The $1.1 million bond included $288,000 for building repairs, $500,000
to completely repave the parking lot, $175,000 to repair the current
playing field and add an additional field, and $77,000 to replace
kitchen equipment including an air exchanger.
With the exception of $175,000 to repair the current athletic fields
and add a new field, the $1.1 million bond is for critical repairs that
still have to be undertaken -- only now, district taxpayers have lost
the ability for a zero interest bond to pay for the project.
The project will come back to voters, most likely at Town Meeting when
more voters (hopefully) will turn out, but there is no guarantee that
the zero interest bond will be available. Rather, voters will have to
pay 2.9 percent interest on the project -- at an estimated cost of
$270,000 over the life of the loan.
It doesn't take an academician to realize that that $270,000 interest
is significantly more than what was budgeted for repairing and adding
an athletic field.
Times are tight and the economy is not strong -- no argument about that
-- but it was pennywise and pound foolish to reject a zero interest
loan for this bond. The bulk of this work needs to be done and will
have to be done either piecemeal via repairs or after further
degradation has increased the cost of repair/replacement.
Although voter turnout might be higher at Town Meeting in March, this
might be a situation where petitioning for a revote is the right course
of action.
Depending on timing, it might be a way for district taxpayers to take
advantage of the zero percent bond money and get necessary repairs
underway before costs rise higher.
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