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APPROPRIATION COMMITTEE - STM 2018-1 All deposits into specified stabilization funds are covered under this article. No withdrawals from any of the funds are planned for this Special Town Meeting. This article proposes to appropriate $94,070 into the Tr'anspor'tation Demand Management Stabilization Fund. This includes a one-time payment of $37,500 from Pinnacle Park and annual payments made under previous Memoranda of Understanding (MOUs). The fund was initially created to support the Lexpress bus service and the 2016 Annual Town Meeting extended the purpose of this fund to "supporting the planning and operations of transportation services to serve the needs of town residents and businesses." This article also proposes to appropriate $4,766 into the Tr'anspor'tation Management Overlay District Sta- bilization Fund. This includes the first payment made under the 3 Maguire Road MOU. The fund was created for the purpose of financing transportation infrastructure improvements. This article also proposes to appropriate $45,004 of surplus revenue into the Capital Stabilization Fund that was created for the purpose of setting aside funds to finance future capital projects of the town. As of publication there were no other monies to be transferred into stabilization funds. However, if any payments are received prior to the vote on this article, those payments would be deposited into special revenue accounts. The motion would then be revised to allow Town Meeting to transfer the money into the specified stabilization fund from those corresponding special revenue accounts. The Committee recommends approval of this request (9-0). Article 2018-1.10: Amend Zoning Bylaw — 55 & 56 Watertown Street Funds Requested Funding Source Committee Recommendation None N/A None This article seeks approval of a rezoning to allow 116 independent living units, 40 assisted living units, and 48 memory care units to be built under the names of Waterstone and Bridges at 55 & 56 Watertown Street on open land now owned by Belmont Country Club. The proposed sites are currently zoned as Residential Outlying (RO) which allows single-family homes on lots with a minimum lot size of 30,000 square feet to be built by right. Further information on the proposal may be found in the report of the Planning Board to this Special Town Meeting. Here we comment on the possible fiscal impacts of the proposed project. There are also significant non - fiscal aspects to this rezoning request, and our analysis is not intended to establish either a positive or negative position with respect to approval of this article. Rather, it is solely intended to help inform Town Meeting in terms of the fiscal impacts of the proposal. The Committee makes no recommendation on this article. Developer's Fiscal Impact Study The developer has submitted a revised "fiscal impact" study. This study considers the revenue that would be directly received by the Town and the expenses that would be incurred by the Town in directly servicing the facilities and residents thereof. The study estimates annual recurring revenues of $785,800 from real estate and personal property taxes, excise taxes on residents' vehicles, ambulance receipts, and health in- spection fees. The study estimates annual Town expenses of $408,300, primarily due to providing additional ambulance, fire, and police services for the residents. These estimates do not include the impact on the Town's shared expenses, including the health insurance and retirement plans for any new Town staff hiring attributable to this development. The impact on shared expenses would reduce the estimated net positive impact modestly, but not enough to drive it negative. There may also be incremental costs in other departments (e.g., senior programs at the Community Center) not considered in the developer's impact study, but again they would be unlikely to change the positive sign of the net estimate. 0