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HomeMy WebLinkAbout2015-02-19-CPC-min Community Preservation Committee (CPC) Meeting Thursday, February 19, 2015 Parker Room, Town Office Building, 1625 Massachusetts Avenue 3:00 p.m. Committee Members Present: Marilyn Fenollosa, Chair; Dick Wolk, Vice Chair; Richard Canale; Norm Cohen; Jeanne Krieger; Leo McSweeney; Bob Pressman, Sandy Shaw Committee Members Absent: David Horton Recording Secretary: Sara Arnold Other attendees:Rob Addelson, Assistant Town Manager for Finance; David Kanter, Capital Expenditures Committee liaison The meeting was called to order at 3:05 p.m. 1.Revised Debt Service: Mr. Addelson reported that the Town had issued a $23.6 million bond earlier today that includes a premium to be paid to the Town and a 1.84% interest rate. Initially the premium will go into the Fiscal Year 2015 (FY15) surplus, but when the funds become available in FY2016, a portion of the premium, based on the percentage of the bond that is for Community Preservation Act (CPA) debt service, will go into the CPA fund. A Bond Anticipation Note in the amount of $1,000,000 was also issued, bearing an interest rate of .32% which will mature in June and be repaid from FY2015 CPA funds. Using a handout, Mr. Addelson described the recently revised Fiscal Year (FY) 2016 CPA debt service funding request that will be presented to the 2015 spring Special Town Meeting, totaling $2,417,200. The request includes four components, as follows: Community Center Acquisition: In 2013, the Town was authorized to purchase a portion of the Scottish Rite Property at 39 Marrett Road to be used for a Town Community Center. The CPA portion of the total $10,950,000 purchase was $7,390,000. An initial bond anticipation note (BAN) used to fund this purchase came due in February 2014, and the Town then issued a bond for a ten year term. The FY2016 debt service due on the CPA portion of this bond, including interest and principal, is $1,065,100. Wright Farm Land Acquisition - Parcel 1: In 2012, the Town was authorized to purchase this parcel using CPA funds, for which the Town would borrow $2,950,000. An initial BAN used to fund this purchase came due in February 2014, and the Town then issued a bond for a ten year term. The FY2016 debt service due on this bond, including interest and principal, is $424,800. Community Center Rehabilitation/Restoration: In 2013 and 2014, the Town appropriated funds to prepare the recently purchased Scottish Rite building for use as a Community Center. The CPA portion of the rehabilitation/restoration was $6,297,184, the bulk of which was financed from cash. Initially, the $451,000 balance will be financed with a BAN to be issued in June 2015. When the BAN comes due in February 2016, a ten-year bond will be issued. The estimated FY2016 debt service due on the CPA portion of this funding includes $9,020 for issuance of the BAN and $2,158 for issuance of the bond. 1 Cary Memorial Building Rehabilitation/Restoration: In 2014, the Town appropriated funds to rehabilitate/restore the Cary Memorial Building. The CPA portion of the rehabilitation was $8,241,350. An initial BAN used to help fund this purchase was issued in June 2014 and came due this month. A new bond 10-year bond was issued at that time in the amount of $6,569,000. An additional short term BAN in the amount of $1,000,000 was issued, coming due in June, 2015, and will be used to reduce the original debt amount. Principal and interest will be paid out of FY2015 funds. An new BAN for $672,350 will also be issued in June, 2015, to come due in February 2016. The projected FY2016 debt service due for this project includes $899,459 in principal and interest due on the $6,569,000 bond; $13,447 in interest on the $672,350 BAN; and $3,217 in issuance costs for the $672,350 BAN. A motion was made and seconded to adopt the CPA debt service allocations, as presented. VOTE: 8-0 2.Cary Memorial Building Sidewalk: Ms. Fenollosa discussed the plans for replacement sidewalks serving the Cary Memorial Building. At the time of the 2014 Special Town Meeting approval of the Cary Memorial Building rehabilitation/restoration project, the design of the sidewalks had not been determined. Alternative designs that promote safety and meet the needs of the disabled community were researched. A cement sidewalk with a brick border and granite pavers in the handicapped vehicle unloading zone has been approved by the Historic Districts Commission. A motion was made and seconded to approve the $194,200 sidewalk project using CPA funds, as discussed. VOTE: 8-0 3.Busa Farm Allocation of Funding: Using a handout, Ms. Fenollosa discussed the need to determine the allocation of funding for costs associated with the 2009 purchase of the Busa Farm between open space and community housing. Although the portions of the property to be used for housing and open space had not been determined when the property was purchased, a parcel has now been designated for community housing and the funding allocations can now be resolved. Ms. Fenollosa proposed applying the square foot percentage now being used for each purpose to the total costs. Using this approach, her calculations show that $250,502 would be for housing and $4,068,498 for open space. A motion was made and seconded to allocate the funding for the Busa Farm purchase, as presented. VOTE: 8-0 4.Report to Town Meeting: Ms. Fenollosa reported that she is working on the CPC’s report to Town Meeting. It was agreed that she would distribute a draft when it is substantially complete, at which point everyone will need to review it quickly. 5.Minutes: There was a brief review of minor edits associated with draft Minutes. There was a motion to approve the December 11, 2014 Minutes for the regular CPC meeting, as amended; the December 11 Minutes of the public hearing; the December 18 Minutes, as amended; and the January 21 Minutes, as amended. VOTE: 8-0 2 6.Upcoming Meetings: The Town Meeting Members Association plans to discuss the CPA th warrant articles on March 12 in the Lexington High School Science Building. Ms. Fenollosa plans to attend. 7.Member Concerns: Ms. Fenollosa reported the following: Article 8(g) (Cary Memorial Building Sidewalk Enhancements) in the ATM warrant will be indefinitely postponed; this article is being included in a 2015 Special Town Meeting warrant, which means it won’t be necessary to wait until FY2016 to access the funds. The Town has offered the administrative assistant position that supports this Committee to one of the candidates. Supplemental state funding for CPA projects from the State budget surplus is not likely to continue indefinitely unless there is a permanent funding source. Stuart Saginor is urging people to write their legislators to encourage legislation to address this issue. If the appropriation of $755,000 from CPA funds for the purchase of Wright Farm - Parcel 2 is approved by Town Meeting, it will be necessary to eventually allocate the costs into open space and housing categories. There will not be a historical component included with this purchase. th Mr. Canale reported that a Historic Preservation Forum is going to be held on March 30 to discuss historic preservation planning.It is being sponsored by three sub regions of the Metropolitan Planning Council, including Minuteman Advisory Group on Interlocal Coordination (MAGIC), which includes Lexington. He doesn’t know what time is being considered for the forum. He noted that it could potentially conflict with Town Meeting, which is scheduled for that evening. The meeting was adjourned at 3:54 p.m. The documents used at the meeting are listed below. Respectfully submitted, Sara Arnold Recording Secretary Approved ______________________ Exhibits 1.Agenda for February 19, 2015 2. FY16 CPA Debt Service, prepared by the Finance Department, February 19, 2015 3. Town of Lexington – FY2016-FY2020 Capital Improvement Projects #965; Cary Memorial Building Sidewalk Enhancement; prepared by Pat Goddard, Director of Public Facilities; Revised 16-Feb-15 3 4. Site Plan drawings of Busa Farm property showing division of lot for LexHAB housing and open space, plus calculations for determining the financial breakdown of the property by CPA categories, prepared by Ms. Fenollosa for February 19, 2015 CPC Meeting 5.th Historic Preservation Forum at the Lexington Depot; March 30 announcement prepared by Tanya Paglia, Regional Planner, MAGIC Sub-regional Coordinator 4