16:59The meeting commenced with an update on the West Street School building, which has been unoccupied for six years. Rising renovation costs were central to the discussion, with the Committee exploring ways to manage the financial demands of the project. The vision is to consolidate municipal offices currently scattered across two buildings and integrate a Council on Aging program into the renovated space. The scope of the project has shifted significantly, with the initial plan to renovate the entire building for $5.9 million now adjusted to focus on only half of the structure, inflating costs to $11.5 million for a full renovation. The Committee presented several options to the select board, with project estimates ranging from $8.1 million to $11.5 million based on the extent of renovations.

To address these financial challenges, the Committee is considering leveraging the Municipal stabilization fund and free cash, while also exploring grant opportunities. The urgency of the project was underscored, with current space limitations impacting operations and leases on rented spaces nearing expiration. The Committee is hopeful that the bidding process planned for May will yield favorable results, potentially below projected estimates.

0:00Parallel to discussions on renovation costs, a detailed discourse on bond issuance unfolded. A representative provided insights on bond rates, noting that the average true interest cost typically ranges from 3.5% to 4.5%, though projections for budgeting purposes included rates from 5% to 7%. The town’s bond rating was noted as A-minus, considered favorable, with borrowing amounts possibly ranging from $6.5 million to $8 million. The Committee was advised to consider a 20-year bond term, though a 25-year term was mentioned as an option. The current town valuation of $1.5 billion was highlighted as a factor in tax rate calculations, with potential tax burdens per $1,000 valuation varying from 50 to 72 cents depending on the bond amount and interest rate.

A significant part of the discussion revolved around the necessity of clear communication regarding the project’s financial implications for constituents. The Committee emphasized the importance of breaking down tax impacts into more digestible monthly or daily figures to help taxpayers better understand the financial burden. For example, a $150,000 home might face an additional annual tax burden of $744 if the bond amount were $6.5 million at 5% interest. There was a suggestion to adjust charts to reflect different household valuations.

1:06:22The Committee acknowledged the importance of community engagement and strategic planning to secure funding and support for the project. Plans for a public information session before the town meeting were proposed to address rumors and ensure accurate information dissemination. This session would aim to clarify objectives, with potential dates discussed for the upcoming town meeting, though the exact date remained undecided.

32:42In an effort to ensure transparency and informed decision-making, the Committee is considering the creation of subcommittees to handle various tasks, such as bidder pre-qualification and developing informational materials for the town meeting. They also deliberated on the need for a rendering of the building’s plans to visually communicate the project’s intent to the public.

1:06:22The meeting touched on several administrative matters, including the approval of previous meeting minutes and updates on a rural development grant application. A brief update on the Council on Aging assessment was provided, with hopes for completion before the informational session to present concrete data.