HomeMy Public PortalAbout2017-01-10 LIB CARPETS W ADDENDUM TOWN OF
1630 WATERTOWN
Office of the Town Manager
Administration Building
-� - ` 149 Main Street
Watertown,MA 02472
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M www.watertown-ma.gov
Michael J. Driscoll
rownmerO vaterrown-ma.gov
Town Manager -
To: Honorable Town Council C
From: Michael J. Driscoll, Town Manager ~�
Date: January 5, 2017
RE: Additional Information—Proposed Loan Order
Enclosed please find projected financing of the Proposed Loan Order totaling $259,400 for the carpet
replacement project at the Watertown Free Public Library.
I believe the project is consistent with one of the Town's priorities of not deferring maintenance
and/or recognition of costs of Capital Equipment, Facilities and Infrastructure to future years.
Thank you for your consideration in this matter.
cc: Honorable Library Board of Trustees
Leone E. Cole, Library Director
Steven Magoon, Director of Community Development/Assistant Town Manager
Thomas J. Tracy, Town Auditor/Assistant Town Manager for Finance
Karen Norton, Assistant Treasurer/Collector
COST ANALYSIS OF BORROWING
$259,400 LIBRARY CARPETS
PRINCIPAL INTEREST TOTAL
YEAR FY PAYMENTS PAYMENTS PAYMENTS
1 2018 $ 51,$$0 $ 11,826 $ 63,709
2 2019 $ 51,880 $ 9,338 $ 61,218
3 2020 $ 51,880 $ 7,004 $ 58,884
4 2021 $ 51,880 $ 4,669 $ 56,549
5 2022 $ 51,880 $ 2,335 $ 54,215
$ 259,400 $ 35,172 $ 294,572
INTEREST IS ESTIMATED AT 4.5%, SUBJECT TO CHANGE