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CPC funds Old Mill renovation this year but asks finance director to model bonding option
Summary
Committee members approved $715,000 this cycle for the Old Mill project (a $570,000 regular-budget allocation and a $145,000 transfer from undesignated reserves) while several members asked staff to seek bonding cost estimates from the town finance director to assess whether a bond could fund the mill more efficiently over time.
The Community Preservation Committee voted Nov. 5 to fund the Old Mill restoration this year with a mix of regular CPC funds and a top-up from undesignated reserves, while also asking staff to pursue a town-managed bond analysis for the project.
What happened: After an extended discussion about the scale of the mill restoration and whether the committee should phase the work or pursue a debt-financing approach, the committee approved $570,000 from the regular CPC fund and $145,000 from undesignated reserves for a total of $715,000 to move the project forward…
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