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Norfolk Board of Finance reviews bridges, grants and Rails-to-Trails funding; opts against new debt
Summary
The Board heard updates on bridge projects, Firehouse construction and grant reimbursements, was briefed on a DEEP Rails-to-Trails grant and said it prefers not to use a Grant Anticipation Note to cover a funding gap for the trail.
The Norfolk Board of Finance on July 14 received updates on several town capital projects and grant reimbursements, and signaled it does not want to take on new debt to bridge funding gaps for the Rails-to-Trails project.
First Selectman (unnamed) told the board the town has received $858,000 of a $2.5 million state grant and can submit shortly for an additional $1.2 million reimbursement. The town is also finalizing obligations for a $500,000 U.S. Department of Agriculture grant that will be received once the related project is complete.
On local bridge work, the First Selectman said construction of the Mountain Road bridge is progressing rapidly but was temporarily paused to install a bracket for the water main; state reimbursement for that project has been swift. He said the Old Goshen Road bridge is planned for 2027 through a Grant Anticipation Note and the Smith Road bridge is planned for 2028; a temporary bridge is currently in place on Smith Road.
Board members were briefed on the Rails-to-Trails project, which the First Selectman said received a 2023 grant of $399,725 from the state Department of Energy and Environmental Protection (DEEP). Construction is estimated to begin in August, and full bids have come in at more than $700,000. The First Selectman described a phased approach and noted that expenses are reimbursed quarterly after payment.
The First Selectman said a Grant Anticipation Note (GANT) is a possible financing tool, but the Board expressed an inclination not to take on additional debt and favored not using a GANT. The board did not take a formal financing vote at the meeting.
Also reported: the Firehouse construction has been slow and the town is seeking a new plumber; the new transfer station in Torrington is operational; and the state provided additional aid in the current fiscal year of approximately $30,000–$40,000.
The meeting adjourned at 7:45 p.m.
