipality through the CIP borrowing process.
“The Municipal Council is pleased to be in a position to address many significant facility, equipment and economic development needs that have been deferred throughout the years—some for decades,” remarked Council President Sonya Sanders. “Our first 5-year program is a broad based approach to tactically make improvements to our parks, our facilities, our service fleets and to strategically leverage ourselves to stimulate downtown development. I really appreciate the solid work of both Council and staff in moving this forward.”
For more information on the CIP, visit the Norristown website or contact the Office of the Municipal Administrator at 610-270-0421.