$3.5M bond to go toward Pitcairn maintenance projects
The $3.5 million worth of bonds issued by Pitcairn last month could help to address crumbling bridges and a collapsing hillside in 2014, borough officials said.
The bond issue was done through Piper Jaffray, an investment bank and asset-management firm headquartered in Minneapolis.
The maintenance projects are long overdue, Pitcairn Council President John Prucnal said.
“It's always been Band-Aids that we've put on this stuff, for the last 20 years,” Prucnal said.
A list of maintenance projects in Pitcairn includes bridges on Third Street, Eleanor Street, Diamond Alley and Electric Alley, a portion of Center Road that winds uphill toward the borough building and a culvert near Hillside Avenue, borough manager Malisa Migliori said.
The borough already received $200,000 from the Redevelopment Authority of Allegheny County earlier this year, which could be combined with bond money to help repair the bridges, Migliori said.
The borough could begin repaying the loan as early as next year and likely will make payments for the next 30 years, Migliori said Monday.
Borough engineers will prioritize 2014 maintenance projects, while bond money being saved for later projects will be moved to a separate savings account where it will accrue interest for the municipality, officials said.
Kyle Lawson is a staff writer for Trib Total Media. He can be reached at 412-856-7400, ext. 8755, or firstname.lastname@example.org.
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