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HomeMy WebLinkAbout2020-12-17-CPC-min Minutes of the Community Preservation Committee Thursday, December 17, 2020 Remote Zoom Meeting Meeting ID: 923 8035 7191 7:00 PM Committee Members Present: Marilyn Fenollosa (Chair); Charles Hornig (Vice-Chair), David Horton (left at 7:29PM), Jeanne Krieger, David Langseth, Joe Pato, Bob Pressman, Lisah Rhodes, Melinda Walker. Administrative Assistant: Gina Federico Other Attendees: David Kanter; Vice-Chair, Capital Expenditures Committee; Carolyn Kosnoff; Assistant Town Manager for Finance. Ms. Fenollosa called the meeting to order at 7:01 PM. Debt Service/ CPA Finance- Ms. Kosnoff distributed two Excel spreadsheets to the Committee detailing CPA funds, projected revenues, and debt service (CPA-Funds Projected Revenues and Debt Service) and (Community Preservation Fund Balance). Since last presented on 12-3-2020 the Committee voted to accelerate debt payments for the Highland Ave land acquisition because of an unanticipated large ending CPF balance. The spreadsheets were revised to reflect a reduced debt amount in FY22 from $2,989,550 to $1,949,550, as well as paying off the land acquisition with cash in FY21. Ms. Kosnoff explained that $7.43 million is the projected revenue for FY22 including a state match calculated at 30%. The total amount of debt projected to be paid in FY22 is $1,949,550. Preliminary estimates suggest that the Community Preservation Fund balance will be $7,381,362 after debt service and funding all FY22 project requests. Ms. Kosnoff stated that Town Counsel and Bond Counsel are comfortable that the debt borrowing for Highland Ave can be rescinded and paid for with cash. A separate Warrant article needs to be presented to Town Meeting because the land acquisition was appropriated in FY21. The decision to pay for the land acquisition with cash instead of debt will have no impact on the seller but it may be difficult to explain to Town Meeting. After a motion duly made and seconded, the Committee voted by roll call vote to place an article on the Warrant to amend the Fall STM appropriation to reduce the amount of debt and to increase the amount of cash. (9-0) Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would likethe Committeeto reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would likethe Committeeto reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1 Reconsider- Ms. Fenollosa stated that Mr. Pressman would like the Committee to reconsider accelerating DPF's FY23 Pour-in-place CPA funding request. On 12-3-2020 the Committee voted not to bring forth additional DPF projects in FY22 (4-5). Ms. Fenollosa stated that Mr. Cronin was informed that the Committee voted not to bring forth additional DPF projects. Mr. Pressman stated that he would like the Committee to reconsider their previous decision because, as explained by the DPF representatives, an aspect of this DPF playground project 1