2003-02-05-CEC-min - Laserfiche WebLink

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Town of Lexington Capital Expenditures Committee Draft Meeting Notes February 5, 2003, 7:30 p.m., Town Offices Committee members present: Bhatia, Burnell, Hornig, Rosenberg, Stolz Also present: residents Ingrid Klimoff, Charles Lamb Meetings Schedule (note earlier time) Wednesday, Feb. 26, 7:00 p.m., Town Offices, room to be determined Liaison reports Stolz reported that the Selectmen added to the Warrant an article authorizing purchase of the Christian Science Church building (37,000 sf lot, 9,600 sf building). Identified as a priority in Space Needs Assessment. Possible new School Administration offices (proximate to High School). [asking price $1.7 million]. The Conservation Commission voted 3-2 last night (2 abstaining) not to claim jurisdiction over the Lincoln Park fields project; appeal is possible. The Town sold $51 million of debt Monday; price for the 15-year Lincoln Park fields was 3.99% approx. That is much below the 4.5% assumed in modeling Town finances and the borrowing costs flowing through the cash capital policy/funding. Hornig will get spreadsheet from John Ryan. Whether those savings can be captured for cash capital funding, or will be reserved for free cash as the Selectmen indicated at the Summit, matters a lot to CEC priorities (and should figure in the Committee’s recommendation to hold down borrowing; see priorities discussion below: if the Selectment want more projects funded than the Committee recommends, it faces either more borrowing, which we are opposing, or reallocating the cash savings from the lower interest costs). Rosenberg reported on the status of DPW, Senior Center, and 201 Bedford Street, and shared the latest interim Camp, Dresser, McKee work on DPW. Neither project, he said, has a useful program definition. The Committee discussed the Council on Aging’s January 29 request to the Selectmen to use some of the $50,000 appropriated by Town Meeting in