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Middletown council approves financing plan to renovate 110 Enterprise Drive into new library
Summary
Town council approved resolutions to refinance the purchase of 110 Enterprise Drive and appropriate funds to renovate the building as the town—s new library; officials say state reimbursements and PPV revenues will cover part of the cost and that the town will reserve a contingency for construction overruns.
The Town of Middletown Council voted to move forward with financing and contingency funding for the renovation of 110 Enterprise Drive into the town—s new library.
The council approved an authorization to issue appropriation obligations in an aggregate amount not to exceed $11,400,000 to refinance outstanding bond anticipation notes and finance construction, furnishings and related costs. The purchase price for the building was described in council discussion as $3.4 million.
Town Administrator Sean (first name in transcript) told the council the total project cost estimate assumes roughly $10 million attributable to the library portion and $1.3 million attributable to town office space, with the town expecting approximately $4.4 million in state reimbursements tied to library grants and eligible costs. After those reimbursements, the…
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