1999-03-29-REC-min - Laserfiche WebLink

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Town of Lexington Recreation Committee Sandra Shaw, Chairman Tel: (781) 862-0500 x262 Pamela Varrin, Vice Chairman Fax: (781) 863-2350 Frederick DeAngelis Donald A. Chisholm Richard L. Neumeier RECREATION COMMITTEE MINUTES March 29, 1999 Members Present: Sandra Shaw, Don Chisholm, Dick Neumeier Staff Present: Karen Simmons, Jon Jalbert AGENDA: 1. Don represented Dick’s article this morning and gave an update. Karen said that Rick White feels that the committee should go forward with the split- revenue generated tennis courts being bonded out of the enterprise and the rest of the items in that article from the tax levy. Dick presented John Ryan’s report on the numbers. Dick recommended that we pay a flat rate of 15% throughout the length of the bond. Karen said that Brian Gilbert mentioned that he felt many of the numbers in the HMFH report were off, specifically for the tennis courts, track and backstops. Karen gave Brian this report to review the numbers in order to be more accurate. Dick recommends the 20% (in year 2004) of the net debt service fee to cover the $1.7 million for this article. Karen is concerned that future capital projects will not be funded because of this payment toward the debt service. Karen also stated that future program revenues might be lost because of the school project, the library move to Cary Hall and the competition with Community Education for space. With the loss of space we need to keep aware of future enterprise funds. From 2004 to 2024 the net debt service would drop from $19,000 to $2,400, with 20% every year and the tax levy paying the balance every year, or we pay a flat rate of $12,500 every year. Center track should be done as soon as possible and then the Center Tennis Courts. The other projects are not as urgent. 1625 MASSACHUSETTS AVENUE • LEXINGTON, MASSACHUSETTS 02420