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AC–2015ATM
<br />PPROPRIATIONOMMITTEE
<br />TotalDebtDebtBAN
<br />Project / Approval
<br />AppropriationFinancingServiceInterest
<br />Wright Farm Purchase$3,072,000$2,090,000$424,800
<br />ATM 2012
<br />2ndpayment of a 10-year bond
<br />Community Center Acquisition$10,950,000$7,652,500$1,065,100
<br />STM 3/2013
<br />2ndpayment of a 10-year bond
<br />Community Center Renovation$6,320,000$451,000$11,178
<br />STM 11/2013, Amended STM 3/2014
<br />Convert to bond Feb 2015
<br />Cary Memorial Building Upgrades$8,677,400$8,241,350$899,459$16,664
<br />STM 3/2014
<br />Convert to bond Feb 2015
<br />Totals$2,389,359$27,842
<br />The practice of the Town, based on recommendations from the Appropriation Committee and Capital Ex-
<br />penditures Committee, is to limit the size and duration of debt funded by the CPA to the practical mini-
<br />mum, usually below the maximum that would be allowed by statute. This reduces the potential for long-
<br />term financial commitments that would linger should the residents vote to rescind the CPA surcharge in
<br />the future. That said, this practice should not be allowed to consign too much of the CPA annual revenue
<br />for debt service, which would stifle the ability of the CPC to fund new projects directly with cash.
<br />Article 8(s) Administrative Budget - $150,000
<br />The Community Preservation Act permits up to 5% of annual CPA funds to be spent on the operating and
<br />administrative costs of the Community Preservation Committee. The Committee is allowed to use this
<br />money to pay for staff salaries, mailings, public notices, overhead, legal fees, membership dues, and other
<br />miscellaneous expenses related to CPA projects. Five percent of the anticipated FY2016 revenue from the
<br />surcharge and the State supplemental match is $252,400. However, as in past years, the CPC is requesting
<br />an appropriation of $150,000. This money will be used to fund the Committee’s part-time Administrative
<br />Assistant, membership dues to the non-profit Community Preservation Coalition, administrative expens-
<br />es, legal and miscellaneous expenses, and land planning, appraisals and legal fees for open space pro-
<br />posed to be acquired using CPA funds.
<br />The Committee is deadlocked on 8(c) (3-3-2).
<br />The Committee expects action on 8(g) will be indefinitely postponed.
<br />The Committee recommends approval (8-0) of items 8(a,b,d,e,f,h,i,j,k,l,m,n,o,p,q,r,s).
<br />FundsFunding Committee
<br />Article 9: Property Purchase – 241
<br />RequestedSourceRecommendation
<br />Grove Street
<br />Approve (8-0)
<br />$618,000CPA
<br />This is a request to use Community Preservation Act funds to purchase an approximately 1-acre property
<br />on Grove Street adjacent to Town-owned conservation land. In 2012 the Town purchased, for Conserva-
<br />tion purposes, the 12.6 acre Wright Farm parcel on the northeast side of Grove Street for $2,950,000. At
<br />the time of that purchase, Kathleen Wright retained a 43,446 sq. ft. parcel that included the house she was
<br />living in, a detached garage and a barn; the parties granted to the Town a right of first refusal for the pur-
<br />chase of the property. The pre-negotiated price for this remaining portion of the Wright Farm was approx-
<br />imately $520,000.
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