2015-03-23-CEC-ATM-STM-rpt (Updates 04-15-15)

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UPDATES TO CAPITAL EXPENDITURES COMMITTEE REPORT TO 2015 ATM&STMs(Mar 23`d) b. Change the last paragraph ("The member in opposition...") to: The members in opposition to this project believe it is premature to provide this funding. Their concerns include, but are not limited to, that (1) exactly what will be purchased is not known; (2) the request is to fund the "full buy" of meters before any success has been demonstrated; (3) there is an insufficient understanding of just how the meters will be programmed with the expectation to achieve the presumed behavioral change; (4) there is no material change proposed in the enforcement activity (still just one Parking Enforcement Officer) to enhance the likelihood of the presumed behavioral change; (5) no requirement that employers will be required to work in parallel so employees are not using prime parking intended for customers; and (6) they have much doubt that in the Lexington context the expected change in behavior will be achieved and may, in fact, cause some customers to shop and visit elsewhere. Page 56: In the Article 14 header table, replace the Funding Source entry with "$894,845 Water EF (RE) +$5,155 Unexpended Cash Balance from 2010 ATM,Article 13B, Rehabilitating Standpipes" Page 65: a. In Article 24, last table, Original Appropriation, 2nd row: Correct"Article 3"to "Article 2". b. In Article 25: (1) Replace the header table with: Article 25: Rescind Amount for Rescission Original Committee Recommends Prior Borrowing Authorization Authorizations $3,264,471 See Below Approval(4-0) (2) Replace the next-to-last paragraph ("Beyond the rescissions...")with: Beyond the rescissions addressed under Article 24, there are the following additional rescissions: Original Appropriation Purpose Amount Reason 2007 ATM,Article 36 Public Works $2 261,871 Project completed without needing this Facility remaining authority. Land Purchase—Off Project completed without needing this 2010 ATM,Article 9 Marrett Road $1,002,600 (Cotton Farm remaining authority.t Acquisition) Total $3,264,471 tSeller financed, without interest and over two years, the$2,300,000 balance due on the $3,800,000 purchase after an initial CPF cash payment of$1,500,000. The first payment due against the balance was under a BAN (for cash received). That payment originally was to be $1,300,000 in FY2012, but was accelerated and discounted to$1,297,400 due to financing costs to be borne by the Town that had not been contemplated; leaving$2,600 of the overall authorization unused. (That BAN was paid off under the 2011 ATM,Article 8(k).)The last $1,000,000 payment was due on a BAN (but written for the seller as security only; no cash received; and thus did not use any of the bonding authorization)that was paid off as a debt service under 2012 ATM,Article 8(1). The authorization now being rescinded is the sum of those two unused debt authorizations. Page 66: In Article 26, header table, Funds Requested, last line: Change"$18,175"to "18,174.93". 2