VIDEO: Town Council – Flea Markets, New Market Tax Credits & Police Department Bldg

2

Here’s the items requiring Town Council Approvals:

1- Ordinance Amendment Pertaining to Flea Markets;

2-Resolution of Support and Participation of New Market Tax Credit Program;

3-Award Bid for Police Department Construction;

4-Bid for Road Salt.

2 COMMENTS

  1. John Connolly appears to be the puppet for this group. We spend all this time talking about a flea market tax but lie to the general public about the condition of the Afton Inn and the tax credits available for it’s repairs.

  2. It seems to me that the Town Council committed to building a new, expensive, Police Headquarters long ago when it authorized the Design and Engineering work (the cost of which (493 K?) is “hidden” on the books of the EDA), Council then committed to hiring a Clerk of the Works to oversee the construction for some $180 K, but hopefully has not paid out much, if any, or this amount.
    Now, unless they have $7.736 M lying around, it will be necessary to borrow the money, so interest costs will add substantially to the overall cost. Borrowing $7.736 M at 3% (if possible) for 20 years would require annual re-payments of $514.844. Other rates or terms would obviously result in different annual payments–longer/shorter term, higher/lower interest rate, etc. Note that financing gimmicks, such as interest only payments for some number of years, may make the near term outlay more palatable, but ultimately add to the total cost.
    So, I suggest that Council should, after intense soul-searching, reconsider and vote to start construction immediately when funding is made available, either thru the NMTC or a straightforward bond issue. Alternatively, they should stop and start over.

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