HomeMy WebLinkAbout2015-01-28-CPC-min Minutes of the Community Preservation Committee
Wednesday, January 28, 2015
Parker Room, Town Office Building
1625 Massachusetts Avenue
3:00 pm
Committee Members Present: Marilyn Fenollosa, Chair; Richard Canale, Norman
Cohen, David Horton, Jeanne Krieger, Leo McSweeney, Bob Pressman, Sandy Shaw and
Richard Wolk, Vice-Chair.
Also in attendance was Carl F. Valente, Town Manager; Robert Addelson, Finance
Director; and David Kanter, Vice-Chair of the Capital Expenditures Committee.
The meeting was called to order at 3:05 pm by Ms. Fenollosa.
Ms. Fenollosa revised five incorrect line items on the FY16 CPA project list that she had
distributed. The following line items were corrected: line item number six, Battle Green
Streetscape improvements, FY17 to $630,000; line item number eight; Cary Memorial
Building Sidewalk, FY16 was listed as to be determined; line item number nine,
Community Center Pres. Restriction Endowment, FY16 to $25,000; line item number 21,
Community Center Renovations —Debt Service on $451,000, FY16 to $63,140, and line
item number 22, Cary Memorial Building Upgrades —Debt Service on $8,241,350, FY16
to $1,153,789.
1. Endowment Fund for Community Center Preservation Restriction—Carl
Valente, Town Manager appeared before the CPC regarding CPA funding for the
holder of the Community Center-Historic Preservation Restriction. The Historical
Society has requested that the Town provide $25,000 for the purpose of covering
administrative expenses related to holding this restriction. After depletion, in
approximately five to ten years, the Town and Historical Society will negotiate a
replenishment of the expended funds.
Motion made by Mr. Pressman and seconded by Ms. Krieger to approve $25,000
CPA funding for the purpose of endowing the Community Center-Historic
Preservation Restriction, 9-0 in favor.
2. Report to Town Meeting—Mr. Kanter commented the word, "enhancement"
should be added after Cary Memorial Building Sidewalk, line number eight on the
FY16 CPA project list.
3. Robert Addelson, Finance Director presented the CPA Fund—Projected
Revenues and Expenditures and explained to the CPC the Town issued a note for
$3,286,000 to finance the Cary Memorial Building project. It is recommended to
convert the note in entirety to a bond. Interest will be projected and added to
existing figures, or rolled over next June. Projected revenues and expenditures
are subject to revision.
Mr. Addelson reviewed sheet one and sheet two of the project revenues and
expenditures. Sheet one shows project revenues and expenditures without pay
down of the note, modeling inflows and outflows. Sheet one includes acquisition
of Parcel 2 and Wright Farm. Sheet two shows projected revenues with a pay
down of a portion of the note in the amount of$1,000,000.
Mr. Kanter recommended that the CPC use the pay down model. Mr. Addelson
explained that the model does not reflect the $25,000 fund for the restriction. Mr.
Kanter and Mr. Addelson encouraged endorsing an increase of$1,000,000 to the
appropriation to the CPA Fund to permit the paydown.
Motion made by Ms. Krieger and seconded by Mr. Wolk to so increase the
appropriation for the CPA fund, 9-0 in favor.
4. Project Updates and Member Concerns —Ms. Fenollosa asked the CPC for
help in updating the status of outstanding projects. CPC members should send
updates to Ms. Fenollosa by the next meeting.
5. Upcoming Meetings —The CPC discussed the next scheduled meeting on
February 12, 2015. The CPC agreed to meet on February 19, 2015 instead.
The following documents were presented at the meeting:
1. Memorandum; To: Community Preservation Committee From: Carl F.
Valente Re: CPA Funding for Holder of the Community Center—Historic
Preservation Restriction; Date: January 28, 2015. Presented by Carl F.
Valente, Town Manager.
2. FY16 CPA Project List (Jan. 28, 2014). Presented by Marilyn Fenollosa.
3. CPA Fund—Projected Revenues and Expenditures; Date: January 28, 2015.
Presented by Robert Addelson, Finance Director.
Motion made by Ms. Krieger and seconded by Mr. Cohen to adjourn the meeting at 4:00
p.m.
Minutes prepared by Michelle Morelli