Written by Wendy Karpel Kreitzman Friday, 24 September 2010 00:00
Standard & Poor’s (S&P) Ratings Services assigned its highest ‘AAA’ rating and stable outlook to bonds that the Village of Great Neck is issuing to fund continuing road rebuilding and resurfacing. In making the announcement, Village of Great Neck Mayor Ralph J. Kreitzman added that S&P also “reaffirmed” its assigned ‘AAA’ long-term bond and stable outlook to the village’s existing bonds.
“The village’s commitment to strong and prudent fiscal policies is reflected in the highest rating from Standard & Poor’s,” stated Mayor Kreitzman. “We have made fiscally responsible decisions while not increasing real estate taxes for two years, and we are proud S&P has deemed our bonds worthy of their highest credit rating,” the mayor noted, adding that “S&P’s rating was with full knowledge of the significant cost to the village of the June 24 storm.”
S&P has stated: “The stable outlook reflects the village’s participation in the deep and diverse regional employment base, which provides stability to the primarily residential tax base. The village’s strong financial profile and dependence on stable property tax revenues provide further stability.”
The new rating is for the village’s $1 million bonds to pay for this year’s road rebuilding and repaving project. In addition to a very low interest rate, according to Mayor Kreitzman, the amount of the bond was reduced from $1.4 million as a result of very competitive bids for the work. This work, he explained, is part of the village’s continuing 30-year program to rebuild or repave all of its approximately 26 miles of roads. The interest rate on this year’s bonds start at two percent and increases to only three percent after 15 years. The bonds are redeemable at par after seven years.
“The village continues to make responsible choices to maintain fiscal integrity for decades to come,” added Deputy Mayor Mitch Beckerman.
Last year, S&P also assigned its ‘AAA’ long-term bond rating to the Village of Great Neck. This Deputy Mayor Beckerman explained, “reflects the village’s extremely strong and stable financial position and strong performance in recent years.”
Mayor Kreitzman also announced that the village has extended some storm-related waivers in order for residents to have adequate time to recover from the June 24 tornado-like storm (the micro-burst) that devastated so much of the Old Village. “We extended until Oct. 31 some of our other post-June 24 storm actions for residents with storm damage,” the mayor told the Great Neck Record.
Temporary building permits will continue to be issued “at the discretion of our building department,” Mayor Kreitzman said. These permits are to be “issued with limited initial review,” he added. Building permit fees are waived; only the filing fee is payable.
Also, when a temporary building permit is not available, one-half of the building permit fee is waived.
Both only apply to repair or replacement of June 24 storm damage.
The village reminds the public that almost all building permits are required by state law and are for the safety of residents and property owners and the public.
The Village of Great Neck has also extended its “sidewalk sale” until Nov. 30. There will be no fee or deposit for sidewalk repairs or replacements issued through Nov. 30. However, permits still are required.