2017-03-10-CPC-min - Laserfiche WebLink

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Ms. Fenollosa explained that the Town Manager advised her that discussion was no longer considered detrimental therefore the CPC would be able to issue a final vote on the project in open session. The Committee continued to discuss the proposal and also expressed some concern After a motion duly made and seconded, the CPC voted in a roll call vote (7-0) to recommend to Town Meeting the use of $1,032,000 in CPA funds for the purchase of five rental units, renovations to those five units and the preservation of the deed restriction on 11 units. Mr. Pressman, participating remotely, left the meeting at 10:15 AM. Ms. Rust, Mr. Gaulin and Ms. Foley also left the meeting at this time. 3) Town Pool and Judges Road/ Pine Grove Financing Discussion- Ms. Kosnoff discussed financing both the Town Pool project and the Pine Grove/ Judges Road project with available cash on hand. The Town Pool project was initially going to be financed through the issuance of debt but after discussions with the Town Manager, it was determined that funds in the Unbudgeted Reserve of the Community Preservation Fund could sufficiently cover the cost. Funds for Pine Grove would be allocated from both the Community Housing Reserve and the Unbudgeted Reserve. Ms. Kosnoff confirmed that funding these two projects with cash would still leave a balance of approximately $2 million in the Community Preservation Fund. She also explained that the FY18 debt service total decreased to $2,390,998 due to the removal of issuance costs for the Town Pool project. Therefore no new debt would be included in the FY18 debt service budget. After a motion duly made and seconded, the CPC voted (6-0) to approve the revised debt service total. The Committee also voted, after a motion duly made and seconded, to approve financing both the Town Pool project and the Judges Road/ Pine Grove project with available cash on hand (6-0). 4) Committee Business- a. Center Streetscape- After a motion duly made and seconded, the CPC voted, (6- 0), to Indefinitely Postpone the Center Streetscape Improvements project. b. Draft Report to 2017 Annual Town Meeting- The CPC briefly reviewed minor edits made to the draft report but given the amount of pending information, decided not to issue a vote to approve. The Committee will re-convene and approve at a later date once all edits are incorporated. 2