2009-12-16-AC-min - Laserfiche WebLink

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December 16, 2009 Minutes Town of Lexington Appropriation Committee December 16, 2009 Place and time: Town Office Building, Room G-15,7:00 p.m. Members present: John Bartenstein (Vice -Chair and Secretary), Richard Eurich, Mollie Garberg, Alan Levine (Chair), Eric Michelson, Glenn Parker (Vice - Chair), Joe Pato, Rob Addelson (ex officio, non - voting) Also present: members of the Community Preservation Committee (CPC), Carl Valente (Town Manager), Nathalie Rice (CPC staff), members of the Capital Expenditures Committee (CEC), and others The meeting was called to order at 7:05 p.m. This was a joint meeting of the CPC, CEC, and Appropriation Committee. The purpose of this meeting was to decide upon a recommendation for the financing of the purchase of the Busa Farm. Rob Addelson reviewed three scenarios for financing the purchase through borrowing. Two comprised three -year terms and one comprised a five -year term. In one of the three - year term scenarios the first year payment was more than half the balance while the annual payments were more nearly equal in the other scenario. In all three scenarios, the balance of the community preservation general reserves would not be not drawn below $2,000,000 based on currently proposed projects with known price tags. There was general discussion of the different scenarios and of the principles that should guide the use of debt. After the members of the CPC expressed their preference for the scenario with a front - loaded three -year term, the five members of the Committee who were present late in the meeting voted (5 -0) to support that recommendation. The meeting adjourned at 8:40 p.m. Respectfully submitted, Alan M. Levine Approved January 19, 2010 -1-