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<br /> Minutes of the Community Preservation Committee
<br />Wednesday, November 13, 2013
<br />3:00 pm, Parker Room
<br />Town Office Building, 1625 Massachusetts Avenue
<br />Present:
<br />Committee Members:
<br />Marilyn Fenollosa, Chair; Richard Wolk, Vice-Chair, Richard Canale,
<br />Norman Cohen, David Horton, Jeanne Krieger, Leo McSweeney, Robert Pressman and Sandra
<br />
<br />Shaw.
<br />Administrative Assistant
<br />: Nathalie Rice
<br />Also in attendance was David Kanter, Vice-Chair of the Capital Expenditures Committee (CEC).
<br />
<br />The meeting was called to order at 3:06 pm. by Ms. Fenollosa.
<br />1.Debt Service and Administration Budget
<br />Ms. Rice updated the CPC on the status of the
<br />Debt Service and Administrative articles for Annual Town Meeting. There are three Debt
<br />Service articles, all of which are estimates at present. The first, for the 39 Marrett Road
<br />acquisition, is estimated to be $1,034,600. A short term note (a Bond Anticipation Note, or
<br />BAN) has been sold for this loan and short term interest ($115,000) will be due in
<br />February. (The appropriation for this BAN was approved at the 2013 Annual Town
<br />Meeting.) In February of 2014, the interest and principal will come due and be paid in FY15.
<br />The second article, the Debt Service for the acquisition of the Wright Farm is also an
<br />estimate. A note for the bond will be sold this year and it is estimated that the FY15 payment
<br />of principal and interest will be $413,000. Finally, the third Debt Service article will be the
<br />issuance of a short term note on the Marrett Road D&E that will likely be approved at the
<br />2014 Annual Town Meeting; this short term note is estimated at $28,070. Ms. Rice noted that
<br />the Committee may wish to pay the D&E for Marrett Road, (only $645,775 as estimated at
<br />present) from CPA cash rather than incur debt.
<br />Ms. Rice also addressed the Administrative Budget article, explaining that the CPC annually
<br />sets aside $150,000 for the payment of administrative expenses. These include the
<br />Administrative Assistants salary at 3 days a week ($44,492, including health benefits), legal
<br />fees, membership dues to the Community Preservation Coalition ($7,000), minimal office
<br />needs, and the $50,000 set-aside for land acquisition planning. Any unspent funds from the
<br />Administrative Budget return to the Undesignated Fund Balance at years end. (In FY13,
<br />$56,422 was returned to the Undesignated Fund Balance.)
<br />
<br />2.Vynebrooke Village Renovation - $300,551
<br />Mr. Steve Keane, Executive Director for the
<br />Lexington Housing Authority presented this proposal for $330,551 to replace front doors,
<br />siding and the roofs at Vynebrooke Village, a 48-unit low income affordable housing
<br />community. Mr. Keane explained that he had applied for State funding, and had been
<br />approved by the Department of Housing and Community Development (DHCD) for
<br />$601,102 of the full cost of $901,653. He presented the approval letter, dated October 25,
<br />2103 which stated that the state funds were for an initial $90,165 in predevelopment costs.
<br />The CPC questioned whether the letter represented a commitment for full construction
<br />funding, to which Mr. Keane replied that it did. He went on to explain the project, noting that
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