Due to the complexity of the project and to help reduce the project's impact on taxes, the JML Board of Trustees decided to approach it in two phases.
Phase I includes the construction of the new addition, addressing the pressing need for more space. The cost of $1,965,865, will be paid for by donations, grants and a municipal bond.
Phase I will be funded in part by an estimated $415,000 in donations and $600,000 in grants. The remaining cost, estimated to be approximately $950,000, would be the amount actually funded by the bond.
Bonding law requires that the bond amount must be for the entire cost of the project, subject to reduction through receipt of state or federal grants-in-aid and other financial assistance.
The bond vote sets the maximum amount of money the town has the authority to borrow from the bond bank. Each dollar received in donations and grants reduces the amount the town will borrow. We will spend these donations and grants first.
The final amount borrowed from the bond bank will establish the actual property tax need to pay it back.
The estimated property tax needed to pay down a bond of $950,000 would be approximately $35 a year—that's just $3 a month, 10¢ a day—for a property assessed at $100,000.
If we were to receive no grants or donations at all, the estimated property tax on a $100,000 property would be approximately $70 a year—only $6 a month, 20¢ a day.
Phase II follows after Phase I is completed. Phase II includes renovation of the original Jeudevine building. Phase II is to be funded by an estimated $600,000 in donations and grants with no additional bonding anticipated.