2013-09-25-AC-min - Laserfiche WebLink

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9/25/13 Minutes various combinations of cash and 10 -year debt financing in an effort to hold the annual increases in the Town's overall non - exempt debt service costs to 5% (of the previous year's debt service costs). The first scenario showed $7.2M financed exclusively by debt; the second showed $5.47M financed by debt and $1.73M financed with cash; and the third showed $7.2M financed with debt but using $1.73M in cash used to offset debt service. The fourth scenario showed $7.2M financed with debt and the use of $2.62M in cash set aside before the project start to pay portions of the debt service in fiscal years 2015, 2016, and 2017, and was the only one of the four scenarios that would hold the annual debt service cost increases to 5% or less. It was noted that no debt exclusion will be required for financing the project and that the decision on how to proceed will be affected by as -yet unavailable projections of free cash and new growth. Mr. Addelson confirmed that initial projection estimates would be shared at the upcoming budget summit on October 3 rd 2. Community Center: Mr. Addelson and Mr. Goddard made a presentation on the second major item for which appropriations will be requested at the upcoming Special Town Meeting, the interim improvement plan for upgrades to the new community center at 39 Marrett Road (formerly referred to as 33 Marrett Road). The interim improvement plan was developed by the Community Center Advisory Committee (CCAC) in order to allow the community center to open in the building and to move the senior center and human services departments to the new space as soon as feasible. The plan contemplates the removal of some walls and the addition of doors, along with mechanical, electrical and plumbing work. The schedule of work projects occupancy to take place in May of 2014 with an estimated construction cost between $755,000 and $1,210,000. The exclusive source of funds would be the Community Preservation Fund. The Board of Selectmen has reviewed the plan and received the report of the CCAC, but has asked for a revision that would allow the Recreation Department to take occupancy alongside the senior center and human services department. 3. Draft Warrant: Mr. Addelson reported that a draft warrant will be presented at the Budget Summit on October 3 rd that includes: • A warrant article to cover financial `housekeeping' matters, including any needed transfers to /from the general fund, enterprise funds and the Community Preservation Fund; supplemental appropriations for upcoming election costs; and any changes to water and waste water assessments. • A warrant article to request funds for the Lexington High School Modular Classrooms and Educational Space project. • A warrant article to request funds for first phase or interim Community Center construction. • A warrant article to make any necessary transfers to /from stabilization funds. 4. Minutes: The minutes of the meeting of September 12, 2013 were approved, as revised. 5. Election of Officers: The committee re- elected Glenn Parker, Chair and John Bartenstein as Vice Chair and Secretary by a vote of 8 in favor, 0 opposed. The meeting was adjourned at 9:40 p.m. A list of documents and other exhibits used at the meeting is set forth below. 2