North Stonington School Modernization Cost Could Be Reduced Due to Loan Rate

NORTH STONINGTON, CT – A school modernization project may cost less than originally thought due to a newly-offered interest rate, the Westerly Sun reported.

The $38.55 million project was approved in May, according to the Westerly Sun. After state reimbursements, it would cost the town $23.49 million and could be reduced to $21.68 million with the state’s space standard waiver.

The U.S. Department of Agriculture, however, has offered a lower than expected 27.5 percent loan rate, the Westerly Sun reported. The rate will reportedly save the town approximately $355,000 over the 20-year loan period.

Read the full story at the Westerly Sun.

Image via Shutterstock.