Global economic uncertainty is taking root in Connecticut's small towns. In Avon, the town council decided yesterday to delay a $10 million library expansion project.
The tightening of the municipal bond market was just one reason the Avon town council decided to put off a referendum on the library expansion.
Philip Schenck is Avon's town manager.
"It doesn't make sense to move ahead with something when people are concerned over their savings, their home values, and even if they approved it, then not being to be able to get financing because of tight credit, or having to get financing, but at a much higher rate than what what we had anticipated just a few short weeks ago."
The referendum on whether to sell bonds for the library project would have happened in February. Now, the council plans to revisit the issue at its meeting next month.