During the recent Narragansett Town Council meeting on October 21, 2024, significant discussions centered around the town's approach to funding affordable housing and sewer policy recommendations.

The council member highlighted the pressing need for affordable housing, estimating that the town requires $10 million to address the issue adequately. However, concerns were raised regarding the financial implications of borrowing funds in the current high-interest rate environment. The member pointed out that issuing a $3 million bond for ten years would incur approximately $387,000 annually in fees, leading to a total expenditure of $6.39 million over the bond's lifespan. This financial burden prompted a suggestion to utilize existing cash reserves, which yield a lower interest rate of about 3%, instead of incurring higher costs through borrowing.

Following this discussion, the council moved on to the consent agenda, which was approved unanimously. The meeting also addressed old business, specifically a motion regarding recommendations from the sewer policy committee. The council voted to deny a waiver related to specific sewer policy sections for a proposed subdivision on South Pier Road, reflecting the committee's earlier decision.

Overall, the meeting underscored the council's ongoing efforts to balance financial prudence with the urgent need for affordable housing solutions, while also addressing infrastructure policies. As the council continues to navigate these challenges, the implications of their decisions will be closely watched by the community.