2022-12-15-CPC-min - Laserfiche WebLink

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RECEIVED 0 ''10 I Feb,, "W1am Minutes for The Community Preservation Committee 12/15/22 at 4:00 pm TOWN CL,ERK Remote Zoom Meeting LEXINGTON MA Meeting ID#979 69914014 Committee Members Present: Marilyn Fenollosa (Chair), Jeanne Krieger (Vice Chair), Kevin Beuttell, Bob Creech, David Horton, Lisa O'Brien, Bob Pressman, Mark Sandeen, Melinda Walker Other Attendees: Carolyn Kosnoff(Assistant Town Manager-Finance), Mike Cronin (Director, Public Facilities), Cristina Burwell (Munroe Center for the Arts (MCA) Executive Director), Steve Poltorzycki (MCA Board Member), Brian Healey (MCA Architect) David Kanter (Capital Expenditures Committee), Sandhya Beebee (Capital Expenditures Committee Liaison), Melissa Battite (Director, Lexington Recreation Department), Christine Dean (Lexington Recreation Department), Karen Mullins (Conservation Director), Amber Carr (Conservation Coordinator), Jeff Howry (Archaeologist), Philip Hamilton (Chair, Lexington Conservation Commission), Sarah Morrison (Executive Director, LexHAB), Mark Manasas, Chet Webster, Anne Grady, Charles Hornig Administrative Assistant: Christopher Tierney Ms. Fenollosa called the meeting at 4:01 Discussion of Possible Debt Financing: Carolyn Kosnoff joined the Committee to discuss the Committee's finances before final votes were taken. Ms. Kosnoff noted that the only real changes from the previous presentation were a change to the cost of Willard's Woods overall cost being reduced from $1,306,673 to $1,211,675, a change in the total project cost for the MCA to $6,635,191, and updating the unbudgeted reserves along with a reduction in the Stone Building project from $100,000 to $400,000 as a result of the project being phased. Ms. Kosnoff also stated that the Committee's policy is to leave funds in the 'Unbudgeted Reserve' account and after these changes in cost there would be approximately$1,500,000 remaining in that account. This is about as low as the Committee would want to go in case of unexpected costs arising. Ms. Kosnoff also discussed the different lengths of bonds and how debt financing would affect the Committee's financing in the years to come. For the Munroe Center for the Arts project, a five-year bond would make sense while the Stone Building project would be better served by a ten-year bond, even though that would increase interest payments overall. Mr. Pressman discussed the Stone Building project. He suggested that the question of debt financing of the Stone Building project was not before the Committee for a vote today. Ms. Kosnoff agreed. Mr. Pressman also discussed cost elements of the project. Ms. Kosnoff replied that the Committee wanted some sense of post design costs and that the Committee would not vote for a design project in a vacuum, since design would lead to construction. Mr. Sandeen 1