GREENPORT/Renovations at marina
Greenport Village will upgrade electrical service at its marina after receiving federal and state funding that will allow it to accommodate larger boats there.
The $105,963 in federal funding, secured by Rep. Tim Bishop (D-Southampton), will be added to $45,413 in state parks funding to the village's capital budget, according to a news release from Bishop's office. The village will also add some funds to the project, said Greenport Village Mayor David Nyce.
The federal grant from the U.S. Fish and Wildlife Service's Boating Infrastructure Grant program is to construct and renovate facilities for docking of recreational boats staying 10 days or less that are 26 feet or more in length. The program will award $13.5 million in competitive grants this year to 16 projects in 11 states, according to Bishop's news release.
"These federal funds will improve Greenport's marina and help create jobs by allowing more visitors to access one of the North Fork's treasures," Bishop said in the news release.
Nyce said he hopes to have the improvements done before the summer season. The upgrade, he added, will allow larger boats to come to the marina and, hopefully, spend money in the village.
-- STACEY ALTHERR
ISLIP / Bond rating is highest
The Town of Islip has received an upgrade to the highest bond rating of "AAA" from ratings agency Fitch, helping the town secure a lower interest rate on any future borrowing it may undertake.
Last August, agencies Moody's Investors Service and Standard & Poor's both maintained their "Aa1" and "AAA" ratings respectively but the Fitch upgrade is the first rating to emerge since the town passed its $117-million budget in November.
Issuing the town with a "stable" ratings outlook, Fitch said its "above-average socioeconomic profile is characterized by an affluent population and below average unemployment rates."
Town comptroller Joseph Ludwig said the rating enables the town to sell bonds at a good interest rate "enabling the town to keep debt-servicing costs to a minimum." A Citizens Advisory Committee recommended in January that the town spend $70 million over the next two years to repair its roads and parks.
Fitch issued the upgrade Jan. 31.
-- SARAH CRICHTON