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Minutes of the Lexington Capital Expenditures Committee Meeting Date, Time, & Location: 2/8/2011, 8:00 a.m., Town Office Building, Room 111 Members Present: David Kanter, Shirley Stolz, Charles Lamb (Chair), Ted Edson (Vice - Chair), Bill Hurley Other Attendees: Joel Adler (Community Preservation Committee [CPC]) and Alan Seferian (Citizen) Documents Presented and Reviewed: (1) Mr. Seferian's Handout (undated) including the Committee's position in its Report to the 2005 Annual Town Meeting (ATM) on Article 7, Adoption of the Community Preservation Act (CPA) (2) Table of Contents from Draft #1 of the Committee's Report to the 2011 ATM (3) Muzzey High Condominium Association Handout, February 3, 2011, with Information on the Number and Types of Units within the Condominium & 2010 Prices, by Size, for the Replacement -by- Anderson Windows Mr. Lamb called the meeting to order at 8:00 a.m. Discussion of Article 17, Reduce Community Preservation Act (CPA) Surcharge (Citizen Article), with its principle sponsor, Alan Seferian: Mr. Seferian referred to his handout showing that in 2005 this Committee was unanimously opposed to the proposal that Lexington adopt the CPA and, thereby, increase its real - estate taxes by 3 %. Joel Adler discussed a history of Lexington's CPA funds and the impact on the Town including a potential increase of matching funds from the State. All understood a CPA surcharge must continue at least at a level needed to cover any debt service already obligated for Lexington's CPA projects and Mr. Seferian is not proposing abolishing the CPA program. Mr. Seferian said he is comfortable with a number of 1 % plus enough to cover debt service, even after FY2013 when the existing debt service will have been fulfilled. It was discussed that the rate later could be voted higher, after it has been voted lower, by following the same process. Editorial Note: The followina table auantifies that debt service. Outstanding Community Preservation Fund Debt Service Project FY2012 I FY2013 Total Purchase Busa Farm (May 2009 STM, Article 6) $974,600 $930,3001 $1,904,900 Purchase Cotton Farm (2010 ATM, Article 9) $1,300,0001 $1,000,0001 $2,300,000 Total 52,274,600 51,930,300 54,204,900 Page 1 of 6