WATERVILLE —City councilors tonight will hold a public hearing to discuss a low-cost loan that would help renovate Waterville Senior High School.

The hearing will be held at 6:45 p.m. and will be followed by a regular council meeting at 7 p.m. to discuss a variety of issues, including a bid to rezone part of the former Humane Society Waterville Area property on Drummond Avenue.

City Manager Michael Roy said Monday that School Superintendent Eric Haley will talk about the proposal for a $500,000 Qualified Zone Academy Bond to be used for part of renovations to the high school.

“It’s a very low-cost source of funding for school renovation projects,” Roy said. “It’s a source that’s available to schools for renovations and we have the opportunity to not only apply for it, but to get $500,000. We’ve been told we’re eligible for it.”

While developing a school and municipal budget this year, city and school officials discussed the need for renovating the high school and said it could cost about $15 million.

Roy said Monday that plans and a timetable for renovations have not been determined. Holding a public hearing is a required first step for applying for the loan, he said.

In other matters tonight, councilors will consider referring to the Planning Board a request to rezone part of the former Humane Society Waterville Area property at 120 Drummond Avenue to allow for a woodworking shop to open there.