Major Savings and Upgrades: Riiska Finalizes Refinance and Maple Avenue Reconstruction

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First Selectman Matt Riiska has been finalizing key town projects this week. He completed the refinancing of a $4 million loan, originally secured last year for major renovations on Maple Avenue and roof replacement at Botelle School. The new interest rate is 3.46 percent, reduced from 5.87 percent, which is expected to save the town over $1 million over the 24-year loan term.

The Maple Avenue reconstruction is almost finished, despite delays from a major gas spill cleanup in November 2022. Riiska expects the final road paving to occur in early June. He mentioned that while construction is wrapping up, documentation related to the cleanup is still ongoing.

Environmental monitoring is ongoing on Maple Avenue to check for any remaining gas. The Torrington Area Health District has declared the area safe, and most residents have returned home. However, one property is still unrented, and another is facing foreclosure.

East River Energy, responsible for the spill, has been contracted to supply heating oil to Norfolk at $2.95 per gallon. Riiska noted the importance of continuing business with them due to their competitive rates and high insurance premiums post-spill.