continued The interest rate on the loan secured by the village for the project falls at 2.07 percent, according to Gaughan.
“We had no choice but to fix it,” Gaughan said. “The question becomes, how do you pay for it?”
He said there would always be some people who don’t like seeing their bill increase “by even a penny,” but the increase shouldn’t be coming as a surprise.
The project is substantially finished, according to Gaughan, but there are still a few details that must be completed. The last 10 percent of the payment to the contractor is being held off until those aspects are completed.
He expected the small items to be finished by the end of the September. Construction on the project started in June 2010.