Wednesday, March 16, 2011

Bid Process and Bond Rate

Two items of interest as the new library project gets closer to the actual start of construction:

The bid process for the new library has come to a close and the Permanent Building Committee voted to enter negotiations with the low-bidder TLT Construction of Wakefield, MA. The Library’s project manager firm, Design Technique, made the recommendation in favor of TLT. TLT is currently the contractor for the new public library in Walpole.

The Town’s Financial team led by Treasurer Jim Gavin and Finance Director Pam Dukeman were able to secure a highly favorable rate on the twenty year bond for the library project. The compound bond rate is 3.78%, which is much lower than the 5% figure originally used to estimate the cost to Town residents. The Library Trustees and I applaud the Town’s success in getting such a low rate.