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APPROPRIATION COMMITTEE-2019 ATM
<br /> 140)Playground Replacement Program- Bridge
<br /> The Department of Public Facilities requests $302,000 in FY2020 to update the playground equipment and
<br /> surfaces behind the Bridge Elementary School and playfields. The proposed improvements will renovate,
<br /> rehabilitate, or replace the existing playground safety surfacing and equipment so that the site will comply
<br /> with standards of the Consumer Product Safety Commission (CPSC), American Society for Testing and
<br /> Materials (ASTM)and the American with Disabilities Act(ADA). This project is the second part of a two-
<br /> year,two-school program to update existing school playground facilities.Part 1,the similar updating of the
<br /> playground at the Bowman Elementary School, was funded with FY2019 CPA funds and has been com-
<br /> pleted.
<br /> 14(k)LexHAB-Preservation,Rehabilitation, and Restoration of Affordable Housing
<br /> This request seeks funding for capital repairs at 11 LexHAB units. There will be four preservation projects
<br /> and seven rehabilitation projects at units previously acquired with CPA funds.The scope of the work varies
<br /> by property and includes kitchen and bath renovations as well as roof replacements. Funding support from
<br /> the CPF will help LexHAB maintain low rents for tenants. Work is anticipated to start on July 1,2019.
<br /> 14(1) CPA Debt Service
<br /> Projected debt service on the CPA projects is outlined in the following table. Two different types of debt
<br /> instruments are used: bond anticipation notes (BANS), and multi-year municipal bonds. BANS provide in-
<br /> terest-only borrowing for a term of up to one year. They are issued for individual projects prior to bundling
<br /> the debt from several projects to create a single multi-year bond.
<br /> Project Total Total FY2020
<br /> TM Approval Final Payment Appropriation Debt Financing Debt Service
<br /> Wright Farm Purchase $3,072,000 $2,090,000 $365,800
<br /> ATM 2012 FY2024
<br /> Community Center Acquisition $101950,000 $7,390,000 $917,100
<br /> STM 3/2013 FY2024
<br /> Cary Memorial Building Upgrades $81677,400 $8,241,350 $812,200
<br /> STM 3/2014 FY2025
<br /> Center Track and Field Renovation $3,340,000 $2,829,000 $999,580
<br /> ATM 2018 FY2022
<br /> TOTAL $3,094,680
<br /> The debt service for the Wright Farm purchase will be paid from the Open Space Reserve, $560,000 of the
<br /> Community Center Acquisition debt service will be paid from the Historic Resource Reserve, and the re-
<br /> maining debt service payments will be paid from the Unallocated Reserve.
<br /> The practice of the Town,based on recommendations from the Appropriation Committee and Capital Ex-
<br /> penditures Committee,is to limit the size and duration of debt funded by the CPA to the practical minimum,
<br /> usually below the maximum that would be allowed by statute. This reduces the potential for long-term
<br /> financial commitments that would linger should the residents vote to rescind the CPA surcharge in the
<br /> future. That said, this practice should not be allowed to consign too much of the CPA annual revenue for
<br /> debt service,which would stifle the ability of the CPC to fund new projects directly with cash.
<br /> 14(m)Administrative Budget
<br /> The Community Preservation Act permits up to 5% of annual CPA funds to be spent on the operating and
<br /> administrative costs of the CPC. The CPC may pay for staff salaries, mailings, public notices, overhead,
<br /> legal fees,membership dues,and other miscellaneous expenses related to CPA projects.Five percent ofthe
<br /> anticipated FY2020 revenue from the surcharge and State supplemental match is $292,850.However,as in
<br /> past years, the CPC is requesting an appropriation of $150,000. This money will be used to fund the
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