by ROBERT E. LEE TOWN MANAGER What is the estimated cost to demolish the building and the impact on taxes in Plainville? Demolition cost estimate: $2.63 million Use of State Grant to Plainville: ($1.5 million) Use of Unassigned Fund Balance*: ($1.1 million) Funds from Additional Taxes: $0 *The Unassigned Fund Balance is essentially the town’s savings account and similar to the state’s Rainy Day Fund. The Unassigned Fund Balance is generally used for “one-time” capital expenses. The Town Council has determined that there are sufficient monies in this fund to pay for the local share of the demolition, thus avoiding borrowing/bonding and paying interest over a 20-year period. This proposal will not impact the mill rate. What will be done after the building is taken down? It is being recommended that elements of the building be preserved and incorporated into a neighborhood park on the corner of Linden Street and East Maple. This would include saving the front door and leaving it in its present location. A gazebo could also be built and the old Broad Street bell displayed as well. A final design would be developed by a volunteer group of Plainville residents. A student drop-off lane also would be […]
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