South Fayette Township approves debt refinancing plan
South Fayette commissioners voted unanimously Sept. 14 to approve the township’s debt refinancing plan.
The measure will save the township roughly $2.3 million when bonds are paid off in 2030. Before refinancing, the bonds were scheduled to be retired in 2034.
The percentage savings of the refunded bonds, which is the total savings divided by the number of bonds refinanced, has set a record for Janney Montomery Scott, who handled the refinancing.
“In our line of business,” Alisha Reesh of Janney Montomery Scott told the board, “you like to see a minimum of 2 to 3 percent, and yours is over 26 percent.”
Reesh credits South Fayette’s outstanding township rating.
“This is actually going down in the history of our office,” she said.
The debt financing was the only matter voted on by the board, but commissioners moved to a two-meeting schedule as of September, with the second meeting of the month serving as the voting meeting.
Commissioners also discussed a proposed ordinance that would raise parking fees, to be more in line with neighboring communities. The fee for a parking citation in South Fayette is $5. The proposed change would raise that to $15. Illegally using a handicapped parking spot would cost $50.
South Fayette police Chief John Phoennik said the amendment would modernize parking fees that have been in place since the mid-1970s.
The board also discussed proposed subdivision and conditional use plans for a shopping center at Hickory Grade Road and Route 50, on the site of the old Holy Parish Church. The shopping center would include a Dunkin’ Donuts, Washington Financial Bank and spaces for dining and retail.
Plans for a new Fairfield Inn on Hickory Grade Road, to replace the closed Knights Inn, were also brought before the board. The building would be five stories tall and include an anticipated 94 rooms with a pool, fitness center, snack shop and conference space.
At the close of the meeting, township manager Ryan Eggleston thanked a local church for donating $5,000 to to provide an in-car cruiser camera for the police force.
“Many thanks,” said Chief Phoennik to the donor, which requested to remain anonymous.