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Board approves $100,000 supplemental appropriation for rehabilitation of 15 Sugarloaf Cut
Summary
The Board approved a $100,000 supplemental appropriation from the Residential Rental Property Special Revenue Fund to fund renovation work at 15 Sugarloaf Cut, subject to the Board of Selectmen’s recommendation.
The Board of Finance on Oct. 21 voted unanimously to approve a $100,000 supplemental appropriation to renovate 15 Sugarloaf Cut, a town-owned residential rental property.
The appropriation will be paid from the Residential Rental Property Special Revenue Fund. The motion, made during the meeting, was explicitly recorded as “subject to the recommendation of the Board of Selectmen.” Board members emphasized the selectmen will review the request before the appropriation is finalized.
Town staff described the unit as an older home with an unexpected vacancy that requires extensive work: roofing, siding and wood replacement, kitchen and bathroom upgrades, painting, flooring, lighting and allowance for contingencies because the house is decades old. Amy, the finance director, said the Residential Rental Property Special Revenue Fund is financially healthy and reported a reserve balance of about $586,000, and that the rental program typically returns a surplus to that fund.
When asked how tenants are chosen, town staff said Imagineers, the property manager, maintains a waiting list and assigns units by income qualification in order of eligibility. Rent is charged at low-income standards and the program has historically operated with a positive reserve.
The motion carried unanimously.
