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<br />Community Preservation Committee (CPC) Meeting
<br />Thursday, February 19, 2015
<br />Parker Room, Town Office Building, 1625 Massachusetts Avenue
<br />3:00 p.m.
<br />Committee Members Present: Marilyn Fenollosa, Chair; Dick Wolk, Vice Chair; Richard Canale;
<br />Norm Cohen; Jeanne Krieger; Leo McSweeney; Bob Pressman, Sandy Shaw
<br />Committee Members Absent: David Horton
<br />Recording Secretary: Sara Arnold
<br />Other attendees:Rob Addelson, Assistant Town Manager for Finance; David Kanter, Capital
<br />Expenditures Committee liaison
<br />The meeting was called to order at 3:05 p.m.
<br />1.Revised Debt Service:
<br />Mr. Addelson reported that the Town had issued a $23.6 million bond
<br />earlier today that includes a premium to be paid to the Town and a 1.84% interest rate. Initially the
<br />premium will go into the Fiscal Year 2015 (FY15) surplus, but when the funds become available in
<br />FY2016, a portion of the premium, based on the percentage of the bond that is for Community
<br />Preservation Act (CPA) debt service, will go into the CPA fund. A Bond Anticipation Note in the
<br />amount of $1,000,000 was also issued, bearing an interest rate of .32% which will mature in June and
<br />be repaid from FY2015 CPA funds.
<br />Using a handout, Mr. Addelson described the recently revised Fiscal Year (FY) 2016 CPA debt
<br />service funding request that will be presented to the 2015 spring Special Town Meeting, totaling
<br />$2,417,200. The request includes four components, as follows:
<br />Community Center Acquisition:
<br /> In 2013, the Town was authorized to purchase a portion of
<br />the Scottish Rite Property at 39 Marrett Road to be used for a Town Community Center. The CPA
<br />portion of the total $10,950,000 purchase was $7,390,000. An initial bond anticipation note (BAN)
<br />used to fund this purchase came due in February 2014, and the Town then issued a bond for a ten year
<br />term. The FY2016 debt service due on the CPA portion of this bond, including interest and principal,
<br />is $1,065,100.
<br />Wright Farm Land Acquisition - Parcel 1:
<br /> In 2012, the Town was authorized to purchase
<br />this parcel using CPA funds, for which the Town would borrow $2,950,000. An initial BAN used to
<br />fund this purchase came due in February 2014, and the Town then issued a bond for a ten year term.
<br />The FY2016 debt service due on this bond, including interest and principal, is $424,800.
<br />Community Center Rehabilitation/Restoration:
<br /> In 2013 and 2014, the Town appropriated
<br />funds to prepare the recently purchased Scottish Rite building for use as a Community Center. The
<br />CPA portion of the rehabilitation/restoration was $6,297,184, the bulk of which was financed from
<br />cash. Initially, the $451,000 balance will be financed with a BAN to be issued in June 2015. When
<br />the BAN comes due in February 2016, a ten-year bond will be issued. The estimated FY2016 debt
<br />service due on the CPA portion of this funding includes $9,020 for issuance of the BAN and $2,158
<br />for issuance of the bond.
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