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District outlines $36.75M budget and funding mix; $655,000 from reserve, NYSERDA and state aid expected to offset taxes
Summary
Officials said $655,000 of capital reserve will be used and the rest will come from NYSERDA grants, EPC financing and building aid; the district presented estimates that energy savings and state aid reduce (and may eliminate) the tax impact.
At the public presentation, the district’s architect cited a total project figure of $36,750,000 and described a funding package that combines NYSERDA grants, an energy-performance contract (EPC) loan, state building aid and $655,000 from the district’s capital reserve.
Gary Henry summarized the funding: “So the total project cost of of this is, 36,750,000,” and he said that using NYSERDA track funds alongside EPC mechanisms and building aid is what allows the district to present the work as having no additional tax impact. Henry and Trane representatives also explained that the state agreed not to count certain NYSERDA funds against the maximum cost allowance used for aid calculations, improving the district’s aid position.
Presenters said Track 1 (a $650,000 NYSERDA-funded study) enabled schematic design and a test well; Track 2 grant funds and EPC structuring provide the remainder of the resources. The district stressed the finance plan depends on the referendum outcome and later state approvals; presenters noted there could be a small initial tax effect in early years depending on borrowing and aid timing but that the long-run plan is structured to offset costs with guaranteed energy savings.
