Hardly A Cup of Coffee

Here is a copy of another letter to the editor which was placed in the Southbridge News, written by Barbara Search of Sturbridge. In it she points out that the $4.3 million in debt the town is in, really will be about $6 million when you factor in the interest.
The point is, even though some claim the CPA costs less than a cup of coffee a day for each taxpayer, that is now, but as we continue to spend more and more on projects we want instead of need, it will soon become more than one cup of coffee.

Here is Barbara's letter:

In  2007 the residents of Sturbridge slid into $2,150,000 of long-term debt with hardly a sound.  We were told that we would want to take the opportunity to buy the Old Sturbridge Village property because it is such pristine land with ponds and streams that even the Massachusetts Division of Fisheries and Wildlife wanted to share the total cost with us. And, for another $800,000 we could acquire the Heins Farm.

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And so began a string of purchases promoted by the CPC (Community Preservation Committee) that now total a debt in principal of $4,347,798 plus $1,689,526 in interest that we will pay for until 2030.  The total cost of these purchases in principal and interest is $6,037,324.  Even now, as the question of whether or not to revoke the CPA goes to ballot, the CPC conversation is about what was purchased and not about the cost of those purchases. 

 Then, as now, the CPC rhetoric calls attention to the wonderful things they’ve done for us with our money.  Our money being the 3% surcharge on our real estate taxes and the match (referred to by some as “free” money) provided by the State which is paid for by us in real estate transfer fees.  Think about it!  We, in Sturbridge, will be paying $1,690,526 in interest for what some have said is the chance to receive “free” money. 

 The CPC wants to remain in active existence and to have the CPA continue because they and the Selectmen have said new opportunities for future purchases are down the road.  With the exception of small expenditures, new purchases can only mean more long-term debt and additional interest expense. 

 The CPC must be forthcoming with their presentations in favor of CPA projects.  They must inform the public of the true cost of the long-term debt related to the purchases they support. It is time Sturbridge residents insist on full disclosure of all the facts related to CPA purchases, stop the CPC special interest group spending, and vote “YES” on Question #4 to revoke the CPA. 

 Yes, the surcharge and match (while available) will continue until the debt is paid, but at least with revocation of the CPA the debt will not continue to grow. 

 Yes, there is a difference between long-term debts for needs (schools, sewers) and wants (CPA).
 Here are the numbers on the CPA long-term debt. 

Project Name	Principal	Interest	Total
Town Hall/Center School	$1,497,798	$612,726	$2,110,524
OSV	1,350,000	616,260	1,966,260
Heins Farm	800,000	371,040	1,171,040
Stallion Hill	700,000	89,500	789,500
Totals	$4,347,798	$1,689,526	$6,037,324

Vote “YES” on Ballot Question # 4 to Revoke the CPA.