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Home My WebLink AboutCPC Minutes - 10 31 2011_201402061428500033 MINUTES DELIBERATIONS FOR CPC FUNDING FOR FY ‘13 4 Fairgrounds Road, 1st Floor, Nantucket, MA Follow Up Session 2:00 – 3:30 October 31, 2011 Chairman Beaugrand called the reconvened meeting of the CPC deliberations for funding for FY13 at 2:05pm. The meeting is called to deal with two items, Park and Rec Nobadeer Field Project Synthetic Turf and the Draft Warrant Articles. After the meeting was called to order a motioned to accept the agenda was made and seconded and carried. Chairman Beaugrand then turned the meeting over to Vice Chairman Richard Brannigan, for the discussion of the first item on the agenda since he had been chairing these meetings. Mr. Brannigan introduced himself Mr. Beaugrand and Mark Voigt, Channing Moore, and John Brescher as present. Mr. Brannigan then referenced his notes (which had been sent to the CPC members) from his conversation with Stuart Saginor of the Coalition about Bonding in which he was told that this is a very common practice among CPA towns. He was told that there 68 communities with 135 projects to 196,000,000 that are done with bonding. He also mentioned that we (Nantucket) were one of the first communities to enact the law but the last to consider bonding. Mr. Brannigan then mentioned the merits of the Nobadeer Field Project in considering bonding, there are two fields, parking, fencing and if passed by town meeting we will also have the structure (building) and that will leave this one aspect(synthetic turf) to complete this project. Linda Williams and Bobby DeCosta arrived at 2:09(they were briefed on the discussion we were having) Mr. Brannigan then said that after receiving this information both he and Mr. Beaugrand then met with Irene Larivee and related this information to her she then invited Deb Weiner to the meeting and Deb told them about the financing and how to deal with it as it relates to going forward with 5‐10 years of debt servicing. Mr. Beaugrand did mention that they were told that based on the current rates 10(ten) years would be a better approach with respect to the amount of debt service needed. Mr. Beaugrand stated that if it was on a ten year basis, the amount needed to be set aside each year would be somewhere between $130,000‐$150,000 thousand to be able to pay interest, as well as, 10% of the debt going forward so that at the end of ten years it will be paid off. There would be cost up front of about $20,000 dollars with respect to the bond concept and the securities advisors relative to the placement of the bond they were told that because of the source CPC has because of the surcharge there is enough funding there so there is no need to go to a ballot vote it can be done at town meeting but it will require a 2/3rd vote. Mr. Beaugrand said that Ms. Larivee and Ms Weiner have started the process with outside bond counsel to talk to them about what will be involved in the actual language so CPC can move forward with the warrant to be reviewed by Town Counsel prior to warrant deadline. It was also mentioned that Town Admin was made aware that the CPC was moving forward with this, since Town Counsel will also be involved. After a lengthy discussion Mr. Brannigan stated that this project is being brought forward as a separate warrant article. A motion was made by Ms Williams to approve the request to fund the creation of the Synthetic Turf Playing Field through the funding of a bond for 1.1 million for a period of ten years; the motion was seconded by Mr. DeCosta and the veto was YES‐6 (williams, DeCosta, Brannigan, Beaugrand, Brescher and Channing) ‐‐‐‐NO 1 (Voigt). Ms Williams then mentioned that Cormac Collier wanted reconsideration on The Nantucket Land Council application for Open Space Preservation of 120 & 124 Hummock Pond Road. She was told that this project was brought up two times and received negative votes both times she then ask for a sense from the board present and did not get a positive response she then dropped her request. Mr. Voigt made a motion to accept the CPC warrant for Appropriation for FY13; motion was seconded by Mr. Brescher the motioned was approved by all with YES-7 NO-0: Appropriation: Community Preservation Committee To see if the Town will vote to act on the report of the Community Preservation Committee on the Fiscal Year 2013 Community Preservation Budget and to appropriate or reserve for later appropriation monies from the Community Preservation Fund annual revenues or available funds for the administrative and operating expenses of the Community Preservation Committee, the undertaking of Community Preservation Projects and all other necessary and proper expenses for the year. Purpose Amount Historic Preservation: Nantucket Firemen’s Association Restoration of a 1937 American LaFrance pumper Fire Truck $80,000 Sir Isaac Coffin School, Prospect Hill Cemetery Association and Nantucket Maria Mitchell Association Restoration of the three historic wrought iron fences $143,000 Sub-total $223,000 All funds to be used in this category are from the Community Preservation surcharge and the State matching funds. Community Housing: Housing Nantucket Scattered site Community Preservation funded house Maintenance program $150,000 Interfaith Council Housing and rental assistance program $115,000 Habitat for Humanity Nantucket Inc. Construct new Habitat for Humanity house on Sachem’s Path Project $200,000 Housing Assistance Corporation Sachem’s Path Site work and road and utility infrastructure $990,000 Town of Nantucket, Affordable Housing Trust Fund Construct two dwellings at 7 Surfside Road $160,000 Sub-total $1,615,000 $246,818.91 of the funds utilized for this category are from the designated reserve balance for affordable housing with the balance of the funds in this category from the Community Preservation surcharge and the State matching funds. Open Space Conservation/Recreation: Nantucket Park and Recreation Commission Construction of project field house for multi use field complex On Nobadeer Farm Road, phase 4 $ 85,000 3 Nantucket Hunting Association Creation of a conservation restriction on 18 acres of town owned Land and funding of a $350,000 completion bond for the Shooting Park project $412,650 Sub-total $797,650 $348,242.09 of the funds utilized for this category are from the designated reserve balance for open space with the balance of the funds to be used in this category from the Community Preservation surcharge and the State matching funds. Administrative: Community Preservation Committee Administrative and operating expenses $93,211 Sub-total $93,211 All funds to be used in this category are from the Community Preservation surcharge and the State matching funds. TOTAL $2,728,861 And amounts to be appropriated from the following sources: SOURCES AMOUNT Raised and appropriated from FY 2013 Community Preservation Surcharge $1,709,000 From State matching funds for FY 2012, to be received in 2013 $424,800 From designated reserve fund balance for Affordable housing $246,818.91 From designated reserve fund balance for Open Space $348,242.09 Total Revenues $2,728,861 For fiscal year 2013 Community Preservation Purposes with each item considered a separate appropriation to be spent by the Community Preservation Committee. Provided however, that the above expenditures are conditional on the recording of appropriate historic preservation restrictions for historic resources, open space restrictions for open space resources, recreational restrictions for recreational resources and for affordable housing restrictions for community housing; running in favor of an entity authorized by the Commonwealth to hold such restrictions for such expenditures; meeting the requirements of Chapter 184 of the General Laws pursuant to Section 12 of the Community Preservation Act. Kenneth Beaugrand, et al. Mr. Brannigan then asked the CPC members to look at the monies left in their projects and select the ones that have very little funds or are very old and partially spent, and to get an idea as to whether or not these projects are valid to take back the remaining funds from these projects. He gave the members 30 day to come to a conclusion so that we may have closure to some of these funds. To help the members along Mr. Richen will be sending the CPC articles with the update of their funds up to 10/26/11 and will keep the committee updated on monies left in the various accounts when he receives it.