Westwood Cancels Fall Town Meeting, To Hold Special Town Meeting

WESTWOOD, MA - The Westwood Select Board voted unanimously to cancel the Fall Town Meeting in light of the fact that a Special Town Meeting is being held on October 18 to discuss the Hanlon School debt exclusion.

"There is nothing pressing for the Fall Town Meeting" said chair Michael F. Walsh at Monday night's Select Board meeting. "There is nothing financially that needs to be pushed before a Fall Town Meeting. There's no reason to waste another set of dollars just to do another Town Meeting so quick and back to back."

The motion was approved 3-0.

The priority for the town will be the Special Town Meeting, which is scheduled for Monday, October 18 with an October 19 rain date. The only article will be a vote on the financing for the $87.8 million proposal for the new Hanlon School building, which recently was approved by the Massachusetts School Building Authority (MSBA).

The project will be funded in two ways: an MSBA grant and taxpayer funds. Unlike in the past, Pam Dukeman, the finance director, explained that the MSBA will pay thier share of the funding as the project progresses rather than the town paying and then requesting a reimbursement.

The remainder will be financed through a 30-year bond that is exempt from Proposition 2 1/2. The debt payment bond means that the same payment will be required for each year of the 30 years.

"With this level debt, we are spreading the cost of this project over today's residents and tomorrow's residents," Dukeman explained. "We don't want to overly burden those in town today, because this school, if approved by the residents, will have a long life and will be utilized by residents coming to the town moving in in 10, 15, 20 years."

About $18 million will come from the MSBA, while the town's portion will be just over $69 million.

The estimated cost for a taxpayer is $55 per $100,000 of home value at a 2 percent rate, but the interest rate is not guaranteed. The current average home value in Westwood is $837,000.

Dukeman noted that Westwood recived a AAA credit rating again, the highest a town can receive. This will help the town obtain a low interest rate.

"That's such a great reflection for a small community," she added. "And it's a great reflection on all our boards and committees who work on all of budget and financial information with our Select Board, the Finance and Warrant Commission, our elected and appointed town staff, and our Town Meeting."

The town currently has $32 million in debt as it pays off other building projects, including the police station. There is a $1 million debt outside of Proposition 2 1/2, which include the high school and library projects. The library debt was refinanced at a lower interest rate. The final payment on the high school bond will be made in FY 23.

The proposal will go before the Finance and Warrant Commission next month, and a public meeting will be held to discuss it before the Special Town Meeting. If approved there, voters will vote on it at the November 2 election.