CPA Projects – Detailed Report

The Town purchased open space "Maple Hill Land" for a total of $4.59 Million. These CPA funds will be used to pay the annual Maple Hill Land Bond Debt Service. The Town borrowed $3,040,152 for the Maple Hill Land, the bond premium that the Town received further reduced the borrowing amount to $2,965,000. This money will be borrowed against CPA future revenues. The Town also committed $1,559,900 from the 2017 sale of the Pond Street Sewer Beds towards the purchase of this land. On June 17, 2021 the CPC voted unanimously to purchase the Maple Hill land and committed to using approximately $210,000 of CPA money every year for twenty years to pay off the purchase and interest costs associated with the purchase of this land. This year the CPC and Town Council voted to appropriate $271,489 to pay for a portion of the debt service for the Maple Hill Borrowing.