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Town receives $6 million bond for town‑hall renovation; council schedules credit‑enhancement hearing
Summary
South Berwick confirmed receipt of $6,000,000 in bond proceeds to finance the town‑hall renovation and scheduled a public hearing on a credit enhancement agreement for June 24, 2025.
Town staff told the South Berwick Town Council on May 21 that the bond for the town‑hall renovation closed last week and that the town received $6,000,000. Staff said the funds are in a separate account earning an interest rate higher than the town’s operating accounts.
At the same meeting the council voted to schedule a public hearing on a proposed credit-enhancement agreement related to a tax map parcel (block 1, lot 33-1). The council moved to hold the public hearing Thursday, June 24, 2025, at 6:30 p.m. on the third floor of Town Hall.
Town staff described the bond proceeds as earmarked for the town‑hall renovation project and said the funds are being held in an interest-bearing account pending project expenditures. Councilors did not take additional actions tied to the bond at the meeting beyond acknowledging receipt and confirming the credit-enhancement hearing date.
The scheduled public hearing will allow the council to receive public comment and finalize the town’s position on the proposed local financial arrangement for the identified parcel.
