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Board approves SRF loan application to position Rockland Avenue water project for 2028 funding
Summary
Select Board authorized submission of a State Revolving Fund application to support Phase 2 of the Rockland Avenue water project (engineering and construction preplanning), where staff estimated construction at roughly $20–25 million and emphasized timing constraints for SRF eligibility in 2028.
Town staff presented a financing plan for Phase 2 of the Rockland Avenue water project, which includes new well sources and the design of treatment facilities. Staff said the town previously secured $3 million for engineering and is now targeting a larger construction phase; construction cost estimates discussed ranged from $20 million to $25 million. The SRF (State Revolving Fund) program was presented as one funding option that limits principal margin and could be advantageous depending on municipal market conditions.
Given SRF's timeline constraints, staff asked the board to approve completing the SRF application now so the town is eligible for 2028 funding rounds. The board voted to approve the price evaluation form and to authorize the chair to execute necessary documents to submit the SRF loan application; members noted that town meeting appropriation and bond decisions would follow later in the process.
