WATERBURY — The village’s insurance coverage will provide a nearly $350,000 blank check as compensation for its old office building at 51 S. Main St., which was severely damaged by flooding from Tropical Storm Irene last year.
A contractor had estimated almost a year ago that repairing the building would cost $435,844, but Waterbury officials have since decided that the space is insufficient for their needs in coming decades, municipal manager Bill Shepeluk said Wednesday at a village trustees meeting.
The trustees can now figure out how else to spend the insurance money, and there are no restrictions.
Due to depreciation, the village’s insurance company had anticipated providing 75 percent of the cost to rehabilitate the building to the condition it was in prior to Irene. But the village argued that inflation should instead bump the amount up. The insurer ultimately offered 80 percent of the rehabilitation estimate, Shepeluk said.
The insurance money will also continue to cover expenses for heat and electricity at 51 S. Main St. and rental costs for the village police department, but the arrangement won’t last indefinitely.MORE IN Central Vermont
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