2015-02-19-CPC-min - Laserfiche WebLink

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Cary Memorial Building Rehabilitation/Restoration: In 2014, the Town appropriated funds to rehabilitate/restore the Cary Memorial Building. The CPA portion of the rehabilitation was $8,241,350. An initial BAN used to help fund this purchase was issued in June 2014 and came due this month. A new bond 10-year bond was issued at that time in the amount of $6,569,000. An additional short term BAN in the amount of $1,000,000 was issued, coming due in June, 2015, and will be used to reduce the original debt amount. Principal and interest will be paid out of FY2015 funds. An new BAN for $672,350 will also be issued in June, 2015, to come due in February 2016. The projected FY2016 debt service due for this project includes $899,459 in principal and interest due on the $6,569,000 bond; $13,447 in interest on the $672,350 BAN; and $3,217 in issuance costs for the $672,350 BAN. A motion was made and seconded to adopt the CPA debt service allocations, as presented. VOTE: 8-0 2.Cary Memorial Building Sidewalk: Ms. Fenollosa discussed the plans for replacement sidewalks serving the Cary Memorial Building. At the time of the 2014 Special Town Meeting approval of the Cary Memorial Building rehabilitation/restoration project, the design of the sidewalks had not been determined. Alternative designs that promote safety and meet the needs of the disabled community were researched. A cement sidewalk with a brick border and granite pavers in the handicapped vehicle unloading zone has been approved by the Historic Districts Commission. A motion was made and seconded to approve the $194,200 sidewalk project using CPA funds, as discussed. VOTE: 8-0 3.Busa Farm Allocation of Funding: Using a handout, Ms. Fenollosa discussed the need to determine the allocation of funding for costs associated with the 2009 purchase of the Busa Farm between open space and community housing. Although the portions of the property to be used for housing and open space had not been determined when the property was purchased, a parcel has now been designated for community housing and the funding allocations can now be resolved. Ms. Fenollosa proposed applying the square foot percentage now being used for each purpose to the total costs. Using this approach, her calculations show that $250,502 would be for housing and $4,068,498 for open space. A motion was made and seconded to allocate the funding for the Busa Farm purchase, as presented. VOTE: 8-0 4.Report to Town Meeting: Ms. Fenollosa reported that she is working on the CPC’s report to Town Meeting. It was agreed that she would distribute a draft when it is substantially complete, at which point everyone will need to review it quickly. 5.Minutes: There was a brief review of minor edits associated with draft Minutes. There was a motion to approve the December 11, 2014 Minutes for the regular CPC meeting, as amended; the December 11 Minutes of the public hearing; the December 18 Minutes, as amended; and the January 21 Minutes, as amended. VOTE: 8-0 2