Thursday, February 29, 2024

Northville Township receives top AAA bond rating

  Standard & Poor’s maintains Northville Township’s bond rating as AAA. This is the highest assigned rating and indicates that the Township has excellent creditworthiness, healthy reserves and prudent financial management that ensures the capacity to repay investors. “The designation qualifies the Township for the best interest rates when borrowing to fund long-term projects, like the new public services building on 15 acres of Legacy Park, the former state psychiatric hospital on Seven Mile Road,” said Northville Township Treasurer Jason Rhines. Northville Township plans to use its AAA bond rating to secure a low-interest rate for the $15 million bonds it plans to sell in late February. The proceeds will be used to partially finance the construction of the Essential Services Complex (ESC) at Legacy Park. 

The ESC will provide a second fire station, which is needed to reduce response times to the northeast quadrant of the community, as well as a new state-of-the-art police headquarters. Additionally, the ESC will be home to a new facility for the Department of Public Works and a Northville Parks & Recreation building, which will provide restrooms for residents near a trailhead to Legacy Park. The total project is expected to be completed in the spring of 2025. “This facility is important to the Board of Trustees because we value the health and safety of our residents,” said Northville Township Supervisor Mark J. Abbo. “It will lead to better response times from the Fire Department, our Police Department, and even our Public Works professionals, particularly our Water & Sewer team. That translates to providing better service to the community.” Not only has Northville Township received the coveted AAA bond rating, but has also been repeatedly recognized by the Government Finance Officers Association for its budget and financial plan, most recently for its 2023 budget. It’s in the top 2% of Michigan for its excellence in budgeting. “This AAA bond rating speaks to Northville Township’s mindfulness of being careful with every public dollar,” said Supervisor Abbo. “We are excited about Northville Township’s future and the improved service delivery the Essential Services Complex will provide our wonderful  community.”