FALMOUTH — On Tuesday, voters overwhelmingly supported the town financing half the funds needed to renovate and expand the library, with unofficial results putting it at a margin of 4,005 to 2,559.
The project will cost $5.6 million, with the town committed to financing half, or just over $2.8 million. The rest will be funded by a capital campaign organized by the library board of trustees.
Projected pre-construction costs for library expansion would cost $302,000 of bond proceeds. This would include design development, survey revisions, construction documents and bidding, plus others, which would occur in the nine-month period leading up to construction.
The anticipated average interest rate on the proposed bond is between 2.75 percent and 3.5 percent. An assumed 3.3 percent interest rate on a 20-year term would yield a cost of more than $970,000. This means the town’s total estimated debt service would actually be over $3.78 million.
The project underwent much scrutiny and debate from the Town Council, who ultimately ended up unanimously endorsing it. And despite a similar proposal to expand the Lunt School into part of the library which was voted down in 2011, support ran rampant through town this time around.
Construction will begin next year, and is expected to last up to 10 months.