The voters of Little Compton approved the $11.3 million school bond to repair the infrastructure issues plaguing on Tuesday.
According to the Town Clerk's Office as of 9:30 p.m., there were 568 votes to approve and 89 votes to reject the proposal. Of the 2,975 registered voters in town, 657 cast their vote.
Residents about the importance of a vote like this, citing the effort to continue providing a sound building to educate the children of Little Compton.
The Rhode Island Department of Education bond comes at a 40 percent reimbursement to the town, on a 5 percent interest rate on a 20-year loan. The renovation should bring a new roof to last 20 to 30 years and a modernized infrastructure in the existing building to last 50 years.
Property taxes are estimated to increase $0.30 per $1,000 of assessed property value. So, a homeowner with a home valued at $400,000 would pay an additional $120 each year for 20 years. The town anticipates to get the first rebate from RIDE in October.