2012-05-04-CEC-min - Laserfiche WebLink

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Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting Date, Place, and Location: May 4, 2012, 8:00 A.M., Town Office Building, Room G -15 Members Present: Charles Lamb, Chair; Ted Edson, Vice - Chair; Bill Hurley; Shirley Stolz; David Kanter Other Attendees: Carl Valente, Town Manager; Rob Addelson, Assistant Town Manager for Finance; Eric Michelson, Appropriation Committee Document Presented: Draft #4 of the Capital Expenditures Committee Supplement to the Report to the 2012 Annual Town Meeting (ATM) distributed electronically, May 3, 2012, with printed copies available at the meeting Call to Order: Mr. Lamb called the meeting to order at 8:00 A.M. Approval of Minutes It was moved and seconded that the Minutes of the Committee's April 23, 2012, meeting, as reflected in the draft that had been distributed electronically, April 30, 2012, be approved. Vote: 5 -0 Executive Session At 8:05 A.M., Mr. Lamb declared that an executive session was warranted under the Open Meeting Law Exemption 6 (To consider the purchase, exchange, lease or value of real property) as the discussion in an open meeting may have a detrimental effect on the negotiating position of the Town. A Motion was made and seconded to go into executive session with the intention to reconvene in an open session. Each member was individually polled and each voted "yes ". At 8:55 A.M., the Committee reconvened in open session after a Motion had been made and seconded in the executive session to reconvene in open session. Each member had been individually polled and each voted "yes ". Revisit Committee Position on Funding the Wright -Farm Land Purchase (2012 ATM, Article 9) The Committee reconsidered its recommendation on that funding made at its April 23, 2012, meeting. It was agreed that the decision on how much, if any, Community Preservation Fund (CPF) cash would be applied to the purchase price could be deferred until the debt financing would be by a bond — rather than upon issuance of a bond anticipation note (BAN) at closing —to provide increased flexibility regarding how much cash, if any, should be applied to the purchase price. The Committee also agreed that the anticipated associated expenses beyond the purchase price (currently estimated at $97,000) and any BAN interest (currently estimated at $15,000) should be funded with cash. A Motion was made and seconded to replace the Committee's prior recommendation with one that, under Article 9 at this Town Meeting, (1) $112,000 of CPF cash should be Page 1 of 2