To counteract, the borough submitted data to Moody's to try and get its credit rank raised. To offset debt, Collingswood announced it will seek a loan to purchase remaining, unsold LumberYard units. These units will be leased to tenants, offering renters lease-purchase agreements.
But as of this Tuesday, Sept. 27, Collingswood Mayor James Maley said no progress has been made in either instance.
"There are no more specifics to report," said Maley, when asked if the credit rank was raised, or whether the borough secured a loan for the purchase of condos. "(The borough is having) regular discussions with banks and meeting with Moody's this week."
Maley said commissioners have not met since the last commission meeting, on Monday, Sept. 5, to deal with these issues. No special meeting has been called, he added.
Commissioners' next meeting will take place this Monday, Oct. 3, at 7 p.m. in the Collingswood Community Center.