2022-11-01-AC-STM#3-rpt - Laserfiche WebLink

Browse Search

2022-3 STM APPROPRIATION COXMTTEE 25 OCTOBER 2022 Warrant Article Analysis and Recommendations 2022-3 SPECIAL TOWN MEETING Article 2 Appropriate for Prior Years' Unpaid Bills Funds Requested Funding Source Committee Recommendation None N/A IP As of publication,no unpaid bills have been presented, and no action is required under this article. Article 3 Establish, Amend, Dissolve and Appropriate To and From Specified Stabilization Funds Funds Requested Funding Source Committee Recommendation $494.05 DSSF $100,000 Mitigation Payments $250,000 Mitigation Payments $107,554 Mitigation Payments Approve (8-0) $4,479.48 Comm. Impact Fees $1,675,999 Tax Levy The actions requested under this article include one appropriation out of a specified stabilization fund and five appropriations into stabilization funds. The first action is the request to appropriate the remaining balance of$494.05 out of the Debt Service Stabilization Fund for excluded debt service. This fund was established in Article 26 of the 2009 Annual Town Meeting to ensure that payments from the Massachusetts School Building Authority toward the year 2000 project to renovate Lexington High School, Clarke Middle School, and Diamond Middle School would be used to offset the associated excluded debt. (Note that the organization and rules of operation of the Massachusetts School Building Authority have been changed since the reimbursements for the year 2000 project were authorized.) The Appropriation Committee report to the 2009 Annual Town Meeting states: "In August 2006,the Town received reimbursement of approximately $14 million from the Massachusetts School Building Authority for construction projects completed at Clarke, Diamond and the High School. These funds were in excess of the amount necessary to repay a note that was due and were set aside as reimbursement for the exempt costs of the High School project per a directive from the Massachusetts Department of Revenue. The balance is to be drawn down over the life of the bond related to the High School construction project, payable through 2023." Approval of this appropriation will exhaust the purpose of the Debt Service Stabilization Fund,which will then be dissolved. The second and third request the appropriation of$100,000 into the Transportation Demand Management/Public Transportation Stabilization Fund, and of$250,000 into the Ambulance Stabilization Fund. These amounts were received from National Development as mitigation payments associated with the rezoning and development at 55 Watertown St. The fourth requests the appropriation into the Transportation Management Overlay District (TMOD) Stabilization Fund of $107,554 that was received in connection with the commercial properties at 3 Maguire Road and 91 Hartwell Avenue. 3