$750,000 Wharf Park Bond Authorized Despite Concerns Over Interest Rates
Key Points
- $750,000 bond authorized for Wharf Park renovations
- Project aims to address ADA accessibility and safety concerns
- Critics cited 4% interest rates and environmental impacts as reasons to wait
- Select Board will withhold borrowing until $450,000 in private funds is raised
Town Meeting narrowly achieved the two-thirds majority required to pass Article 32, authorizing a $750,000 bond to renovate Wharf Park. The project, which has a total estimated cost of $1.2 million, aims to make Milton's only public waterfront access ADA accessible and improve the safety of the park's slopes and paths.
The proposal faced significant pushback from members concerned about the timing of the debt. Member Robert Hiss urged a no
vote, citing current 4% interest rates. If we gambled a year and rates start to drop... we could cut the interest rate in half, save money for other CPA projects,
Hiss argued. Other opponents questioned the feasibility of a $450,000 private fundraising goal and expressed a preference for keeping the park in its natural state
to protect local wildlife.
Supporters, including representatives from the Friends of Milton Farmers Market, countered that the park is currently dangerous for older residents and those with mobility issues due to exposed roots and steep inclines. The CPC Chair clarified that the debt service, approximately $70,000 per year for 15 years, would be paid entirely through future CPA revenues with no impact on the general tax levy. Select Board Chair Winston Daley added that the board would not authorize the actual borrowing until the private funding was fully secured.
Motion: To renovate Wharf Park and to authorize the treasurer with the approval of the Select Board to borrow under the Community Preservation Act, a sum of money to find such renovation.
Vote: Passed 141-52-4