Lincolnville warrant to include town office renovation
Lincolnville — Lincolnville voters will decide Nov. 6 whether to approve financing for renovation and upgrades to the Lincolnville Town Office. The board of selectmen voted Monday, Sept.10, to unanimously recommend Article 2 on the special town meeting warrant.
The municipal building committee and board of selectmen worked with 2A Architects to create a rendering that is suitable in size and palatable in cost, said Lincolnville Town Administrator David Kinney.
"Everyone to this point is comfortable with the dimensions," Kinney said.
Article 2 on the special town meeting warrant will ask Lincolnville voters whether they will "vote to appropriate $470,000 from the Capital Investment Reserve Account and to authorize the issuance of up to $220,000 in general obligation bonds or notes for the renovation and expansion of town office."
According to a document provided to the board of selectmen by Kinney, the annual borrowing cost estimate for the $220,000 bond would be around $16,000. Presently the town annually appropriates $30,000 to the Capital Investment Reserve, which would cease during the span of the bond. The document states that a property owner with an assessed property value of $200,000 would save $6.77 on their annual tax bill if Article 2 were approved.
"We build a building and get a savings," Kinney noted.
The document sites a repayment term of 20 years at an interest rate of 4 percent. Kinney said it is likely the town of Lincolnville would be able to borrow money at an interest rate lower than 4 percent in the present economy.
The town of Lincolnville has also received a verbal answer to the lingering question regarding the need for a site location permit to renovate the town office. Kinney said the Department of Environmental Protection verbally told town officials the permit is not necessary; Kinney said the permit would have cost around $70,000.
Courier Publications reporter Jenna Lookner can be reached at 236-8511 or by email at firstname.lastname@example.org.