The initial cleanup and stabilization of Vermont’s state office complex in Waterbury will cost $20 million to $25 million in the aftermath of Tropical Storm Irene, officials said.
They expect insurance and the Federal Emergency Management Agency to cover most of the expenses, according to the Burlington Free Press.
The newspaper reported that officials in Gov. Peter Shumlin’s office plan to decide by spring what to do with the damaged complex.
Options include refurbishing and reopening it, creating a state building or campus elsewhere, or some combination.
Vermont’s general obligation bonds are rated AAA by Fitch Ratings, Aaa by Moody’s Investors Service, and AA-plus by Standard & Poor’s.