2017-06-01-AC-min - Laserfiche WebLink

Browse Search

06/01/2017 AC Minutes; • The SC and the Superintendent of Schools have not taken a formal position but have indicated that the two least expensive renovation options for the LCP would be substandard. Members of this Committee discussed the feasibility of demolishing the entire facility and building only a new LCP. It was suggested that providing the LexCC with a gymnasium and cafeteria could be pursued at a later time, perhaps constructing the addition closer to the current LexCC building as originally envisioned. Other comments included the following: • The size of the anticipated fall 2017 debt exclusion referendum, which will include this project, is significant, and efforts should be made to minimize it. • LexCC renovation costs would be greater than the cost of demolishing that portion of the current facility, particularly if the classroom portion is going to be demolished. • Expanding the LexCC has not been included in lists of prioritized capital projects, but purchasing the Pelham property is viewed as an unexpected opportunity to do so. • When Town Meeting voted to support the purchase of the property, it was with the understanding that the LexCC addition would be included. • As interest rates are likely to increase, deferring projects would result in increased borrowing cost • The LexCC, which serves residents of all ages, has been successful and needs additional space. Ms. Colburn commented that if a new LCP is to be built, she personally would like it located on its current Harrington Elementary School site. She reported that the SC is meeting June 6. Other topics discussed, included: • The possibility of moving the school administration offices to Pelham Road. • Increased traffic and safety issues associated with Pelham Road/Massachusetts Avenue. • The potential number and make-up of the fall 2017 debt exclusion questions. After discussion, on a vote of 8-0-1, the sense of the Committee was that the most prudent course of action would be to defer the LexCC portion of the project for the time being, but to allow voter choice. There was preliminary support for having two items, for separate approval, on the debt exclusion referendum related to the Pelham property, as follows • Funds (not more than $15 million) to demolish the current Pelham Road facility and build a new LCP on that site; and • The funds needed for a LexCC addition. 3. Fall 2017 Debt Exclusion Referendum Mr. Bartenstein reviewed his proposal to consider using some or all of the $28 million currently in the Capital Stabilization Fund (CSF) to reduce the debt exclusion request. This would result in a net saving of interest costs; however, it would reduce the ability to level peaks of excluded debt service cost that would hit taxpayers in the immediate future. Ms. Kosnoff reviewed three options that she had modeled, as follows: • Base Scenario: Using the fund to mitigate the debt service and reduce peaks in tax increases; • Scenario 1: Using $12,443,000 million from the fund for a cash purchase of 20 Pelham Road and 173 Bedford Street, with the remainder being used to mitigate the debt service; 2