HomeMy WebLinkAbout1998-02-10 ad Hoc - Capital Improvement Advisory Minutes CAPITAL HOPROVEMENTS ADVISORY SUBCOMIUITIM
February 10,1998
® CLAS met at 9:30am in the conference room at Town Hall. Present at the meeting were
Carol Grimm,Peter Hechenbleikner,Cathy Martin and Nate White.
The majority of the meeting was spent reviewing the latest draft(2-5-98)of the Capital
Improvement Program.
• The DPW Vehicle Maintenance expansion with$40,000 in design work is now
scheduled in FYOO and $500,000 in construction costs in FYOI. We asked for cost
justification of this project,how much will the Town save by consolidating vehicle
maintenance at the garage.
• Open Space acquisition has been put back to every other year funding as we
requested.
• We anticipate further explanation of the$500,000 investment in the pool at the
YMCA.
• The final cost estimates for the new Police Station are expected next week.
• The Temple Street reconstruction is now shown as coming out of appropriation. The
additional lottery receipts($73,000)initial earmarked for this project will now flow
into free cash.
• The Town Manager updated us on the landfill bidding process. Unfortunately,only
two bids were received on Feb. 6th. The first was for an office/hotel, 1 million sq. ft
(which is bigger than we think can be developed),the Town would be responsible for
capping the landfill(approximate cost of$4million),then tum the land over to the
developer at no cost, and the developer would not begin paying tax for 5 years. The
second bid was for retail use,the developer would cap the landfill,pay the Town
nothing for the land but expect no tax relief. A financial analyst is reviewing these bids
in detail and will be making a recommendation to the Town.
• The capital plan now balances with $1,028,900 in appropriations, $28,188 being
funded from sale of real estate. More importantly,the financing plan is in balance
because the cost of capping the landfill was reduced to $4 million and the percentage
of the operating budget devoted to capital was increased from 6.53%to 7.5%over 5 r.
years instead of the 10 years used in previous plans. rn,
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• CIAS and Fin Com has requested a tour and presentation on the$9 million Coolidge ro
renovation. It is scheduled for Sat., Feb.21 st. co r'
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