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Selectmen warn of funding shortfall for Greenway project as grant decision stalls
Summary
Board members said the Greenway project faces about a $200,000 shortfall after delays and pulled grant funding; the town must make an upcoming BAN payment and will decide whether to bond the project or find alternative funding if the gap persists.
Selectmen reported that the Greenway project, originally approved with a $445,000 local commitment, now faces a funding gap following delayed grant awards and some pulled funds.
Officials told the board that the town initially took a bond anticipation note (BAN) when the Greenway was approved several years ago and that periodic BAN repayments are now due. A delayed recreational-trails grant decision was cited as holding up replacement funding; board members discussed figures for the project and related grants and said the town may need roughly $200,000 more than is currently available to complete the project as planned.
Council guidance from town counsel was cited indicating no new town vote is required to proceed with bonding if the project continues as planned. Members said the town must make the BAN payment (the board referenced a periodic payment of $22,250) and will either roll the debt into a formal bond if the project proceeds or identify alternative funding sources if grants do not materialize.
No final financing decision was made at the meeting; the board agreed to continue work with staff and the town’s project contact and to move quickly if grant funds are confirmed.
