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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 this funding cycle.
Why it mattered: Several members argued bonding could free up annual CPC cash flow and allow the committee to support other projects while completing the mill in a shorter timeframe; others warned that bonding increases long-term obligations and could set a precedent for other applicants.
Applicant timeline: Niles, an applicant representative for the mill project, told the committee they expect to have scaffolding in place before the end of the year and to continue interior work through the winter and spring, with structural analysis and investigative work continuing for six to seven months. He said the full project, if funded in the manner described, would likely take about three years to complete.
Committee direction: The committee voted to approve the $715,000 in funding for this cycle and directed CPC staff to consult finance director Brian to obtain bond-feasibility information — estimated interest rates, likely annual debt service and implications for CPC cash flow — to be presented at a future meeting. Members emphasized that any bond proposal would require further deliberation and a public process.
Direct quote: "We hope to have the scaffolding up before the end of the year so that we can continue working on the inside this winter through the spring," said Niles, the mill project representative, describing the work the organization expects to carry out with current and newly approved funds.
What comes next: Staff will ask the finance director for a range of bonding scenarios and estimated annual debt service; the committee may revisit the bonding question once the town finance office provides figures and once applicants provide an updated fundraising timeline.
