Villadom Times Weekly Newpaper Online-September 9, 2009 Issue

Midland Park September 9, 2009 THE VILLADOM TIMES I • Page 7 The Borough of Midland Park recently named Valley National Bank as the official depository of major bank accounts. Valley replaces Commerce Bank, now TD Bank, which has been the official bank since 1997. Valley, which has a branch on Franklin Avenue in the borough, was one of four bidders for the town’s business when the request for proposals went out earlier this summer. The Wayne-based bank scored the highest in the evaluation criteria, aimed at measuring such points as competitive standpoint, financial strength of the banking institution, operational efficiencies, on-going support services to the borough, fees, and especially, interest paid on balances, according to Councilman Nick Papapietro, the council’s finance chairman. “Valley submitted a very competitive proposal which addressed our needs and concerns,” said Papapietro. He explained that one key component is the crediting of interest on all account balances at a very favorable rate much Valley National awarded bid for borough’s accounts higher than the current rate. “The town’s interest revenue has substantially decreased the past few years due to the reduction in bank crediting rates. The new rate on all balances should stop the decline and, more importantly, add additional revenue going forward, ultimately benefiting the residents and taxpayers,” he said. The borough collects about $25 million in taxes a year, with average balances of about $12 million, said Borough Administrator Michelle Dugan. The new service also includes free checking for all borough employees as well as free checking for the ambulance corps and fire department volunteers, should they wish to take advantage of this feature. Papapietro explained that the council thought it made sense, especially in this economic environment, to put the banking business out to bid not only for the opportunity to review the services available in the marketplace but also to ensure that the council was keeping on top of its due diligence fiduciary responsibilities. In previous RFPS Commerce had continued to offer the most favorable program. Dugan said the switch of the accounts is in progress and would be official when all paperwork is finalized. Steve’s Kettlebell Fitness, LLC For The Best Shape Of Your Life!! Achieve and maintain a terrific body with the world’s most effective tool for weight loss, strength, endurance, and flexibility. The Results Will Amaze You!! Try It Out.... FREE CLAS Two Midland Park organizations have indicated a desire to sponsor a farmer’s market in the Wortendyke section of town. The Midland Park Chamber of Commerce and the Midland Park Lions Club have officially written to the mayor and council expressing an interest in hosting such an activity. It may not happen anytime soon, however. Mayor Joseph Monahan set up a council committee to establish the parameters for such an enterprise and then discuss them with the interested parties. “The idea is to have a wholesome town event that people Farmer’s market draws interest This Week!! SES We Offer Individual Training In A Group Setting. Get Back In The Swing Of Things This Fall! Dramatically Change The Shape Of Your Body!! Call 201-926-5044 NOW! Spaces Fill Up Quickly. can enjoy and to bring people to the area,” commented Monahan at the last mayor and council meeting. The site being proposed is the park-and-ride lot off Central Avenue. 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