Financial Information
Article 14
The upcoming Annual Town Meeting of May 21, 2007 will include a capital proposal that requires a $4.82 million Bond Authorisation that will also require a debt exclusion question to be approved at the special election to be held on June 12, 2007.
A Debt Exclusion vote is a mechanism provided to the town by Massachusetts State Law that allows the town to exceed proposition two and a half by the amount necessary to fund debt service for this $4.82 million capital cost over a 20-year period. The debt service levy is removed at the end of this period.
The capital project proposals in Article 14 of the Annual Town Meeting Warrant are presented as one article because the Board of Selectmen have determined that these are all critical capital needs that need to be addressed by the Town. Each of the capital proposals addresses public safety and/or public health issues. The capital proposals are as follows:
| Public Safety Capital Costs | |
|---|---|
| New Police Station | $3,900,000 |
| Re-Cycle and re-use the old library's space adjacent to town hall. Re-presents a savings of %30 over the construction of a new building. | |
| Fire Station Boiler | $200,000 |
| A hot water boiler is over fifty years old and has exceeded it's useful life. It is in danger of failure and needs to be replaced. | |
| Green Meadow Elementary School Rehabilitative Capital Costs | |
| Classroom Unit Ventilators | $156,000 |
| Unit Ventilators provide heat and introduce outside air into the building. The current units do not meet air quality standards of current building codes. The original ventilators are 50 years old and have exceeded their useful life—these units will be replaced. Units that are only 25 years old will be rebuilt. | |
| Exhaust Fans | $85,800 |
| The exhaust fans are 25 to 50 years old and are unable to meet ventilation requirements of current building code. Total replacement of these fans is more cost effective than rebuilding them. | |
| Kitchen Hood | $8,200 |
| There is no fire protection system in the kitchen hood system as required by current code. | |
| Two Boilers | $280,000 |
| The existing power plant includes two hot water boilers. One boiler is original and approximately 50 years old and a second boiler is over 30 years old. They have both far exceeded their expected useful life and are in danger of failure. | |
| Roofing | $50,000 |
| The roof system on the 1980's addition is distressed and needs to be replaced with a fixed membrane roofing system. | |
| Maynard High School | |
| Boiler | $140,000 |
| A hot water boiler is over forty years old and has exceeded its useful life. It is in danger of failure and needs to be replaced. | |
| Total Bond Authorization | $4,820,000** |
What does this mean to you? It means the home owner that lives in a single family home with a median value of $354,000 is projected to pay an average annual amount of $95 to fund this capital investment over 20 years.
To calculate the amount you would have to pay, click here to use the Tax Calculator.
To find the assessed value of your home, click here to view the Town of Maynard Assessor's web site.
**Important note: some items would be financed over five years, and some over a 20-year period. The calculated annual amount is an average for the total amount over the 20 period.
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