FORESTVILLE – The village of Forestville has come a long way in the last several months. At Tuesday’s meeting the Forestville Village Board took a big step toward paying off its debts.

In March and April, the village was facing a huge tax increase surrounding two debts – one for a building demolition and another for emergency repairs on a waterline outside the village – needing repayment in the 2014-2015 budget. In addition, the village also needed to replace the fire department roof.

The Chautauqua County Legislature in April decided to give the village a $150,000 loan for the Bennett State Road waterline repairs with some conditions. This allowed the village to come out of default on its loan with Evans Bank.

Officials put forward a tax rate double the year before, but promised it would be a one-time increase.

Since that time, the village board has had properties previously used as a water source in the towns of Hanover and Arkwright assessed for the value of the land and the timber. Mayor Kevin Johnson has said the village will use the proceeds from these sales to pay back the county and any extra may be used for updates at the fire hall.

The village received a $50,000 grant and budgeted for the fire hall roof repair. The board recently hired a company to do the work on a roof with a 30-year warranty.

At Tuesday’s meeting, the board took another step toward addressing the problems that inflated the 2014-2015 budget.

The board unanimously passed a resolution to redeem the tax anticipation note (TAN) owed to Evans Bank for the remainder of the building $250,000 building demolition debt. A total of $194,750 was authorized to go toward the principal and interest of the loan.

Johnson noted the village paid off this debt seven months before the due date.

Attorney Michael Sullivan said this was legally the earliest the village could pay off the loan, due to a five-month agreement with the bank. He added the litigation associated with this debt will be dropped upon repayment.

“What this means for the village is it will put us in a better position going forward and it gets us in better standing with (Environmental Facilities Corporation), the lender for the water project,” Johnson said.

Clerk James White pointed out the village saved on interest by paying the loan off early.

The village recently accepted a bid for a 30-acre parcel in the town of Hanover for $70,400. It is in the process of having a 110-acre parcel assessed by Pioneer Forestry. A report on this is expected by the next meeting on Nov. 11.

The village will also soon reconstitute the finance committee to begin planning for the 2015-2016 budget. The village is looking for a community member for the committee and residents can drop off a letter of interest at the village clerk’s office.

Johnson reported that water services have been completed and driveway repair will begin this week. Any complaints about restoration work should be put in writing and dropped off at the village clerk’s office. Sidewalk repair will begin next week in the area of the school and move toward Cave’s.

The planning board and zoning board of appeals will meet Nov. 20 to discuss the county land bank, grants and the village’s comprehensive plan from 1971.

Comments on this article may be sent to ngugino@observertoday.com