Refinancing the River Road bridge loan will be up for a vote at a town meeting called for Wednesday, November 20.
Because completion of the work has been delayed so long, the lender, NBT, asked the town to close out the original loan, which was at 2.25 percent interest, and to refinance at a higher rate.
First Selectman Matt Riiska told his board that the cost of the bridge increased during the two-year delay from $2.25 million to $3.7 million. The state DOT has pledged to pay the cost increase, leaving the town responsible for the remainder of its original loan.
Riiska said the town would have a one-year revolving $1.9 million line of credit to use while it awaits reimbursements from the state. After all funds are received, some $287,000 in indebtedness will remain. That could be financed for 10 years at a rate of 4.25 percent, he said, or the Board of Finance could decide to retire the debt immediately using residual funds from the town’s retired pension plan. The latter decision could save the town some $65,795 in interest.
The second item up for a vote will be an ordinance requiring property owners or occupants to clear their sidewalks of ice or snow following storms. The ordinance wording is not final yet but could also require that owners or occupants trim back branches overhanging walkways.
The meeting will be held in Town Hall at 6:00 p.m. For an explanation of who can vote at town meetings, click here.