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Authority mulls $1 million for new office space, parking meters

Williamsport Parking Authority is a step closer to approving a $1 million loan for building a new office at the Trade and Transit Centre I building at West Third and Pine streets.

On Wednesday, the authority took no action but discussed the loan and the financing package being arranged by William E. Nichols Jr., city finance director and River Valley Transit general manager.

Nichols, by telephone, spoke to the group.

The $1 million from M&T Bank will go to finance the architectural design, engineering and construction phases of the office, Nichols said.

The money will be borrowed by the authority and turned over to River Valley Transit and the Hiawatha, according to Dr. Anthony J. Cipolla, authority director.

The authority has been guaranteed $100,000 from the loan that will be used toward upgrading parking meters, Cipolla said. Next the authority will vote to sign the loan and will need to agree to the terms to drawdown the money, Cipolla said.

There will be a “reimbursement agreement” written, giving directions on how to drawdown the money.

In addition, the authority plans to hire Gannett-Fleming and architect Michael Snyder to do the first-floor renovation work, estimated at this time to be about $65,000, Cipolla said.

The financing package will work, as many do, with the first two years interest only and then a 10-year schedule of payment, according to Nichols.

Scott Williams, authority solicitor, suggested the authority not authorize any contracts until it reviews the contract.

The vote should take place either at a specially called for meeting or the monthly meeting, Cipolla said.

The authority currently is renting the building space at Pine Street and will move its office into the new office once the construction is complete, he said.

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