2012-05-02-CPC-min - Laserfiche WebLink

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Minutes of the Community Preservation Committee Wednesday, May 2, 2012 4:00 pm, Room G-15 Town Office Building Present: Board Members: Wendy Manz,Chair; Marilyn Fenollosa, Vice-Chair, Joel Adler, Leo McSweeney, Sandy Shaw, Betsey Weiss and Dick Wolk. Administrative Assistant : Nathalie Rice Also in attendance were Rob Addelson, Assistant Manager for Finance and David Kanter, of the Capital Expenditures Committee. Ms. Manz called the meeting to order at 4:00 pm. 1.Approval of the Minutes - The minutes of the meeting of April 29th were approved with changes submitted by Ms. Weiss and those added at the meeting by Mr. Adler. The vote of approval was (7-0). 2. Executive Session - Ms. Manz suggested that the Executive Session scheduled for later in the meeting, be held at the commencement of the meeting. Upon a motion duly made and seconded, it was voted by a roll call vote of (7-0) to enter into Executive Session under Exemption 6 to consider the purchase, exchange, lease or value of real property and to reconvene in open session afterwards. Further the Chair declared that an open meeting might have a detrimental effect on the negotiating position of the Town. Open Session of the CPC resumed at 4:50 pm after a roll call vote to reconvene. 3. Discussion of Funding Recommendations for Wright Farm Acquisition - Mr. Addelson, Assistant Manager for Finance, discussed the possibilities for the financing of the Wright Farm acquisition in light of upcoming CPA projects. He referred to a th spreadsheet he had shared with the Committee at their April 20 meeting, in which he showed the calculations for varying debt service payments over 3, 5, 10, 15, and 20 year periods. He noted that the CPA reserve which would be available for the Wright Farm acquisition was approximately $1,878,917. Members discussed the pros and cons of keeping $1M-$2M in reserve in the Undesignated Fund Balance. Ms. Manz specifically asked members if they objected to using part of the Fund to pay down the debt service on Wright Farm; there were no objections. A motion was made, seconded, and the Committee then voted (7-0) to authorize the use of cash or debt for the acquisition of the Wright Farm as directed and agreed upon by the Finance Committees, the Board of Selectmen and the Finance Department. Mr. McSweeney left the meeting at this point. 1