I have been reading with interest the comments on how much the new library will cost the citizens of Montague. There is a lot of contradictory information out there. I called the accountant in Turners Falls to make sure what I was reading was accurate. Here’s what I learned.
The total cost is $23.7 million. The state is giving us a grant of $11.3 million. Now the total is down to $12.4 million. The $12.4million is not free. We will have to borrow that money which means we will be paying interest on it. The average interest rate that is projected for the 30-year term is 4.14%. That will add another $9.9 million on to the cost. That means we will now be paying $22.8 million.
The vote is for a debt exclusion. A debt exclusion means if our taxes go up by 2-1/2% we will still be adding taxes beyond that for the library. We already have a debt exclusion for $360,000, which will end sometime in 2028. The new debt exclusion (hopefully will be
after the first one is retired) will be $762,000 for the next 30 years.
In a few months we will be asked to vote on a new tech school. Our cost will be $1.1million if it passes. The town is in the planning process to expand the Sheffield School to accommodate the Hillcrest School grades. It is too early to give an estimate on that project.
I am not here to tell you to vote yes or no, I just wanted to get the correct information out to the voters. Any mistakes are mine and not the accountant but this is what I understand the situation to be.
Jean Conway
Montague