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Board close to decision on capital needs referendum

Gloucester supervisors continued discussion on the possible long-range planning for future capital needs during the board’s meeting Tuesday night in the colonial courthouse.

The board had four options to consider adding to the November ballot. Option A would see the county given the ability to borrow up to $37 million in debt servicing to fund capital projects. This option would require no real estate tax increase to fund the select number of projects listed in the plan.

Option B would give the county a borrowing power of $45 million and would require supervisors to raise the real estate tax rate by $0.01 per $100 of assessed value to offset the added expense. The estimated amount needed for the projects included in Option B would be $41 million and leave the county $4 million in borrowing capacity.

Option C would see the county have a total borrowing power of $59 million, requiring an increase in the real estate tax rate of $0.02 per $100 of assessed value. The estimated amo...

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