2023-11-30-CPC-min - Laserfiche WebLink

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advocated that more time should be given for the Town to finalize the dollar amount requested and determine its desired use. Ms. Fenollosa asked Mr. Malloy if he would be able to release the appraisal to the Committee. Mr. Malloy said that he would but added that a discussion on the appraisal would be better done in an executive session. Ms. Fenollosa asked if Mr. Malloy would be able to meet with the Committee again the following week. Mr. Malloy said he would be available on Thursday, December 7, at 5:00 PM. Mr. Sandeen commented that it would be best to finish this conversation under executive session. Mr. Pressman asked if there was a paper road on the property and if it was included in the appraisal. Mr. Malloy shared that there was a paper road on part of the property and that it is discussed in the appraisal. Mr. Pressman asked if the CPA statute allowed for the consideration of an appraisal organized by the property owner. Ms. Fenollosa stated that she thinks they can consider the alternative appraisal, provided that the appraiser meets the Town’s and industry’s standards. Mr. Sandeen suggested that this question should be discussed in an executive session. Ms. Fenollosa thanked Mr. Malloy for meeting with the CPC and that they would continue this discussion next week. Mr. Malloy left the meeting at 5:25 PM CPA Fund Balance – Ms. Kosnoff presented the CPA Summary FY25 Budget dated 11-30-2023 which included two funding options for the FY25 CPA applications. Ms. Kosnoff explained that the 21.8% state match had a negative impact on the FY24 budget but was partially offset by an increase in projected interest earned. As such, the total revenue for FY24 is about $150,000 less than original projections. Ms. Kosnoff explained that there was still a TBD amount listed under Open Space for the Property Acquisition, but added that per the earlier conversation, there may need to be a TBD noted in another bucket in the spreadsheet. Mr. Beuttell asked what the funding split would have to be between the CPA buckets if the land acquisition’s designated use were to remain flexible. Ms. Kosnoff explained that she had not experienced this occurrence before and would want to verify with Town Counsel on the best practice, but added that she assumes there would need to be some amount of proportionality based on the estimated use. Ms. Kosnoff discussed funding for the Cary Memorial Library Project. The total cost of the project is $5.5 million. The Library Trust is planning on funding $1.5 million, leaving the need to fund the remaining $4 million. Ms. Kosnoff presented a funding option for the library that would not impact funding for the other applications that would include $200,000 from the Historic Resource bucket, $1,440,000 from Unbudgeted Reserves, and $660,000 from the Undesignated Fund Balance, for a total of $2.3 million in CPA funding. Under this scenario, the Town would be responsible for the remaining $1.7 million for the project. This funding plan also leaves approximately $1.4 million in reserves in case of revenue shortfalls, supplemental funding requests, or other unanticipated funding opportunities. Ms. Kosnoff explained that the Committee tends to keep about $2 million for reserves, but that the Committee had approved 3