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Minutes of the Community Preservation Committee <br /> Thursday, December 5, 2019 <br /> Room 237 <br /> Community Center <br /> 39 Marrett Rd. <br /> 4:00 PM <br /> Committee Members Present: Marilyn Fenollosa (Chair); Charles Hornig (Vice-Chair), David <br /> Horton, Joe Pato, Bob Pressman, Lisah Rhodes, Melinda Walker. <br /> Administrative Assistant: Gina Federico <br /> Other Attendees: Wendy Manz, Capital Expenditures Committee liaison to the CPC; Carolyn <br /> Kosnoff, Assistant Town Manager for Finance; Mina Makarious,Town Counsel (Remote <br /> Participation) 4:20PM —5:09PM; Patricia Nelson, Attorney, LexHAB. <br /> Absent:Jeanne Krieger and David Langseth. <br /> Ms. Fenollosa called the meeting to order at 4:18PM. <br /> Review& Discuss- "Town Counsel Review of Eligibility of Lexington CPA Projects- FY21"- Mr. <br /> Makarious asked the Committee if there were any questions on the Anderson & Kreiger <br /> opinion. Mr. Pressman asked if Town Counsel has seen Ms. Nelson's memo before rendering <br /> their opinion on LexHAB's FY21 CPA funding request for Farmview. Mr. Makarious responded <br /> and said no but they were aware that there might be specific questions regarding the request <br /> and that Ms. Nelson's memo will not change their written opinion. Ms. Walker questioned <br /> whether the Town Counsel's memo was accurate in stating that LexHAB has money on hand to <br /> finish the project. Ms. Kosnoff explained that she met with LexHAB and they stated that if they <br /> did not have cash on hand they would still finish the project. Ms. Nelson stated that LexHAB <br /> could seek construction financing to finish the project and asked Mr. Makarious if the <br /> construction financing could be CPA eligible. Ms. Nelson asked if this could be done <br /> prospectively, similar to the 454 Marrett Rd purchase where the Town paid off LexHAB's <br /> mortgage with CPA funds. <br /> Mr. Makarious explained that the key point in the non-supplanting provision of section 6 of the <br /> CPA Statute, is that you cannot replace existing operating funds, only augment them. The loan <br /> repayment for 454 Marrett Rd is a different example because LexHAB owned a property with a <br /> mortgage; by appropriating money to pay off the loan LexHAB now owns a property without a <br /> mortgage, essentially a new asset. If LexHAB bought the property with cash then it would not <br /> be CPA eligible because it would be a reimbursement. Mr. Makarious stated that there could be <br /> 1 <br />