NORTH ANDOVER — Residents will be getting a new police station after a narrow vote by Town Meeting last night to borrow $4.7 million to buy and renovate the former Merrimack Valley Credit Union on Route 125.

Police Chief Richard Stanley, who has been trying to get a new police station for more than 20 years, beamed as residents gave him handshakes and congratulations after the proposal barely received the two-thirds majority needed, 193-84. The plan required at least 184 votes for approval.

He said the new station is a necessity for 67 employees working in a "lawsuit waiting to happen" in the current building, which was built in 1967. He described a lack of security and privacy in a building where prisoners are unloaded 100 feet from an elementary school and victims have nowhere to talk privately with officers.

Men and women share a locker room, 67 employees share one toilet, and the building doesn't meet health, electrical, plumbing and handicapped accessibility standards, Stanley said.

The town voted to spend $1.75 million to buy the former credit union building and then $3.88 million on renovations. More than $95,000 of that is already available through money set aside from other projects.

Nobody denied the need for a new police station, but how to pay for it sparked an hourlong debate last night with Town Manager Mark Rees and selectmen recommending residents vote to borrow the money and pay it back within the budget.

The Finance Committee, using more conservative budget projections than Rees, recommended against borrowing the money and paying it back within the budget, saying it would lead to cuts in town services or an override in future years because of other rising costs in town, including employee health insurance.

Selectmen urged the town to vote last night because the building already has another buyer and might not be available soon. They also said the cost had been reduced from the almost $10 million proposal for a police station in 2005.

Resident Ted Tripp said he was opposed to the 2005 proposal, but supported the police station last night because the town won't have to raise taxes and the cost is less.

"We badly need a police station and this is the best opportunity we've seen in a long time," he said.

Others, including Sandy Gleed, president of the citizens group North Andover United, said they were against spending the money when the Finance Committee was showing numbers that the budget would be running a deficit in future years. They worried that taxes might have to be raised to pay for expenses in town.

Police Building Committee Chairman Sam Yameen said the need exists now for a police station, and the town can find a way later to pay for future needs.

"This community does need a new police station. If we all agree to that, why not take the next step and move it forward?" he said.

Stanley said the low turnout at Town Meeting and the close vote made him nervous, but he said it worked in his favor.

The building will take at least a couple of years to be ready for the department to move in, but Stanley said "at least there is a light at the end of the tunnel."

Also at last night's Town Meeting:

1. Hear reports. Approved

2. Accept reports. Approved

3. Authorize awarding of contracts in excess of three years. Not approved

4. Accept grants of easements for access. Approved

5. Authorize to grant easements for access. Approved

6. Salary and compensation of elected officials. Approved

7. Transfer money from surplus accounts to deficit accounts. Approved

8. Amend Capital Improvement Plan Appropriation Stevens Estate. Approved

9. Pay unpaid bills. Approved

10. Spend $77 million to operate schools and town. Approved with amendments.

11. Approve water enterprise fund. Approved

12. Approve sewer enterprise fund. Approved

13. Approve Stevens Estate enterprise fund. Approved

14. Spend $3.6 million on Capital Improvement Projects. Approved with amendments

15. Reauthorize existing revolving funds. Approved

16. Spend $1.8 million in Community Preservation funds. Approved

17. Spend $18,000 on Senior Work Program. Approved

18. Spend $9,400 on July 4. Withdrawn

19. Buy former Merrimack Valley Federal Credit Union for police station. Approved

20. Spend $903,288 to renovate Bradstreet School for a police station. Withdrawn

21. Convert Bradstreet School into police station. Withdrawn

Town Meeting continues

Town Meeting will resume tonight at 7 p.m. at the high school when residents will decide whether to build a 10-room preschool next to Atkinson Elementary School.