2020-10-13-CPC-min - Laserfiche WebLink

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Minutes of the Community Preservation Committee Thursday, October 13, 2020 Remote Zoom Meeting Meeting ID: 946 2847 6036 4:00 PM Committee Members Present: Marilyn Fenollosa (Chair); Charles Hornig (Vice-Chair), David Horton, David Langseth, Joe Pato, Melinda Walker. Administrative Assistant: Gina Federico Absent:Jeanne Krieger, Bob Pressman and Lisah Rhodes. Other Attendees: Phil Hamilton, Chair, Conservation Commission; David Kanter; Vice-Chair, Capital Expenditures Committee; Carolyn Kosnoff; Assistant Town Manager for Finance; Karen Mullins, Conservation Administrator; Charles Wyman, Conservation Commission Land Acquisition Committee. Ms. Fenollosa called the public meeting to order at 4:09 PM. FY21 CPA Funding Request- Conservation Mr. Hamilton informed the Committee of progress made since the last time he appeared before the Committee on 10-1-2020. He explained that on 10-4-2020 Conservation along with the Town Manager had a Zoom meeting with the sellers and they agreed to the $3.5 million offer. A draft purchase and sale agreement was sent to Conservation and they decided that it needs to be revised before presenting it to the seller. Town Counsel is expected to send a revised draft to Conservation by Friday the 16th for review. Mr. Hamilton gave an overview of the Connectivity and Conceptual layout map detailing the property. Ms. Fenollosa asked the Committee if there were any questions. Mr. Kanter questioned the anticipated closing time of March 2021. Mr. Hamilton explained that the sellers requested an early spring closing. Ms. Kosnoff explained that at the time of the closing the Town will pay the purchase price all at once. If the closing is in March it is likely that the first debt issuance will be in June. Mr. Kanter asked if recent BANS have lower interest rates than Bonds. Ms. Kosnoff explained that long term Bonds currently have low interest rates and she does not anticipate a dramatic change in short term borrowing. She recommends taking out a BAN for a year or two similar to how the Center Track was financed. A BAN will give the Committee flexibility with extra cash for future projects. Mr. Kanter stated that the CEC strongly encourages that BANS be used because of the option of an early buy out. It is recommended to have the smallest amount of debt in the least amount of time. 1