FRANCONIA — Interest costs on some of the township's borrowed money are going down.
The move was approved by the Franconia Township Board of Supervisors at its Aug. 19 meeting.
"We are going to take advantage of low financing rates right now and we are moving from an interest rate of 2.4 percent to 1.524 percent for some of our open space notes from 2007," Township Manager Jon Hammer said following the meeting.
The change is on the interest for about $1.5 million of borrowing, he said.
It's impossible to determine the exact amount that will be saved by the move since it changes the interest rate from a variable rate to a fixed rate and what the future variable rate would have been isn't known, but the savings could conservatively be estimated at $60,000 to $70,000, he said.
In other matters at the meeting:
• The board approved purchasing 589 Allentown Road from Jeremy and Alicia Nice.
The tract adjoins Franconia Community Park, Hammer said.
"We're looking to purchase the parcel as an extension to grow our park system," he said.
The purchase price is $225,000, information for the meeting showed. The 35,014 square-foot property includes a house.
• Bergey's Auto Dealerships has received a grading permit to expand an existing parking lot at Route 113 and Godshall Road. An existing house at the site will be demolished, company representatives said during the work session portion of the meeting. Hedges will be planted to prevent headlights from shining into windows of neighboring homes and the LED lighting in the parking lot will shine down, engineer Rick Mast said.