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Department of Housing and Community Development (DHCD) that the DHCD had awarded $300,000 in funding for the construction of the accessible units. In light of this news, the Committee’s discussion of the project was favorable. There was no discussion of the two Land Acquisitions, since there were no new developments on either proposal. 4.Presentation of the CPA Financial Model, Mr. Addelson – Mr. Addelson joined the CPC to give a summary of the CPA budget. This included the project costs, of which the Committee was aware, and more importantly, the projected revenue. Mr. Addelson explained that the revenue projections were based upon a property surcharge estimate of $3,493,000; a State Match estimate of $768,000 (at 23%); and projected investment income of $17,000. This totaled to $4,278,000, which then determined the 10% amounts for each of the designated “buckets”. After allocating all the FY13 project costs to the appropriate buckets, Mr. Addelson’s model showed that if all FY13 projects were funded, the remaining unspent CPA balance would be approximately $815,653. Part of this total was due to the fact that $499,970 would be turned back to the Open Space bucket at the end of FY12 from the Town Meeting appropriation of Article 8(k) for $1,300,000 in debt service payments for Cotton Farm. (The Town was reimbursed $500,000 in the form of a State LAND (Local Acquisitions for Natural Diversity) grant for this acquisition.) Relative to the possible acquisition of the Wright Farm, Mr. Addelson also showed the projected first year Debt Service Payments on a possible $4M land acquisition. Such payments would be $960,000 for a 5-year bond, and $560,000 for a 10-year bond. When questioned by Mr. Kanter and Committee members, Mr. Addelson said it would be likely that the acquisition cost of a large land purchase would be BANned the first year, resulting in a relatively small outlay of funds in FY13. (This scenario is favorable to the CPC, since all remaining debt (from Busa and Cotton Farms) will be retired in FY13.) 5.Policy Discussion regarding the CPA Reserve – While Mr. Addelson was still in attendance, Ms. Manz raised the topic of the CPC’s policy of keeping approximately $2M of CPA funds in reserve. She said she felt there was a need for this discussion, since the CPC reserve would fall to $800,000+- if all the FY13 projects were approved. She noted that the reason for a large reserve was partly to be able to move quickly on conservation acquisitions – a need she commented might be unnecessary since large acquisitions are customarily bonded. Mr. Kanter suggested that the CPC might table this discussion until th after the Committee made its final votes on January 18. He suggested the Committee could see “where it came out”, and then might have a better indication of the true reserve balance. Ms. Fenollosa questioned Mr. Wolk if there were any other large conservation acquisitions planned in the near 4