Council considers bonds, installment financing and grants to cover a $100M CIP list

Town staff presented the capital improvement project (CIP) inventory and funding picture and asked council whether to model bonds, installment financing, grants or state appropriations to help pay for high-cost projects.

The moderator said the town's CIP inventory shows roughly $100,000,000 of identified needs and reported approximately $9,600,000 in unassigned fund balance. A capital reserve fund (earmarked for the community center and public works facility) currently holds about $10,900,000, of which staff said debt service consumes roughly $1.8 million leaving about $2.99 million as net new dollars in that revenue stream.

Staff emphasized timing: some debt drops off in future years (FY29, FY32, FY34) freeing capacity, and some projects come with third-party funding conditions (CRTPO awards that require commitments once accepted). The council identified near-term priorities — the Stinson/Hardist/Younts intersection, Old Monroe Road work, and public works facility — and discussed trade-offs such as burying utility lines on Phase 1 versus preserving CRTPO-funded greenway or road projects.

One councilor proposed burying power lines on Phase 1 as a way to free up roughly $5 million; staff cautioned that some projects are CRTPO-funded and those funds can create obligations and trade-offs. Council members gave general support to staff modeling multiple financing options (bonds or installment financing with caps) and asked staff to return with modeled scenarios that show impacts over 5-, 10- and 20-year horizons.

Staff said they will return with financing models and refined project lists to help council decide next steps during the upcoming budget workshops.