Much has happened since we started the Tri-Town Track & Field Project, and we want to update the community on the details of our progress. We hope the following details will clarify specifics and answer your questions.

When we began this initiative last year, we were working with an estimated cost for the project essentials of $3,200,000. This estimate was developed from a review and update of the cost estimate prepared as part of the track and field concept design package proposed for the RSU’s 2013 referendum. As our project progressed in light of the generous donation from Nike, we took a fresh look at the cost of some key elements, notably track surface and turf materials, and field lights. Further, in late spring we agreed to advance funds to the RSU to design and review the cost estimate. That work revealed the presence of shallow ledge, as well as a high water table at portions of the site.

These findings require raising the site grade which, in turn, increases the earthmoving cost necessary to make a base suitable to build the project. In addition, the new cost estimate includes the increased cost for the use of Nike Grind products in both the turf and track surfaces and an inflationary increase since the original cost estimate was first prepared. As a consequence, the cost of the base project alone (without bleachers or lights) is now estimated at $4,100,000.

Our fundraising efforts have raised $2,310,000 in cash and multi-year pledges. In addition, the RSU has $600,000 in funds from the 2013 high school renovation bond referendum, which funds were originally earmarked for rebuilding and adding drainage to the existing two playing fields at the site. We discussed with the RSU whether those funds could, with voter referendum approval, be used for the track and field. Since that sum was part of the previously issued high school bond, using those funds would involve no new tax impact. Assuming that the district voters approve that change, the total available for the project will be $2,900,000.

This leaves a shortfall of $1,200,000. An additional amount is necessary to cover donor pledges that will not be payable until 2018 and will not be available to pay construction bills at the time the project is built in 2017. We will be working with donors to try to accelerate pledge payments to keep this amount as small as possible.

All of this was reviewed by the RSU 5 board at its meeting on Sept. 28. While the RSU board will not officially vote until Nov. 9, they took a straw poll, and we are pleased to report that they endorsed the following:

1. They will seek voter approval at a January referendum to repurpose up to $800,000 from the high school renovation to the track and field project. This amount consists of $600,000 originally designated for rebuilding the current fields, plus $200,000 from the high school construction contingency. Currently, there is $760,000 in contingency with 70 percent of the high school renovation complete. The referendum will ask for approval to use up to $200,000 of that amount for the track and field if it is left over in the contingency. This money already exists and involves no new tax impact.

2. They will ask the voters to approve a bond issue to bridge the gap until all donor pledges are paid in 2018. We believe that this amount will be small if we collect all pledge money due in 2016 and if donors with 2017 pledges consider accelerating their payments to April 2017. Our request to accelerate payments is for the purpose of keeping this amount to a minimum. At present, we hope to limit that bridge amount to no more than $23,000.

3. The RSU has $1,000,000 in authorized but unissued bond authority from the 2013 high school renovation bond. That referendum approved up to $14.6 million in bonding for the high school, but the RSU only issued $13.6 million in bonds. Therefore, the RSU will seek voter approval to reauthorize this unused $1.0 million in bonds for this project.

To summarize, at this time it appears that the RSU 5 board is likely to vote on a bond issue in the amount of $1,223,000. This includes $200,000 in case the hoped-for unused contingency amount from the high school renovation does not materialize (No. 1 above), $23,000 to cover the bridge amount (No. 2 above) and a $1,000,000 bond re-authorization request (No. 3 above).

The annual tax impact of a $1,223,000, 10-year bond for a median value home would be:

Durham $11.66

Freeport $12.76

Pownal $14.50

The RSU 5 board will make the final decision on the size of the bond on Nov. 9 when they hold a final vote to send this to referendum. The public referendum would be held on Jan. 10, 2017. We appreciate your support.

Fred Palmer

John Paterson

Tri-Town Track & Field Project co-chairs