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"I think what we have here is a sound financial plan for a major project," he said. "We're being conservative with our means to create a quality project."
The theater project's budget relies on a $500,000 grant from the Small Town Economic Assistance Program and a $310,000 Small Cities Grant from the American Disabilities Act. Pace received paperwork on the latter grant earlier in the day, coming in $10,000 short of the projected $320,000 the town applied for.
After some discussion and clarification, voters balanced the difference by borrowing an additional $10,000 from the Water Pollution Control Sewer Avoidance Fund Account, bringing the total borrowed from the account to $1.325 million over the next 18 months.
Pace explained to the crowd that recent negotiations with the state Department of Environmental Protection have taken the conventional sewer plan off the table, as they explore other less expensive on-site solutions using new technology. This rids the town of a potential $70-million dollar sewer project, as the town and DEP work to come up with designs over the next few years to combat individual area problems.
"There will not be a sewer plant with a big pipe going into the river in Old Saybrook," he said.
Pace anticipates paying back $121,500 per year to the account, making up the $80,000 difference with grants and reimbursements. With over $1.4 million in the account and years of planning and design before constructing any new systems, Pace said borrowing from the fund would be a cheaper solution than getting a loan.
Residents also approved the use of $400,000 from the Town Hall Restoration Account, previously appropriated over the last few years for the project, and $65,000 appropriated in the current year's budget.
Also at the meeting, residents approved an amendment to the Historic District Commission bylaws, allowing more members from outside of the district to sit on the board.
With people's lives getting busier and fewer potential candidates coming forward for the board, the proposed amendment lowered the required number of members living in the district from four member and two alternates, to one member and one alternate.
Attorney Bill Childress amended the proposal, saying that the district established in North Cove and the proposed extension of the district along Pennywise Lane and Old Boston Post Road will offer more candidates for the boards. He amended the proposal to include three members and one alternate must reside within the district. It was unanimously approved.
Voters also approved the town's acceptance of Parkman Place, a roadway extending approximately 700 feet from its intersection with Otter Brook Drive.
