2018-03-26-CPC-ATM-rpt - Laserfiche WebLink

Browse Search

Community Preservation Committee Annual Town Meeting 2018 Summary of Recommended Community Preservation Act Projects under Article 10 for Annual Town Meeting FY 2019 The Community Preservation Committee (CPC) is recommending nine projects to the 2018 Annual Town Meeting for funding under Article 10. Under Article 10, three projects fall within the area of Historic Preservation, five under Recreational Resources and one under Community Housing. There are no projects for consideration under the Open Space category. Described on pages 9 through 21, each project was reviewed and evaluated by the CPC in light of its statutory eligibility and importance to the Town; all nine received Town Counsel approval. All FY19 applications were discussed in public CPC meetings and were presented at the Town Meeting Members Association Information Session on March 15, 2018. The total cost of the nine projects which the CPC is recommending to Annual Town Meeting is $6,206,000. Based on the recommendation of the Assistant Town Manager for Finance, a portion of this total ($2,829,000,representing the Center Track and Field Reconstruction project) will be financed through the issuance of long-term debt. The remainder($3,377,000)will be funded by available balances in the Community Preservation Fund. (Please see page 47 for details.) The CPC is also recommending approval of Debt Service and Administrative Expenses to be paid from the Community Preservation Fund. There are five commitments for debt service, which include payments for the Wright Farm Acquisition, the Community Center Acquisition, Community Center Renovations and Cary Memorial Building Upgrades (pre-existing debt) and the Center Track and Field Reconstruction (estimated interest costs on the CPA portion of a new bond anticipation note (BAN)). The approved Administrative Budget,permitted by the Community Preservation Act, remains constant at $150,000. (Please see page 24 for details.) These Debt Service and Administrative Expenses (Administrative and Debt Service)total $2,464,516 and are detailed on pages 22 through 24. The CPC bid farewell to charter member Norman Cohen this past year. Since the Committee's formation, we have relied on his vast experience and depth of knowledge about town affairs, as well as his good common sense, while considering the many projects before us. We will miss his insights and perspective and thank him for his years of service to the CPC and the Town of Lexington. At the same time, we welcome Joe Pato to the CPC, knowing that the Board of Selectmen will continue to be ably represented in our review and deliberations. 1