Community Preservation Commission allocates $30K surplus to Southborough Townhouse bond payment

The Southborough Community Preservation Committee made a significant decision during their recent meeting on April 22, 2025, approving the allocation of $30,000 in surplus bond proceeds from the Haviland Land Acquisition project to help pay off the annual debt service for the historic restoration of the Southborough Townhouse. This move is part of a broader strategy to manage the town's financial commitments while ensuring the completion of ongoing projects.

The committee discussed the necessity of this funding, noting that the Townhouse restoration bond, originally taken out for nearly $2 million, requires annual payments of approximately $138,000. The Community Preservation Committee had previously reduced the required payment by $30,000, anticipating this transfer of funds. The remaining balance of $2,490.40 will be retained for potential future expenses related to the project, such as signage.

Committee members emphasized the importance of this decision, highlighting that failing to meet bond obligations could negatively impact the town's credit rating. The vote to approve the motion was unanimous, reflecting a shared understanding of the financial responsibilities tied to the Townhouse restoration.

As the committee prepares for the next town meeting, they plan to finalize any remaining funds and ensure all legal language is correctly established for future transactions. This proactive approach underscores the committee's commitment to maintaining the town's historical assets while managing its financial health effectively.