Elmwood School Replacement Ballot Vote 11/28/23

Question 1

Shall the Town of Hopkinton be allowed to be exempt from the provisions of Proposition two-and-one-half, so called, the amounts required to pay for the bonds issued in order to design, construct, and furnish the new Hopkinton Elmwood Elementary, located on the Hayden Rowe site at 147 Hayden Rowe, for 1195 students in grades 2-4, inclusive of all building, mechanical systems along with associated site work improvements?

• A YES vote would mean that the borrowing is approved and the expenditure will proceed.
• A NO vote would mean that the borrowing is disapproved and the expenditure cannot proceed without a future ballot vote within 90 days.

Votes Needed: 2/3rds Majority at Town Meeting 11/13/2023 -AND – a Simple Majority at Special Town Election 11/28/2023

Cost: The estimated net Town cost, after expected reimbursements, is $90.6 million, and amount is expected to be borrowed in phases between 2023 and 2028:

Projected Tax Impact: Based on the the “average” Hopkinton single family home with a current
valuation of $753,300 (current average home tax $11,910), and a 30 year borrowing, the tax
impact is:

• Peak year 2028, $952 (+8%); dropping to $726 in 2040; $538 in 2050; and $0 in 2058
• The average homeowners’s share of total borrowing would be $12,413
• The average homeowner’s payments over the life of the borrowing would be $21,167