This bond vote allows the City to move forward with State and Federal applications for outside funding and will enable the City Council to consider a total financing package for the project over the summer and fall. In order to understand the full subsidy the State and Federal partners can offer the City, the funders need to see that the community is behind this project.
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The Main Street Revitalization project includes the complete modernization of infrastructure on Main Street between the rail bridge and the City line at Exit 16. This includes:
These plans reflect the community’s vision as presented during the Form-Based Code community meetings, the development of the Winooski Transportation Master Plan, and the Winooski Corridor Study. They also include the necessary and inevitable infrastructure improvements needed to the City’s water and wastewater lines, these lines along Main Street are 130 years old.
The total cost of this project is $23 million. If funded solely by Winooski tax and utility payers, the impact of this project would be a 16% increase in property taxes and a 10% and 25% increase in water and wastewater rates respectively. With State and Federal subsidies that this bond vote allows us to consider, water and sewer rate impacts may be limited to a 2.5% increase. With new revenues streams considered, we have modeled that the property tax and utility rate increases could be contained at increases between 2.5% and 4%.
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