2019-11-07-CPC-min - Laserfiche WebLink

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exchange, lease or value of real property and to reconvene in Open Session; the Chair declaring that an Open Meeting might have a detrimental effect on the negotiating position of the Town. At 6:11 PM, after a motion duly made and seconded, the CPC voted in a roll call vote (7-0) to exit Executive Session and return to Open Session to attend to the remaining agenda items. Debt Service/CPA Finance Ms. Kosnoff distributed two Excel spreadsheets to the Committee detailing CPA funds, projected revenues, and debt service (CPA-Funds Projected Revenues and Debt Service) and (Community Preservation Fund Balance). Ms. Kosnoff stated that $6.8 million is the projected revenue for FY21 including a state match calculated at 10 months using the new fee rate and 2 months at the old fee rate. The total amount of debt obligated to be paid in FY21 is $3,016,730. Preliminary estimates suggest that the Community Preservation Fund balance will be $5,205,957 after debt service and funding all FY21 project requests. Mr. Pressman noted that the amount budgeted for 116 Vine Street Design Funds should be increased from $75,000 to $100,000 on the excel spreadsheet per the CPC meeting on 10-17- 19. 2019 Needs Assessment Report- Ms. Fenollosa reminded the Committee about the 2019 Needs Assessment Report and stated that the edited drafts should be sent to Ms. Federico before Friday November 22nd for review during the public meeting on Thursday December 5th. A public hearing is scheduled for Thursday December 12th to receive comments from the public. Committee Business- Ms. Federico informed the Committee of an update from the Town Managers Office regarding the FY21 CPA funding request for Restoration of Margaret Lady of Lexington Painting. The Committee had requested that Ms. Labrecque inquire about the insurance on the painting as well as the appraised value.The 2016 appraised value is $5,000 and restoration work on the painting will have little impact on the appraised value according to the conservator.This is due to lack of interest in the subject matter/ portraits. The Town Managers office supports the request to restore the historic resource back to premier condition with the knowledge of the lack of impact on the appraisal. Ms. Federico also informed the Committee that the painting is covered by Town insurance under the fine arts clause. Minutes-After a motion duly made and seconded, the minutes from the Public Meeting on 10- 24-19 were approved as submitted (6-0-1) Ms. Walker abstained. After a motion duly made and seconded, the meeting was adjourned at 6:32 PM. The following documents were used at the meeting: 1. FY21 CPA Funding Application- Conservation Land Acquisition 2. FY21 CPA Funding Application-Wright Farm Site Access Planning and Design 3. FY21 CPA Funding Application-Daisy Wilson Meadow Preservation 4