2018-12-13-CPC-min - Laserfiche WebLink

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The CPC voted in a straw poll to support the project (9-0). 3) Debt Service- Ms. Kosnoff distributed three Excel spreadsheets to the Committee detailing CPA funds, projected revenues, and expenditures (CPA-Funds Projected Revenues and Expenditures), CPC fund balances (Community Preservation Fund Balance) and CPF debt service from FY15 to FY25 (CPF Debt Service (Principal and Interest)). Preliminary estimates suggest that the Community Preservation Fund balance is $6,397,013 after debt for FY20, including the proposal to date for the Center Track and Field Reconstruction of$999,580. Ms. Kosnoff stated that there could be a modification to the payment period for the Center Track and Field Reconstruction. $2,095,100 is obligated to debt service not including debt from the Center Track and Field Reconstruction, Center Streetscape Improvements, and the Inter-Municipal Agreement with Minuteman. A new document was presented to the Committee labeled "Community Preservation Fund Debt Service". This document details the amount paid in debt service including principal and interest ranging from FY15 - FY25. Ms. Fenollosa asked if there is a threshold before something can be funded through debt. Ms. Kosnoff responded that she is not aware of a threshold but would not be opposed to funding a project less than $1 million. Ms. Walker asked about the criteria to bond something. Ms. Kosnoff responded that you can only bond something based on its life expectancy. Mr. Hornig inquired about interest rate trends for short term debt versus long term debt. Ms. Kosnoff stated that any debt the Town undertakes is considered municipal debt and right now short term debt rates are comparable to long term rates. Ms. Kosnoff explained that land purchased through debt cannot be sold until the debt service is paid off. Ms. Kosnoff will reappear before the Committee at the next meeting on 1-10-19. 4) Conservation Land Acquisition Kendall Rd. & Sherburne Rd-.Mr. Hamilton requested an unknown figure in CPA funds for the acquisition of two parcels of land. Mr. Hamilton began his presentation with an update regarding the acquisition of land that is currently in Executive Session under Exemption 6 with the CPC. He stated that the project may not be ready for Annual Town Meeting in the spring because of a death and issues with the title of the property. Mr. Hamilton referenced handout 7 "Map of Off Sherburne Rd 32-135" and stated that this parcel of land has been on the Conservation Commission's list of highly desirable parcels since 1996.The parcel will add 4+ acres of land to the open space inventory. According to the Assessor's property record card, this parcel is assessed at $142,000. Both the purchase of this parcel and the parcel that is in Executive Session will add roughly 20% more to Lexington's conservation area. Mr. Hamilton then moved onto the second parcel and referenced handout 8 "Map of Kendall Rd 32-114". He explained that the parcel is triangular in shape and has a brook running through it. 4