Townspeople agreed to increase the amount approved to build a new firehouse from $9.3 million to $10.4 million and authorized a borrowing increase from $3.5 million to $4 million during a short town meeting Monday night. The vote was unanimous and there was loud applause when moderator Richard Byrne announced the motion was carried.
First Selectman Matt Riiska said the town has a number of funding avenues going forward, including a $2.5 million grant from the state, $500,000 in Congressional funds, an expected $3.1 million from a local capital campaign, and $500,000 from town funds. The state will release its substantial grant in three phases as work is completed.
Riiska said some of these monies would be used to get the project started, perhaps as early as November. The town would seek a bond anticipation note to meet expenses as the project progresses.
No decision has been made about the amount that will be taken out in the bond anticipation note. It is hoped that interest rates when the project is finally bonded will not exceed 4.25 percent and that the town can stretch the debt over 25 years.
Riiska will retire as first selectmen in November, and the town has been advised not to initiate borrowing until after the new Board of Selectmen is seated.
Asked if the project will increase taxation next year, Riiska said any increase is more probable in fiscal year 2027-28.