SF approves refinancing plan
South Fayette Township commissioners voted unanimously Wednesday to approve the township’s debt refinancing plan. The plan, which forces the bonds savings into the back end of its lifespan, will save the township roughly $2.3 million when paid off in 2030. Before refinancing, the bonds were scheduled to be paid off in 2034.
The percentage savings of the refunded bonds, which is the total savings divided by the number of bonds refinanced, 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 for the successful bonds reissuance. “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.
However, the board moved to a two-meeting schedule as of September and the second meeting of the month will serve as the voting meeting.
The board also discussed a proposed ordinance that would raise parking fees, particularly for violations, 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 handicap 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 proposed 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 Knights Inn were also brought before the board. The building would be five stories and include an anticipated 94 rooms with a pool, a fitness center, a snack shop and conference space.