The original section of Fawn Hollow Elementary School's roof is 46-years-old and a newer section covers a 1989 addition. The condition is deteriorating and custodial staff has reported water leaks in isolated areas, according to findings by The Fisher Group.
On Monday night, the Town Council and Board of Finance both unanimously approved $1,585,000 for re-roofing, a mansard replacement and soffit replacement. Prior to those votes, the Board of Education granted its approval to move forward.
But the ultimate decision on whether to bond for the funding will be decided by the voters at a Town Meeting to take place at 7 p.m. on Oct. 15 in the Council Chambers of Monroe Town Hall.
If voters approve the bonding, Board of Finance Chairman Michael Manjos said the work could begin this year.
The appropriation includes a $75,000 contingency and Manjos told the Town Council he believes the interest rate would be around 3.45%, adding that is a high estimate because he would rather have it come in lower than have to come back to the town for more money after estimating too low.
Interest costs of $27,341.25 would be in the 2013-14 budget before the town would start paying off the principal the following fiscal year, according to Manjos.
Not included in the project is the cost of replacing air handlers. Manjos said that would be included in a second phase, adding both projects do not have to be done together. He said Honeywell is getting a cost estimate.