2017-08-31-AC-min - Laserfiche WebLink

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08/31/2017 AC Minutes appropriation for Hastings should be made contingent on the town -wide debt exclusion vote. This has been the case for prior debt exclusion votes in recent years. The committee debated the pros and cons of the approach but did not reach a consensus position. The BoS will make a final decision prior to the Special Town Meeting. This Committee has previously recommended that the already -completed purchase of the properties at Pelham Road and Bedford Street be financed directly from the Capital Stabilization Fund (CSF) rather than being included in the debt exclusion. This has the potential to save significant money on a yearly basis due to the spread between interest earned on the CSF and long-term interest rates. These purchases are currently financed on an interim basis by 1 -year Bond Anticipation Notes (BAN'S) at an interest rate of —1%, which is similar to the rate being earned on the balance in the CSF. The Town Manager has proposed rolling over the BAN'S (which can now be done for up to 7 years) and deferring a decision whether and when to fund the Pelham Road and Bedford Street property purchases from the CSF until a future date. The committee deliberated the pros and cons of both approaches but did not take a final position. The committee was in agreement that a revised version of the existing financial model is essential to making an informed decision, although the exact items to include in the model are still being debated. Ms. Kosnoff indicated that she is in the process of developing a revised model. s. Liaison Opportunities Mr. Bartenstein noted that several current or proposed advisory working groups either have, or would benefit from, AC liaison involvement: • Comprehensive Plan Advisory Group being formed by the Planning Board • Economic Development Task Force (for commercial development) being formed under the direction of the BoS • Working group to inform the BoS on potential revision of the CPA surcharge • Working group to inform the BoS on potential adoption of a residential exemption. This effort is already under way, and Mr. Radulescu-Banu and Mr. Bartenstein are currently participating. 6. Minutes A motion was made and seconded to approve minutes for July 11, 2017. The motion passed. VOTE: 9-0 7. Future Meetings. The next meeting will be held on Sept 14, 2017. The meeting adjourned at 9:27 p.m. Respectfully submitted, Sanjay Padaki Approved: September 14, 2017 Exhibits Agenda, posted by John Bartenstein, Chair