Financing

Major Projects - $16,440,000

Emergency Services Building - $5,950,000
- The Town currently carries $8,627,445 of debt. We will be reducing that amount by $6 million by the year 2012 ($2 million in 2010, 2011, and 2012) with a further reduction of $2 million by 2014 ($1 million in 2013 and $1 million in 2014). Consequently, we can finance the Emergency Services Building and its associated costs by rolling over our current debt and not having to increase our existing tax rate.
Police Department - $2,500,000 - $3,000,000
- The projected cost of a new Police Department building located at the Spring St. site appears to be about the same as the value we would receive from the sale of the existing building (currently assessed at $2.49 million). If can coordinate the sale of that building with the construction of the new one, we would not incur any significant extra expenses for the town. A lease of 6,000 to 7,000 square feet of space in the building would also allow for an equivalent amount of financing.
Town Hall - $7,500,000
- This project would require new financing of about $5.5 million ($2 million from the reduction of our current debt by 2014 and $5.5 million of new financing). This would represent an average tax increase of $200 per year.

These last two projects would not have a significant impact on the tax rate.