005
~ FE8-25-1999
€9'f6~ t
!)
14:57 FROM
PAGGI & MARTIN
TO
TOWN WAPPINGER P.01
PAOOI. MARTIN &: DEL BENE LLP
Consultin.g E>n.gineers & Land Surveyors
005
5~ (5)
S~,..s6 Main Street
Poughkeepsie, New York 12601
914471- 7898
914-471.0905 (FAX)
February 25. 1999
VIA FAX" MAIL:
, Town Supervisor
Town of Wappinger
P.O. Box 324
Wappingers Falls, New York 12590
Attention: Constance O. Smith, Supervisor
Reference: Phase 3AIWappinger Sewer TransmissionlTreatment Improvement
EFC Short-Term Financing
Dear Supervisor Smith:
AS you are well aware. the application to Audit and ContrOl for the above
referenced sewer improvement authorization has been submitted and is in the
process of being reviewed. With the anticipation of this approval being
forthcoming in the latter part of March, I have started the preliminary planning for
financing of the project through the Environmental Facilities Corp. (EFC).
As you are also aware, there is the potential for obtaining short-term financing
between the start of the project and the time when the project will go to long-
tel'm financing through EFC at 0% interest. We have been in touch with the
appropriate people at EFC to start the ball rolling, and have determined the initial
information that is needed to be submitted to their offices.
, With that in mind, I am asking that the Town Board authori~e our ftrm to work
along with AI Roberts, Sal Pennini and your office to submit whatever applications
,. are necessary to effectuate the short-term financing.
The successful timing of this short-term financing could result in savings of
between $80,000.00 - $120,000.00 to the residents of the sewer improvement
in up front costs, and will also ease the way for the long-term financing.
If there are any further questions or comments. please do not hesitate to contact
, thiS office.
,~er truly y our~,
, / _ /J C
. ~ <=-,
c>s'eph E. Paggi, r., P. .
JEP:law
cc: Albert P. Roberts, Esq.
, ,. ,. Sal pennini
.. ',. 'JoKphfl.l'. Jr.. RE. Ernst Martin, Jr" P.E.. L.S.
ChArle~ It ~l Bcme. Jr.. P.E,
TOTAL P.01