The Barrington Town Council unanimously approved lifting the cap on the tax levy increase to fund the new middle school construction project, and now the final step is seeking taxpayer approval at a …
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The Barrington Town Council unanimously approved lifting the cap on the tax levy increase to fund the new middle school construction project, and now the final step is seeking taxpayer approval at a special financial town meeting on March 16.
On Jan. 9, the Barrington Town Council approved several key measures related to financing a new Barrington Middle School. The council unanimously approved a resolution to finance the construction of the school at a total cost not to exceed $68.4 million.
In addition, a resolution to exceed the 4 percent state-imposed cap on the amount by which the town’s tax levy may increase was unanimously approved, enabling the town to finance the project through the issuance of a municipal bond.
School officials estimate that up to 39 percent of allowable project costs, approximately $16 million, will be reimbursed by the Rhode Island Department of Education.
The council also approved plans to hold a special FTM on Thursday, March 16, at 7 p.m., in the John Gray Auditorium at Barrington High School. There will be only one item on the agenda at this meeting — voters will be asked to vote on the council-approved proposal to increase the tax levy by more than 4 percent.
"Without this approval, the Middle School project, which was supported by voters by an almost 2-to-1 margin in last November’s general election, will not move forward," stated a recent press release from the district.
"State law only allows cities and towns to raise property taxes by a maximum cap of 4 percent over the previous year. A 4 percent property tax increase for Barrington would mean an increase of $2.3 million. The anticipated debt service on the Barrington Middle School bonds would be approximately $3 million per year. Thus, a property tax increase in excess of 4 percent would be required for debt service alone."
The town submitted its bond financing application to Rhode Island Health and Education Building Corporation on Jan. 4. Preliminary approval of the application was granted on Jan. 26. Final approval is expected at the Corporation’s next meeting on March 2.
The next scheduled meeting of the Barrington Middle School Building Committee will be held on Monday, Feb. 13 at 7 p.m. in the Barrington Middle School Library.