2024-05-06 SB Packet - Released - Laserfiche WebLink

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JOINT MEETING SELECT BOARD,APPROPRIATION COMMITTEE AND CAPITAL EXPENDITURES COMMITTEE April 10, 2024 A Joint Meeting of the Select Board, Appropriation Committee and Capital Expenditures Committee was called to order at 6:35pm on Wednesday,April 10, 2024,via a hybrid meeting platform. Mr. Pato, Chair; Ms. Barry, Mr. Lucente,Mr. Sandeen, and Ms. Hai were present, as well as Mr. Malloy, Town Manager; Ms. Katzenback, Executive Clerk; and Ms. Axtell,Deputy Town Manager. Present for the Select Board(SB): Mr. Pato, Chair; Ms. Barry, Vice Chair; Mr. Lucente; Ms. Hai; and Mr. Sandeen Present for the Capital Expenditures Committee (CEC): Mr. Lamb, Chair; Mr. Cole; Mr. Kanter,Vice Chair; and Ms. Rhodes Present for the Appropriation Committee (AC): Mr. Parker, Chair; Mr. Padaki; Vice Chair; Mr. Levine; Mr. Michelson; Mr. Bartenstein; Ms. Yan; Mr. Ahuj a; and Mr. Osborne(6:40pm arrival) 1. Discuss Police Station Proj ect Budget for Solar Canopy/Batteries Mike Cronin, Director of Public Facilities, explained that, at the last Select Board meeting,the Board requested an updated financial analysis which provides information on debt service costs, solar incentives, and timeframes for return on investment. The financial analysis uses two variables for consideration: • 520KWH vs. 1040KWH batteries • 10 Year vs. 20 Year Debt Service From this analysis, the highest return on investment is choosing the 1040KWH battery system with ten- year debt issuance. Under this scenario,the annual net cost is 11 years, and the cumulative net cost is 13 years, with a total net gain of just under$6.SM. A more attractive scenario may be the 1040KWH battery system with a 20-Year debt issuance, where the total net gain is less at $5.9M but because the debt service payments are less,the annual net cost is two years, and the cumulative net cost is three years. Over 20 years, this scenario would cost just under$2.4M vs. $2.65M for the ten-year scenario. As stated above, over 30 years the comparable savings is $5.9M vs. $6.SM. In the 10-year scenario,the Town would save an additional $600,000 over the 30-year planning period and,under the 20-year scenario the Town would have higher revenues than expenditures starting in the second or third year. Staff has submitted a request for congressionally directed funding from Senators Warren and Markey and Congresswoman Clark. Without outside funding,the Select Board would either need to choose an option that places all or part of the proj ect on hold until the Fall Town Meeting. Staff believes that the steel framing could be completed at this time with the current budget and that some/all of the solar could be installed under the current budget,but there is not sufficient funding to complete the full installation with batteries. The benefit of moving forward now is that it allows the proj ect area, including Fletcher Park,to be returned to its original condition,with later funding allowing solar to be installed during the winter months. This would require funding at the Fall Town Meeting. Another option for the Select Board to consider would be to call a Special Town Meeting at the end of this Annual Town Meeting. If this was called on April 10, 2024,it could fall within the current Town Meeting. There will be costs associated with this option.