Veterans Park bid tops authorized bond; board to seek paperwork and place award on next agenda

A bid for the Veterans Park project returned at roughly $1,232,906.89, higher than the project amount the town had covered in its bond authorization. At the workshop the finance staff and board members discussed options to fund the difference, including rebonding the project or using available parks-and-recreation funds to cover the delta and then borrowing the amount in next year—s bonding if necessary.

Why it matters: Without an adjustment to the authorized project amount the town cannot accept the low bid and award a contract. The board said it wants to avoid unnecessary borrowing where possible but is committed to keeping the project moving so the park can open on schedule.

Key points: - The low bid reported at the workshop was $1,232,906.89. - Staff said the bond authorization needs to reflect the project total; the town may amend the bond, or use existing parks reserves in the short term and borrow the delta in next year—s bond issuance. - Staff will contact the bond counsel (John Wesley referenced) to start amending documents and will seek to place the bond-amendment/award item on the November 17 meeting agenda.

Action items: Staff will contact the bond counsel and advise what paperwork is required to amend the project total in the bond authorization and will report back at the next meeting. Finance will also confirm whether parks reserves could be used to make the project whole in the near term and whether that approach is preferable to rebonding immediately.

Ending: Board members signaled support for keeping the procurement on schedule and instructed staff to report required bond paperwork and a funding recommendation at the next meeting so the board can decide whether to amend the bond or use reserves.