2015-01-28-CPC-min - Laserfiche WebLink

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Minutes of the Community Preservation Committee Wednesday, January 28, 2015 Parker Room, Town Office Building 1625 Massachusetts Avenue 3:00 pm Committee Members Present: Marilyn Fenollosa, Chair; Richard Canale, Norman Cohen, David Horton, Jeanne Krieger, Leo McSweeney, Bob Pressman, Sandy Shaw and Richard Wolk, Vice-Chair. Also in attendance was Carl F. Valente, Town Manager; Robert Addelson, Finance Director; and David Kanter, Vice-Chair of the Capital Expenditures Committee. The meeting was called to order at 3:05 pm by Ms. Fenollosa. Ms. Fenollosa revised five incorrect line items on the FY16 CPA project list that she had distributed. The following line items were corrected: line item number six, Battle Green Streetscape improvements, FY17 to $630,000; line item number eight; Cary Memorial Building Sidewalk, FY16 was listed as to be determined; line item number nine, Community Center Pres. Restriction Endowment, FY16 to $25,000; line item number 21, Community Center Renovations —Debt Service on $451,000, FY16 to $63,140, and line item number 22, Cary Memorial Building Upgrades —Debt Service on $8,241,350, FY16 to $1,153,789. 1. Endowment Fund for Community Center Preservation Restriction—Carl Valente, Town Manager appeared before the CPC regarding CPA funding for the holder of the Community Center-Historic Preservation Restriction. The Historical Society has requested that the Town provide $25,000 for the purpose of covering administrative expenses related to holding this restriction. After depletion, in approximately five to ten years, the Town and Historical Society will negotiate a replenishment of the expended funds. Motion made by Mr. Pressman and seconded by Ms. Krieger to approve $25,000 CPA funding for the purpose of endowing the Community Center-Historic Preservation Restriction, 9-0 in favor. 2. Report to Town Meeting—Mr. Kanter commented the word, "enhancement" should be added after Cary Memorial Building Sidewalk, line number eight on the FY16 CPA project list. 3. Robert Addelson, Finance Director presented the CPA Fund—Projected Revenues and Expenditures and explained to the CPC the Town issued a note for $3,286,000 to finance the Cary Memorial Building project. It is recommended to convert the note in entirety to a bond. Interest will be projected and added to