New Providence Borough Council members moved one step closer toward making $300,000 in improvements to three fields in the borough, following the introduction of a $190,000 bond ordinance on Monday night.
The $300,000 would finance “various field and park improvements, consisting of grading, reconstruction of fields, drainage, irrigation, fencing and backstops for Hillview Field and the design/engineering projects for Lincoln Field and Oakwood Park, including all work and materials necessary,” according to the draft ordinance.
Council President Michael Gennaro said $10,000 would come from the Capital Improvement Fund and be used for the down payment, which is required by the Local Bond Law.
Aside from the $190,000 that would come from the bond if the ordinance passes, $25,000 will come from a grant issued by the Union County Kids Recreation Trust Fund, Gennaro said. The remaining $75,000 will come from the borough’s Open Space Fund.
“At this point, we’ve heard these presentations for a couple meetings now,” Gennaro said. “I want to again thank Alan Lesnewich, Jimmy Cucco and Bob Robinson for their efforts and their continuing efforts on the Capital Improvements Committee, which we’ve created last year. They’ve come up with some really good recommendations for what’s going on at Hillview Field.”
In May, Standard & Poor’s and Fitch Ratings assigned a “AAA” bond rating to the borough. New Providence was one of only six municipalities nationwide that received a higher rating from Fitch in the last two years.
According to the rating agency reports, the AAA rating was based on numerous factors, including a stable and diverse taxbase, strong socioeconomic indicators, strong financial condition and manageable debt levels.