The Hubbers have not done enough homework to be granted the blank check they request they want for this upcoming Thursday’s vote. The regular Mountonborough Townfolk are concerned about the price of tickets to “their” game.
We want to thank Bud Heinrich for this Op-Ed. Please Submit yours to Editor@GraniteGrok.com.
The project is truly underpriced, and they will need to make another pass at our pockets to cover the shortfall.
Construction costs were estimated at $ 3.30 per square foot, a number from a questionable source. Watching other current large projects in New England, $ 5.00 PSF seems to be the prevalent cost.
This adds $ 6 million to the cost, but the real choker is INTEREST PAYMENTS ….. If the Hubbers raised private funding of $2 million to have some skin in the game, then a $ 20 million bond would be needed. It may be possible to offer a 30 yr bond at a 3 1/2% interest rate.
This adds $12,331,000 to the project cost, and puts taxpayers on the hook for $32 MILLION DOLLARS.
What else has been glossed over? The wetlands issue, and the money needed to tame that. The location should be re-examined as kids would be best served by being able to walk to the building from school. We have 80 acres in that school complex. Also note that the plan is missing provisions for seniors exercise equipment.
Still missing: annual operating cost, estimated to be $800,000 per year.
The town taxpayers also face a steep increase on our state aid to education tax. Any realistic increase in that will cost the town millions annually. It is really time to rethink and refine this issue, and NOT pay out a blank check downpayment.
Editor’s Note: The “Hub” is the latest iteration from the Elites at a Taj Mahal of a “community center. They’ve been at it since GraniteGrok’s origination.
