Special Board of Aldermen 11-22-2021 Page 10
commercial and residential properties. So | think property owners are in for a rude awakening next year and | think
when you couple some of this debt on that'll be rolling thereafter it's problematic.
Now when | look at this bond schedule that Dave so graciously provided us, it really looks like in 2023 the debt service
is very low - $133,000. Is that what's correctly what's projected for 2023?
David Fredette, Treasurer
Yes because we Sell our bonds in the fall of each year. So the next year will be the fall of 2022, which is actually
Fiscal Year 2023 and the payments don't start for the next fiscal.
Laurie Ortolano
Okay. The bigger hit comes in 2024?
David Fredette, Treasurer
Yes 2024, yes.
Laurie Ortolano
Yeah and then upward there okay for a little bit. Okay.
David Fredette, Treasurer
But again, those numbers are very conservative.
Laurie Ortolano
Yes. Okay. So anyway, that's my feeling with the project. You don't have a lot of people participating. But, you
know, I'd like to see a little more control on the spending and the bonding given what's coming down the road. Thank
you.
Chairman Dowd
Anyone else in opposition?
Laura Colquhoun
Laura Colquhoun, 30 Greenwood Drive. I'd like to know how this project has gone up by $2.6 million since November
17 when the Mayor gave a total construction amount not to exceed $12,000,025. That is on the Finance Committee
meeting page one. So now you're coming and saying its $14,650,000. So I'd like to know how it went up
$2,000,625?
Chairman Dowd
Director Cummings do you want to answer that or do you want me to?
Tim Cummings, Economic Development Director
No I'd be happy to Mr. Chair. | want to clarify. | believe what is being referenced right now is just the construction
portion of the project and as we all know, there's more than just construction elements to a total project cost. So the
total project cost is about $15 million and the figure referenced earlier was just the construction element.
Chairman Dowd
| can also tell you dealing with the school projects that because of the economy right now and world economy, prices
have been driven up. Everything from gasoline to steel. When we put out the bid to pull the steel for the new school
down the south end, it had escalated significantly and if we didn't get the bid in within 10 days, which is all they
authorized us, it would have gone up another 30%. So in a guaranteed maximum price when we get items before us
to approve for the building, it's a guaranteed price for that element of it whether it's steel, cement, roofing, and we lock
