MADAWASKA, Maine — Just over a dozen residents attended a special town meeting at the Madawaska Middle/High School library in which a $725,000 bond was approved to help fund revitalization projects at the mid-town plaza on Main Street.
The revitalization work includes upgrading the water and sewer system below the plaza, creating a space for entrepreneurs and small businesses, and renovating a farmer’s market area to include electric vehicle charging stations, public bathrooms and space for food trucks. The work also includes rebuilding the entrances from Main Street and Seventh Avenue.
So far, the town has received over $4 million in funding for this endeavor. It received $2 million in federal Congressionally Directed Spending and another $2 million grant from the U.S. Economic Development Administration.
Two major projects planned for this plaza include Fish River Rural Health’s new 30,000 square foot facility and Northern Maine Medical Center’s Acadia Medical Mall.
One resident asked if this would nullify a similar question that voters approved during Madawaska’s annual town meeting earlier this year or if the town would essentially be able to take out two bonds if this item was approved.
Town Manager David Daigle said that the question on the town meeting warrant was nullified because it was not written in a way that included a financial statement. He said the town was notified that it would have to reapply for the bond after voters accept a revised version of the question that includes this statement, and that this is why the special town meeting was held.
According to the financial statement, which was included in a handout available at the meeting, the town’s total indebtedness with the approval of the $750,000 bond is $4.17 million. The bond will be paid back over a maximum term of 20 years with an estimated maximum interest rate of 5.266%. The total estimated interest for this entire amount is $359,958 with a total estimated debt service of $1.08 million.
The estimated annual payment for this, according to the statement, will range from $37,205 to $67,771.
The bond question passed with no opposition from the residents in attendance.
