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HomeMy WebLinkAbout2012-05-02-CPC-min Minutes of the Community Preservation Committee Wednesday, May 2, 2012 4:00 pm, Room G-15 Town Office Building Present: Board Members: Wendy Manz,Chair; Marilyn Fenollosa, Vice-Chair, Joel Adler, Leo McSweeney, Sandy Shaw, Betsey Weiss and Dick Wolk. Administrative Assistant : Nathalie Rice Also in attendance were Rob Addelson, Assistant Manager for Finance and David Kanter, of the Capital Expenditures Committee. Ms. Manz called the meeting to order at 4:00 pm. 1.Approval of the Minutes - The minutes of the meeting of April 29th were approved with changes submitted by Ms. Weiss and those added at the meeting by Mr. Adler. The vote of approval was (7-0). 2. Executive Session - Ms. Manz suggested that the Executive Session scheduled for later in the meeting, be held at the commencement of the meeting. Upon a motion duly made and seconded, it was voted by a roll call vote of (7-0) to enter into Executive Session under Exemption 6 to consider the purchase, exchange, lease or value of real property and to reconvene in open session afterwards. Further the Chair declared that an open meeting might have a detrimental effect on the negotiating position of the Town. Open Session of the CPC resumed at 4:50 pm after a roll call vote to reconvene. 3. Discussion of Funding Recommendations for Wright Farm Acquisition - Mr. Addelson, Assistant Manager for Finance, discussed the possibilities for the financing of the Wright Farm acquisition in light of upcoming CPA projects. He referred to a th spreadsheet he had shared with the Committee at their April 20 meeting, in which he showed the calculations for varying debt service payments over 3, 5, 10, 15, and 20 year periods. He noted that the CPA reserve which would be available for the Wright Farm acquisition was approximately $1,878,917. Members discussed the pros and cons of keeping $1M-$2M in reserve in the Undesignated Fund Balance. Ms. Manz specifically asked members if they objected to using part of the Fund to pay down the debt service on Wright Farm; there were no objections. A motion was made, seconded, and the Committee then voted (7-0) to authorize the use of cash or debt for the acquisition of the Wright Farm as directed and agreed upon by the Finance Committees, the Board of Selectmen and the Finance Department. Mr. McSweeney left the meeting at this point. 1 4. Update on Wright Farm – Ms. Rice informed the Committee that legal bills would be forthcoming for the due diligence work prior to the acquisition. She reported that the CPC had received a bill from Anderson and Kreiger for $324.50 for legal services. The Committee acknowledged the bill, and approved payment out of the administrative budget. Mr. Kanter asked if the CPC had received any further details on the exact amounts of the additional costs of the Wright Farm acquisition, presently set at $97,000. Ms. Rice had not received any further information. 5. Approval of CPC Supplemental Report to Town Meeting under Article 9 (Wright Farm) – Ms. Manz asked for any changes to the CPA Report for the Acquisition of the Wright Farm under Article 9. The suggestion of certain changes prompted a lengthy discussion of the process by which the proposed acquisition had come before the CPC. Some members felt they had too little time to review the proposal; others felt that affordable housing possibilities for the parcel had not been seriously considered. All members agreed that the process was less than ideal, and that a thorough alternatives analysis should be undertaken in all future acquisitions. Ms. Manz stressed the importance of the Committee functioning as an entity despite such difficulties, and not merely as representative stakeholders. Ms. Fenollosa moved to accept the CPA Report on Article 9 with only slight modifications, subject to finalization of the ancillary costs, which presently stood at $97,000. The motion was voted on and approved (6-0). Ms. Manz stated that she would call a final wrap-up meeting for the approval of minutes once she had been able to review them. The meeting was adjourned at 5:30 pm. Respectfully submitted, Nathalie Rice Administrative Assistant Community Preservation Committee 2