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Board says $2.5M county occupancy-tax award and expanded USDA loan close sewer funding gap; bond hearing planned
Summary
Town official told the board a $2.5 million county occupancy-tax award and an added $2.5 million USDA loan at 1.5% interest have closed a funding gap for the North Creek sewer project; a bond hearing will be held before the next meeting and contract awards will follow.
A town official updated the board on the North Creek sewer project’s financing: the county awarded $2.5 million in occupancy-tax funds to help close a funding gap, and the town secured an additional $2.5 million on a USDA loan at roughly 1.5% interest. “We were able to get County, an award from the County, for 2,500,000 in occupancy tax, for the sewer project,” the official said. He added that county funds will be distributed over about 10 years and that a larger bond will be needed to finance the project immediately; a bond hearing will be held prior to the next town-board meeting.
Officials discussed contingencies if the processing plant isn’t ready for Orda’s opening (temporary hauling/holding arrangements at Holden Hall and alternate tanks) and confirmed the funding package includes hookups and lateral work during construction; homeowners who connect later would be charged then. The board said it would schedule a public hearing on the bond and then move to award contracts when paperwork and USDA approvals are complete.
