1984-04-BOS-min - Laserfiche WebLink

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-z- What is the cost of ten year vs. five ear financing? The Town Manager reviewed with those present a debt service schedule developed by him showing the financial impact and implications for each bonding period. Both . 5 - and 10 -year bonding would impose $350,000 on the '84 tax levy, with payments of $550, 000 /year for the five year bonding and $350,000 /year' for ten years. Does this compromise commitment to affordable housin ? Mr, Smith said he felt that it was not an option since the . owners would be unwilling to sell the land for such use and unless rezoning was asked, the Town would have no leverage to require any moderate income housing. What are the s ec if is rights of the Golf Course. owners? Mr. Smith noted that agreements are still being drawn up under which the owners would continue the use as a golf course under a 50 -year lease arrangement, with payment of rent in lieu of taxes of $8,000/year. After the expiration. of the 50- year lease, the owners are requesting right of first refusal. The owners would also have the option within 10 years for expansion of the 9 -hole course into 18 -holes on 6.2 acre contiguous parcel, with the approval of the Selectmen, Planning Board and_ Conservation Commission. What is the likelihood of reimbursement? Mr. Smith pointed out U.D.A.G., as a po ss ible source of funding under the Urban Self Help Program. There are State funds in the amount of $5,500,000 available and the Commission will apply for reimbursement. He noted the Commission's history of success in such efforts, but that the track record of the Town is always questioned by the State. Chairman . Clough, School Committee, expressed his real concerns regarding the impact of financing the land purchase ' on school funding over the long haul. He f orsees a crunch for the school system in 1988, as in other Towns dealing with Prop. 2 1/2. It was noted that the School Committee had limited control over use of the Meagherville site since it-had been taken for school ''' and other Town purposes. With regard to ' inancial impact on the school system, Mr. Smith pointed out that there would be considerable impact if the land were developed residentially, with an additional 200 or more students to be .:absorbed . Regarding the financial picture, Mr. Hutchinson noted that the purchase could be handled this year, but referred to its effects on economic growth in 1986. In answer to question on traffic generated on access roads of a golf course vs. residential development of 120 houses, Mr. Price estimated a 60 - 65% increase in traffic for an 18 -hole course as opposed to a 9-hole course. Mr. Bowyer, Planning Board, referred to a housing memo and the projection for approximately 700 trips /day generated by an 18 -hole golf course and 1,100 trips /day generated by a 120 house subdivision. James Beek, School. Comm..;,;. also referred to the potential impact of the purchase on the school system. He noted that Prop. 2 1/2 was intended to cap government spending on day -to --day expenses and felt that funds for extra- ordinary expendes should be raised in an extraordinary way and urged that the Selectmen explore every option regarding financial arrangements. Mr. Sacco compared the $780,000 income to the Town from residential development with .the $8,000 payment in lieu of taxes proposed, and noted that an actual project ion of costs for additional town services in conjunc- tion with housing has not been made. W