2010-11-22-CPC-min - Laserfiche WebLink

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Minutes of the Community Preservation Committee Monday, November 22, 2010 3:00 pm Room 207 Town Offices Present: Board Members: Wendy Manz,Chair; Marilyn Fenollosa (arrived 4:15 PM), Vice- Chair; Joel Adler, Norman Cohen, Jeanne Krieger, Leo McSweeney, Sandy Shaw, Betsey Weiss and Dick Wolk. Administrative Assistant : Nathalie Rice Also in attendance was Charles Lamb, Chair of the Capital Expenditures Committee. The meeting was called to order at 3:00 pm by Ms. Manz. 1.Update on Cotton Farm Bonding Costs – Rob. Addelson, Assistant Town Manager of Finance, met with the CPC to update the Committee on the bonding costs associated with the Cotton Farm acquisition. He explained that due to the receipt of the $500,000 Self-Help grant, (a reimbursement grant) the payments on the property needed to be accelerated. This meant the Town would be bonding $2.3M in FY 2012 with payments in FY 2012 and FY 2013. This is in contrast to the original agreement which called for an interest- free loan from the seller which would be paid back over a two year period. Mr. Addelson explained that since the $2.3M would be bonded, there would be associated interest costs. Interest rates he estimated would be in the range of 2% or less. He said the FY 2012 payment would be taken from the Undesignated Fund Balance. Mr. Cohen suggested that the CPC might authorize a payment in cash in FY 2012 to reduce the bond issuance to $1M, but Mr. Addelson was not certain this could be done. 2.Center Playfields, Phase II - Dave Pinsonneault, Superintendant of Public Grounds, met with the CPC and informed them that the cost of the second phase of the Center Fields Project had risen from an initial estimate of $575,612 to $911,862. He explained that the contractor conducting the analysis of the drainage structures under Field 2, (a baseball and football field), had found that the piping had collapsed, broken apart and/or silted up, resulting in restricted flow to Vine Brook. Discovered through camera work, this new finding necessitates replacement of the piping under Field 4 and results in the significant increase in the cost of the project. 1