With a 3-0 vote, the Ayer Select Board last night authorized the use of $1 million from the town’s Urban Development Action Grant (UDAG) for the senior center project, subject to the project’s approval at Special Town Meeting and a debt exclusion vote.
UDAG is a federal program that supports economic development. According to the meeting materials, the town’s UDAG fund has a current balance of $3.1 million. One million is used for the town’s Industrial Development Finance Authority Loan program and to fund a portion of the operating budget for Ayer’s Community and Economic Development Office at Town Hall.
Using $1 million in UDAG funds allows the town to save an estimated $661,000 over the next 25 years. This saves an average of $16 per residential tax bill. The town will have to replenish the money at future Town Meetings. Two payment scenarios were proposed based on the availability of Free Cash.
Ayer’s Special Town Meeting will be held next Monday, Oct. 27th. If the Senior Center project is approved, the town will hold a debt exclusion ballot on Nov. 4th from noon to 8 pm.
Meeting materials: Click on the link and visit page 19 and 20.