PETERBOROUGH — The town will hold a special town meeting next Wednesday, Jan. 15, to vote on whether to appropriate $1.4 million in additional funds to a previously approved bridge reconstruction project.

Peterborough plans to replace the aging Main Street bridge, which is on the state’s “red list” of structurally deficient bridges. In 2018, voters appropriated $6.6 million for the project. But when bidding opened last fall, the lowest bid was significantly higher than anticipated, town officials have said.

The federal government is paying 80 percent of project costs. The town’s share of the additional appropriation would be $280,000, financed through bonds or notes.

The Jan. 15 meeting is scheduled for 7 p.m. at the Peterborough Town House.

Peterborough holds its annual town meeting each May. In seeking a court’s approval for the special meeting, town officials said waiting until then would jeopardize both the bid and the federal funding.

More information about what will be voted on is available at the town’s website, townofpeterborough.com.