Upper Moreland commissioners discussed a bond issue at their Monday night meeting that would help jumpstart the Willow Grove revitalization project.

Members of the finance and administrative committee met with Brad Remig, a consultant with Public Finance Management, a company that works as an advisory service for government and nonprofit agencies.

The committee is hoping to float a bond in the upcoming months totaling approximately $3 million to finance War Memorial Park Drive, a streetscaping project in the downtown area and renovations to the police department and township building.

Committee member Stacey Efkowitz said it is a necessary investment for the community.

"This has been a long time coming," she said. "Previous boards have refused to do certain projects and refused to raise taxes, but hopefully redevelopment will bring money back into the community."

Although both board and committee members agreed that money needed to be borrowed, some were in disagreement over the amount of the bond.

Commissioner Lisa Romaniello said she thought the bond could be slightly less, but members of the committee did not think that was safe.

"What if we get halfway through the project and do not have enough money to finish?" committee Chairman Samuel Valenza asked.

Assistant Township Manager John Crawford agreed with Valenza and encouraged board members to aim higher rather than lower.

"We can pay the extra money back without penalty if we do not need all the funds," Crawford said. "It would be much more beneficial."

Remig told the committee that although the market has not been stable as of late, it is an attractive time to borrow money.

"Right now it may be more difficult to get a loan because the market has been so volatile but it is possible, we just have to do a little more work," he said.

He added that regardless of the market, Upper Moreland has a very good credit rating and it is viewed as a good financial structure.

Efkowitz said that before making any decisions regarding the project the committee would need to determine how the bond would affect community members.

Crawford said that the township would determine the funds it needed on an annual basis and that taxes would have to be increased.

The committee decided to contact Remig in April with a more definite bond amount. According to Remig, the bond would be authorized the next month and close in July.

Although the township would receive the bond money in July, Efkowitz said the township has already approved bids for demolition and construction of the roadway, and once it is finished with acquisition, it can proceed with demolition.

"We are hoping the closing of the bond and construction will begin in tandem this summer," she said.