The $44 million debt has finally been paid off, bringing much-needed relief to the city of Troy.
The financial relief comes after 25 years of debt with the City Assistance Corporation, which the city repaid last year.
Read more: City of Troy out of 25-year debt, city council hopes to restore services
These liabilities have put off pension obligations and community investments.
Troy’s new clean financial situation means more opportunities for funds to be returned to the city.
Residents have ideas about the best areas to focus on.
“Make sure the roads and sidewalks are taken care of,” said Troy resident Tom Schlak.
“It’s probably going to control the flow of traffic,” said James Doody, who works for Troy.
Many say they want the city to focus on small businesses, old buildings and road infrastructure.
“I love that Troy is so popular with independent stores,” said Nick Valenti, who works in Troy. “We don’t have a lot of corporate partnerships.”
“There are a lot of infrastructure problems,” said Troy resident Dorea Rianza, who said, “At least a few water mains break down every winter.”
In March, a CDTA bus sank into the ground through a cut in the water main here at the intersection of Route 4 and Federal.
Details: Troy crew repairing broken water mains as CDTA bus sinks into the ground
Now that this operational debt has been cleared, the city will invest in infrastructure, emergency personnel, and more.
“It took us a long time to build a good financial foundation,” said Troy City Councilman Emily Meng of District 4. We worked hard to ensure that all facilities, especially fire stations, public works and public works departments, were in place,” he said. across the department. ”
Mayor Patrick Madden said the city of Troy has lived with this debt for the past quarter century, but now the city will have more money and better credit to fund its operations. said it would.
“This puts us back to zero,” said Troy City Council Majority Leader Sue Steele. We can get back what we had before.”
