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Middlefield Considering Switching Up Financing Plan on Powder Ridge

The Board of Finance is holding a special meeting and a public hearing on the issue next week.

Powder Ridge Credit: Ronald DeRosa
Powder Ridge Credit: Ronald DeRosa
The below press release came from the Middlefield Board of Finance.

A special meeting of the Board of Finance is being called to conduct a public hearing on Powder Ridge Financing.  There are two actions the Board of Finance is contemplating that require a public hearing in advance of a town meeting.

They are as follows:  

• The Board of Finance is seeking to retire the remaining $60k taxable component of the Powder Ridge debt.  This is an un-budgeted item that would be paid out of the undesignated fund and requires approval at a town meeting.  Public comment and questions are welcome in advance of a decision to request a town meeting.


• The Board of Finance is prepared to recommend the town secure permanent financing for the tax exempt component of the Powder Ridge debt.  The permanent financing can be in the form of a Bond or a Note.  Costs associated with the issuance of such debt are expected to be approximately $25,000.  These costs are unbudgeted and would be paid out of the undesignated fund.  This request requires approval at a town meeting.  Public comment and questions are welcome in advance of a decision to request a town meeting.

AGENDA

Call to order: Public Hearing - Powder Ridge Financing

1.      Introduction

a. Powder Ridge Debt - What is Taxable versus Tax Exempt Debt and why does it matter?

b. Proposal to retire Taxable component of Powder Ridge Debt - $60,000

c. Permanent financing of Non-taxable component of Powder Ridge Debt - $1,330,000

2.      Public Comments and Questions

3.      Adjourn Public Hearing 

Call to Order: Special Meeting of the Board of Finance

1.       Powder Ridge Financing - Town Meeting Resolution

2.      Adjourn Special Meeting

Scott Wheeler January 26, 2014 at 09:55 PM
Skied with my son today for about 4 hours and the conditions were great, had a great time and the employees were helpful. Yeah I wish the lodge was complete so I could have scored a beer and put my feet up but since my commute to the slopes was 2 minutes I am not complaining yet. Sean has some stuff to iron out but the skiing was great and looking forward to other areas being open.

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