Cheshire News http://www.cheshirect.org 2017-04-27T10:33:16 umbraco v4 All the latest news from the city of cheshire en mattress recycling 4-29-17 http://www.cheshirect.org/news/mattress-recycling-4-29-17/ 2017-04-27T10:33:16 Arnett Talbot http://www.cheshirect.org/news/mattress-recycling-4-29-17/ FREE MATTRESS RECYCLING EVENT

 

The Town of Cheshire is sponsoring a free mattress recycling drop off event for Cheshire residents on Saturday, April 29, 2017 from 9:00 a.m. to 1:00 p.m. at Darcey School, 1686 Waterbury Road. 

 

ACCEPTED: mattresses (crib/twin/full/queen/king); box springs

NOT ACCEPTED: mattresses from futons/sofa beds/water beds; mattresses infested with bed bugs; wet, damaged, excessively soiled mattresses; sleeping bags; mattress pads/toppers

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FREE MATTRESS RECYCLING EVENT

 

The Town of Cheshire is sponsoring a free mattress recycling drop off event for Cheshire residents on Saturday, April 29, 2017 from 9:00 a.m. to 1:00 p.m. at Darcey School, 1686 Waterbury Road. 

 

ACCEPTED: mattresses (crib/twin/full/queen/king); box springs

NOT ACCEPTED: mattresses from futons/sofa beds/water beds; mattresses infested with bed bugs; wet, damaged, excessively soiled mattresses; sleeping bags; mattress pads/toppers

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half marathon press release 4-24-17 http://www.cheshirect.org/news/half-marathon-press-release-4-24-17/ 2017-04-24T11:21:00 Arnett Talbot http://www.cheshirect.org/news/half-marathon-press-release-4-24-17/ The sixth annual Ion Bank Cheshire Half Marathon and 5K will be taking place on Sunday, April 30, 2017 from 8:30 a.m. to early afternoon.  There will be temporary toad closures and detours in the southern portion of Cheshire, including but not limited to South Main Street, Higgins Road, Oak Avenue, Cornwall Avenue, Ward Lane, Mountain Road, North and South Brooksvale Road, Mt. Sanford Road, Avon Boulevard, most side streets off these main roads.  Brooksvale Road and River Road in Hamden are also included.

 

Police officers will be located throughout the race route to assist with vehicle and pedestrian traffic, and motorists are asked to avoid the area if possible.

 

Click here for a map of the race route.

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The sixth annual Ion Bank Cheshire Half Marathon and 5K will be taking place on Sunday, April 30, 2017 from 8:30 a.m. to early afternoon.  There will be temporary toad closures and detours in the southern portion of Cheshire, including but not limited to South Main Street, Higgins Road, Oak Avenue, Cornwall Avenue, Ward Lane, Mountain Road, North and South Brooksvale Road, Mt. Sanford Road, Avon Boulevard, most side streets off these main roads.  Brooksvale Road and River Road in Hamden are also included.

 

Police officers will be located throughout the race route to assist with vehicle and pedestrian traffic, and motorists are asked to avoid the area if possible.

 

Click here for a map of the race route.

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New Economic Initiatives Proposed for Cheshire by Consultant http://www.cheshirect.org/news/new-economic-initiatives-proposed-for-cheshire-by-consultant/ 2017-03-15T11:02:34 Catherine Donegan http://www.cheshirect.org/news/new-economic-initiatives-proposed-for-cheshire-by-consultant/ In response to Connecticut's continued slow economic recovery, severe cuts to municipal and education aid and costly state mandates, the Economic Development Commission (EDC) engaged the consulting firm of Arnett Muldrow to perform a market assessment and develop a marketing plan for the Town of Cheshire.

 

The comments, observations and recommendations in the report were derived from an analysis of local and regional economic & demographic data, as well as over twenty group and individual meetings with business owners, commercial and industrial real estate professionals, local and regional economic development officials, students at Cheshire High School and elected and appointed town officials.

 

The EDC has developed a work plan for the next 12 months to implement a number of the recommendations in the report.  The goal of the activities in the work plan is to increase the Grand List with compatible and sustainable commercial and industrial growth.

 

Select underlined link to view the Arnett Muldrow Market Assessment & Marketing Plan

 

 

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In response to Connecticut's continued slow economic recovery, severe cuts to municipal and education aid and costly state mandates, the Economic Development Commission (EDC) engaged the consulting firm of Arnett Muldrow to perform a market assessment and develop a marketing plan for the Town of Cheshire.

 

The comments, observations and recommendations in the report were derived from an analysis of local and regional economic & demographic data, as well as over twenty group and individual meetings with business owners, commercial and industrial real estate professionals, local and regional economic development officials, students at Cheshire High School and elected and appointed town officials.

 

The EDC has developed a work plan for the next 12 months to implement a number of the recommendations in the report.  The goal of the activities in the work plan is to increase the Grand List with compatible and sustainable commercial and industrial growth.

 

Select underlined link to view the Arnett Muldrow Market Assessment & Marketing Plan

 

 

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AAA Credit Ratings http://www.cheshirect.org/news/aaa-credit-ratings/ 2017-03-03T13:21:52 Arnett Talbot http://www.cheshirect.org/news/aaa-credit-ratings/      The Town of Cheshire has maintained a AAA credit rating from both Fitch and Standard & Poors.  The rating agencies both commented on the Town's professional management and strength of our finances in awarding the highest possible credit rating.  Click below for a copy of their reports. 

 

Fitch Credit Rating Report

Standard & Poors Credit Rating Report

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     The Town of Cheshire has maintained a AAA credit rating from both Fitch and Standard & Poors.  The rating agencies both commented on the Town's professional management and strength of our finances in awarding the highest possible credit rating.  Click below for a copy of their reports. 

 

Fitch Credit Rating Report

Standard & Poors Credit Rating Report

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Bond Sale 2-22-17 http://www.cheshirect.org/news/bond-sale-2-22-17/ 2017-02-28T15:05:02 Arnett Talbot http://www.cheshirect.org/news/bond-sale-2-22-17/  $17.5M Bond Sale

 

                   The Town of Cheshire sold $17.5M in bonds on February 22, 2017 at a very favorable interest rate of 2.82% well below our estimate of 4.0%, which will yield approximately $1.7M less interest costs over the 20 year life of the bonds than we had projected.  The Town received 8 bids ranging from 2.82% to 2.94% and the sale of the 20-year General Obligation bonds was awarded to the low bidder, Robert W. Baird & Co., Inc.  Proceeds from this bond sale will finance 40 capital projects for land acquisition and infrastructure improvements that were adopted in recent capital budgets, including road repavement, upgrade and expansion of the public safety radio communication system, fire truck pumping engine, bridge and drainage improvements, heavy equipment rolling stock acquisitions, pump station rehabilitation, park improvements, various school improvements and building upgrades.

 

                   We also received a premium of $712, 609.51 which is cash that will be conveyed to the Town at the bond closing, which is to be used to pay down current and future debt.

 

                   The Town worked with its financial advisor, Matt Spoerndle, Senior Managing Director at Phoenix Advisors, LLC, and bond counsel, Robinson and Cole, LLC to bring this issue to market.  With the guidance of Mr. Spoerndle we worked diligently to sustain a credit rating of “AAA” from both rating agencies, Standard and Poor’s Global Ratings and Fitch Ratings.

 

                   In preparation for this bond sale Town staff made a formal presentation on February 7, 2017 to these rating agencies at their respective offices in New York City.

 

                   Since AAA is the highest credit rating awarded by these agencies, this formal presentation was critically important in order to adequately present our case for sustaining this credit rating distinction. Connecticut municipalities are undergoing greater scrutiny from the rating agencies due to the State’s continuing fiscal problems and the erosion of municipal aid making it additionally important for a formal presentation.

 

                   The outcome of our efforts was released on February 14, 2017 by Standard and Poor’s and by Fitch on February 16, 2017. Both agencies sustained our rating as “AAA,” even in light of the State’s fiscal problems.

 

                   “The Town should be very pleased with the results of a very successful sale. Clearly, the Town’s exceptional bond ratings had a great impact on the results, keeping the cost of borrowing as low as it could be.” said Mr. Spoerndle.

 

                   The importance of having two “AAA” credit ratings is manifold but the immediate benefit was that the $17.5M in General Obligation bonds sold well below the 4.00% interest rate we assumed, thereby generating significant interest savings from our projections.

 

                   The agencies cited Cheshire’s “strong financial position,” “very strong economy,” and “very strong institutional framework” as some of the rationale for the ratings.

 

                   The Town is extremely pleased by the very low interest rate received as well as sustaining the highest credit rating from each agency, especially given the economic challenges that we’ve encountered since the recession of 2008.

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 $17.5M Bond Sale

 

                   The Town of Cheshire sold $17.5M in bonds on February 22, 2017 at a very favorable interest rate of 2.82% well below our estimate of 4.0%, which will yield approximately $1.7M less interest costs over the 20 year life of the bonds than we had projected.  The Town received 8 bids ranging from 2.82% to 2.94% and the sale of the 20-year General Obligation bonds was awarded to the low bidder, Robert W. Baird & Co., Inc.  Proceeds from this bond sale will finance 40 capital projects for land acquisition and infrastructure improvements that were adopted in recent capital budgets, including road repavement, upgrade and expansion of the public safety radio communication system, fire truck pumping engine, bridge and drainage improvements, heavy equipment rolling stock acquisitions, pump station rehabilitation, park improvements, various school improvements and building upgrades.

 

                   We also received a premium of $712, 609.51 which is cash that will be conveyed to the Town at the bond closing, which is to be used to pay down current and future debt.

 

                   The Town worked with its financial advisor, Matt Spoerndle, Senior Managing Director at Phoenix Advisors, LLC, and bond counsel, Robinson and Cole, LLC to bring this issue to market.  With the guidance of Mr. Spoerndle we worked diligently to sustain a credit rating of “AAA” from both rating agencies, Standard and Poor’s Global Ratings and Fitch Ratings.

 

                   In preparation for this bond sale Town staff made a formal presentation on February 7, 2017 to these rating agencies at their respective offices in New York City.

 

                   Since AAA is the highest credit rating awarded by these agencies, this formal presentation was critically important in order to adequately present our case for sustaining this credit rating distinction. Connecticut municipalities are undergoing greater scrutiny from the rating agencies due to the State’s continuing fiscal problems and the erosion of municipal aid making it additionally important for a formal presentation.

 

                   The outcome of our efforts was released on February 14, 2017 by Standard and Poor’s and by Fitch on February 16, 2017. Both agencies sustained our rating as “AAA,” even in light of the State’s fiscal problems.

 

                   “The Town should be very pleased with the results of a very successful sale. Clearly, the Town’s exceptional bond ratings had a great impact on the results, keeping the cost of borrowing as low as it could be.” said Mr. Spoerndle.

 

                   The importance of having two “AAA” credit ratings is manifold but the immediate benefit was that the $17.5M in General Obligation bonds sold well below the 4.00% interest rate we assumed, thereby generating significant interest savings from our projections.

 

                   The agencies cited Cheshire’s “strong financial position,” “very strong economy,” and “very strong institutional framework” as some of the rationale for the ratings.

 

                   The Town is extremely pleased by the very low interest rate received as well as sustaining the highest credit rating from each agency, especially given the economic challenges that we’ve encountered since the recession of 2008.

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