The town of Stonington is facing high costs associated with adapting to climate change, including raising critical roadways to prevent flooding during storms. While federal and state grants cover most of the expenses, taxpayers are still burdened with matching funds and short-term loans. To alleviate this financial strain, Stonington has established a Resiliency Development Fund, allowing private donors to contribute to infrastructure projects related to climate change, the working waterfront, and housing shortages.
At a recent select board meeting, Stonington Economic Development Director Linda Nelson emphasized the need for additional funding to address climate change and housing issues, which can’t be met through the tax base alone. Most grants require the town to supply a matching portion of the project’s cost, causing budgeting challenges for Stonington. The Resiliency Development Fund serves as a general account for the town to draw from as it secures funding for various projects.
Select board member Travis Fifield praised the fund as an innovative way to manage cash flow and pursue necessary projects without increasing taxes. Administered by the Maine Community Foundation, potential donors have already shown interest in contributing to the fund to support Stonington’s resiliency initiatives.
Overall, the Resiliency Development Fund provides Stonington with an additional tool to address the impact of climate change and winter storms, as well as the town’s need for housing and revitalization projects. With support from private donors, Stonington can continue to work towards a more resilient future.
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