The Village of Stillwater has received an “A+” fiscal rating, according to a two-year audit of government finances by the New York State Comptroller’s Office.
The report (pdf), which covers fiscal years which ended on May 31, 2014 and 2013, gave the village a “no fiscal stress” designation on its Annual Update Document (AUD), which all municipalities are required to submit for state evaluation.
“The village is in excellent shape financially,” Mayor Ernest Martin told the village Board of Trustees at its Feb. 17 monthly meeting, where the report was released to the public.
In 2013, Comptroller Thomas P. DiNapoli implemented a statewide system to identify local governments experiencing financial strain. Since then, this system has been presented an objective picture of the fiscal challenges facing local governments so that corrective action can be taken to avoid fiscal crisis.
Any score below a 44.9 percent is considered a “no designation” of fiscal stress, according to the comptroller. The village’s fiscal stress score of 21.3 percent for 2014 and 11.3 percent for 2013 were well below that mark.
In other business, the Village Board voted to designate itself as the lead agency for the State Quality Environmental Review (SEQR) process for a proposal to construct luxury apartments at the old American Linen property on North Hudson Avenue.
Back in August, Camelot Associates pitched the proposal to erect five, two-story apartment buildings on the long-vacant factory land, each building containing eight one- or two-bedroom modern living units. There would be a total of 40 apartments in all built on the property that would lease for about $900 a month. The buildings would feature a vinyl sided and brick exterior and be modeled after a similar development in the Town of Colonie.
Camelot made a different proposal for the former American Linen site about eight years ago which included a strip mall and a bank. But after the developer got all of its approvals the country went into a recession and the project was abandoned.
The Village Board held a special meeting on Feb. 10 to review the new application for the project and ask questions of the potential developer. Following that meeting, the board submitted a written request (pdf) for further information on the project before the application would be voted on.
Some board members have said publically they would prefer a mix of business and residential construction on the site versus residential only as the village has had trouble drawing small business like a laundromat, drug store and/or small restaurants to the area.