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HomeMy WebLinkAbout2010-01-19-CEC-min Capital Expenditures Committee (CEC) Meeting, January 19, 2010, 8 00 AM, Town Office Building, Room 111 Members Present: David Kanter, Ted Edson (Vice-Chair), Charles Lamb (Chair), Shirley Stolz, & Bill Hurley Others. David Horton(Lexington's Member on the Minuteman Regional Vocational Technical School District [MMRVTSD] School Committee), Edward Bouquillon (Superintendent, MMRVTSD), George Burnell (Selectman), & Bill Hays (LexHAB) Discussion of MMRVTSD Capital Request to Borrow for a Renovation Feasibility Study Original request was $1 1M, but that will be reduced to something more like $700K to $800K. Massachusetts School Building Authority(MSBA)will pick up 40% Lexington's share would be 16%, so net is about $80K to Lexington. No FY2011 impact; only FY2012 They are looking for the 100% approval from all of the District's towns that is required for this effort to proceed. MSBA has agreed to change the 60-day approval window (for all towns) to 120 days. The MMRVTSD School Committee vote will be in March. A more realistic number for the construction cost is $40-$50M project cost (before MSBA financing) Discussion of LexHAB Request for Community Preservation Act Funds. They have already purchased a 2-bedroom unit at 142 Emerson Gardens for $295K and a 3-bedroom unit at 454 Marrett Rd for $400K and are requesting that $695K total. This year they are requesting 100% of the purchase price to eliminate LexHAB's obligation under the 100% mortgages they have been issued, whereas in previous years they requested the funds needed to retire what had been 80% mortgages. Adjourn. 9 30 AM These Minutes were approved by the CEC at its meeting on April 28, 2010