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2020-12-17-CPC-min
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2020-12-17-CPC-min
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Minutes of the Community Preservation Committee <br /> Thursday, December 17, 2020 <br /> Remote Zoom Meeting <br /> Meeting ID: 923 8035 7191 <br /> 7:00 PM <br /> Committee Members Present: Marilyn Fenollosa (Chair); Charles Hornig (Vice-Chair), David <br /> Horton (left at 7:29PM), Jeanne Krieger, David Langseth, Joe Pato, Bob Pressman, Lisah Rhodes, <br /> Melinda Walker. <br /> Administrative Assistant: Gina Federico <br /> Other Attendees: David Kanter; Vice-Chair, Capital Expenditures Committee; Carolyn Kosnoff; <br /> Assistant Town Manager for Finance. <br /> Ms. Fenollosa called the meeting to order at 7:01 PM. <br /> Debt Service/ CPA Finance- Ms. Kosnoff distributed two Excel spreadsheets to the Committee <br /> detailing CPA funds, projected revenues, and debt service (CPA-Funds Projected Revenues and <br /> Debt Service) and (Community Preservation Fund Balance). Since last presented on 12-3-2020 <br /> the Committee voted to accelerate debt payments for the Highland Ave land acquisition <br /> because of an unanticipated large ending CPF balance. The spreadsheets were revised to reflect <br /> a reduced debt amount in FY22 from $2,989,550 to $1,949,550, as well as paying off the land <br /> acquisition with cash in FY21. Ms. Kosnoff explained that $7.43 million is the projected revenue <br /> for FY22 including a state match calculated at 30%. The total amount of debt projected to be <br /> paid in FY22 is $1,949,550. Preliminary estimates suggest that the Community Preservation <br /> Fund balance will be $7,381,362 after debt service and funding all FY22 project requests. <br /> Ms. Kosnoff stated that Town Counsel and Bond Counsel are comfortable that the debt <br /> borrowing for Highland Ave can be rescinded and paid for with cash. A separate Warrant article <br /> needs to be presented to Town Meeting because the land acquisition was appropriated in FY21. <br /> The decision to pay for the land acquisition with cash instead of debt will have no impact on the <br /> seller but it may be difficult to explain to Town Meeting. <br /> After a motion duly made and seconded, the Committee voted by roll call vote to place an <br /> article on the Warrant to amend the Fall STM appropriation to reduce the amount of debt and <br /> to increase the amount of cash. (9-0) <br /> Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider <br /> accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted <br /> not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin <br /> was informed that the Committee voted not to bring forth additional DPF projects. Mr. <br /> Pressman stated that he would like the Committee to reconsider their previous decision <br /> because, as explained by the DPF representatives, an aspect of this DPF playground project <br /> 1 <br />
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