When Saco citizens go to the polls Nov. 4, they will be voting on a referendum question to borrow money for the repair or replacement of Stackpole Bridge on Simpson Road.
The May 6, 2013 closure of this bridge cut off five residences from the rest of Saco. Since it has been closed, these five homes have been cut off from Saco’s fire, police and public works departments, including Saco snowplowing. Not only are these five residences isolated, but the lack of through traffic in this corner of Saco has also increased commuting time and distance for many others.
The referendum is one vote on a combination of two bonds: a one-time offer Maine Department of Transportation SIB 10-year, 1.625 percent loan; and a matching $495,000 regular Saco municipal bond for 20 years.
The municipal bond interest rate will be determined on the day city staff borrow the funds. Currently, municipal bond rates are low, but not as low as the SIB loan rate. The MDOT SIB loan must be matched with Saco funds, and if this vote fails, the low- interest SIB loan offer will be permanently withdrawn.
I urge others to support the referendum, because this is the one and only chance to get this low-interest loan from the state. If the vote doesn’t pass, this low-interest $495,000 loan will go away forever.
Also, if this doesn’t pass, the bridge will remain closed for a longer period as the Saco city staff and council go back to the drawing board for funds and plans.
Peg Mills, Saco
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