SPRINGFIEL,D Mass. (WWLP) - The city of Springfield is going to borrow close to $16 million to pay for last year's natural disasters.
22News discovers how the city plans to pay it back. He's live in the newsroom.
The tornado and October Nor 'Easter continue to pile up bills for many of us affected and the city of Springfield
Springfield's Chief Financial Officer Lee Erdmann told 22News the city expects to be on the hook for $5 million once they get reimbursed.
To pay off the deficit, Erdmann says the city will likely sell long term bonds. Overall, the two storms will cost Springfield around $120 million. That includes rebuilding the Brookings and Dryden schools. Those projects will be mostly paid for, but the city still could owe up to an additional $12 million.
Erdmann told 22News State Treasurer Steve Grossman told the city he is trying to find ways to shrink that amount. Overall the city will have to pay back between $5 and $17 million dollars for the 2011 storms.