2007-10-03-AC-min - Laserfiche WebLink

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October 3, 2007 Minutes Town of Lexington Appropriation Committee October 3, 2007 Place and time: Town Office Building, Room G15, 7:30 p.m. Members present: Alan Levine (Chair), Rod Cole (Vice-Chair), John Bartenstein (Secretary), Deborah Brown, Richard Eurich, Rob Addelson (ex officio, non-voting). The meeting was called to order at 7:40 p.m. with a quorum present. 1. A discussion was held, primarily between D. Brown and R. Addelson regarding how to estimate various values in the spreadsheet the AC is using for analyzing various Shire TIF scenarios. It was decided, based on Shire statements, to assume Shire will go forward with Building 125 and 300 regardless of the outcome of the TIF negotiations and Special Town Meeting vote. It was noted that the base value includes the shell of the 300 building and that only renovations to Building 300 would get a TIF benefit. Shire’s plans for Buildings 200 and 400 will be based on the TIF and we will generate scenarios with Shire building those buildings, and other scenarios with someone else building them at a later date. 2. Rob handed out a sheet with the Town’s 20 year TIF projections. There followed a discussion of the Town’s assumptions. 3. Rob discussed the need for two TIF agreements, one excluding Building 400 and one for Building 400. A discussion was held regarding how to reflect this two-TIF approach in our scenarios. 4. A discussion of cash flows for the $2.6 million in mitigation money was held. It is important to have reasonable assumptions as the timing of the mitigation money is tied to the risk the town is taking should Shire not build out Buildings 200 and 400. The meeting was adjourned at 9:15 p.m. Respectfully submitted, Rod Cole Approved October 30, 2007 - 1 -