Commissioners approve loan to renovate/replace five bridges

| 11 Feb 2021 | 10:25

Milford. The Pike County Commissioners on Feb. 3 adopted an ordinance authorizing $5 million for the replacement and renovation of five bridges in the county.

Commissioners Chair Matthew Osterberg said this will be a construction loan and the borough will have three years to spend the $5 million.

“We either spend it all or we have to bond whatever the balance is,” Osterberg said.

County Communications Director said the five bridges are Kimbles Road over the Lackawaxen River in Hawley Township, Shohola Falls Road over he Balliard Creek in Shohola, Carlton Road over the Taylor Creek, Creek Road over Little Bushkill Road in East Stroudsburg and Springbrook Road over Rattlesnake Creek in Dingman Township.

County Bond Counsel Jen Caron said the loan is a short-term financing option and Dime Bank provided a favorable proposal for a tax-exempt interest rate of 0.78 percent through Maturity on March 1, 2024.

Caron said the county is preparing the DCD documentation and will file it with the Dept. of Community and Economic Development while waiting for the 20-day approval.

She projected that closing on the loan would be in mid-March.