Project Cost and Budget
How much will the project cost and who is paying for it?
Over the past several years, the Town has been successful in securing both state and federal grants to fund the Downtown Project. These grants along with a significant contribution from the Vinalhaven Water District plus monies from the Town’s general fund, reserve accounts, and in-kind labor will enable the components of this project to move forward without the need to borrow additional funds.
Project Budget
ESTIMATED Total Project Cost: $7,529,816
Total Grants, Contributions, Reserves, General Fund, and In-kind Match*: $7,529,816
*Detail of Grants, Contributions, Reserves, and In-kind funds
Total State Grants (Maine Department of Transportation, Community Resilience Partnership): $925,000
Total Federal Grants (Economic Development Administration, Northern Borders Regional Commission, Community Funded Projects / Congressionally Directed Spending – FY22 Federal Appropriations): $4,325,316
Total Water District Contribution: $500,000
Town Reserve Fund Allocation (Road, Sidewalk, and Harbor Reserves) and General Fund Allocation: $1,717,000
Town In-kind Match (staff wages and consultant fees): $62,500
Information current as of 2-14-24