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Timnoth Community Fund pledges bridge loan and grants toward pavilion match
Summary
The Timnoth Community Fund told the Select Board it can provide a bridge loan and pledged amounts toward the local match if the town proceeds with a grant application; the treasurer outlined three funds and quantified available balances during the Sept. 3 meeting.
Kathy Reynolds, identified in the meeting as treasurer for the town's community fund, told the Select Board that the fund voted to offer a bridge loan to allow the town to apply for the recreational facilities grant while additional fundraising continues.
Reynolds explained the fund's structure on the record: "The continuing education fund has about $300,000 in it," she told the meeting, and described an endowed community fund of roughly $160,000 plus a reserve fund specifically for one-time community projects. She said the fund had already pledged specific sums that would reduce the town's immediate need and that a bridge-loan mechanism would let the application go forward while supporters raised the remaining funds.
Proponents said donations, plant-sale revenue and volunteer in-kind support were counted toward the local match in planning, while opponents insisted that in-kind contributions and some community-fund uses should not be characterized as cost-free to taxpayers. The board agreed to document pledged support and to present fund accounting at the October informational meeting.
