- 220 miles of icy roads
- 3000 tons of salt
- 2% interest rate
Hillsborough's current salt-storage facility, built in 1982, holds just 664 tons of salt. Industry trade groups recommend storing 75 to 100 percent of the salt that will be needed on a yearly basis. For our town, that amounts to somewhere between 1,900 and 2,500 tons of salt - or three to four times as much as can currently be stored.
There is one more number - $350,000. That's the price tag for the new facility.
While some may see a disconnect between a township committee that has promoted "pay-as-you-go" and "debt reduction" and a plan to borrow $350,000, to me it makes sense.
The point of debt reduction is to decrease the yearly debt service so that a necessary project like the salt storage facility - which, by the way, also helps compliance with state stormwater regulations - can fit within the annual budget. At an interest rate of 2%, this salt project shouldn't "shake up" Hillsborough's finances at all.