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2025-05-27 Select Board Packet
Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Select Board Date: 2025-05-27Time: 7:00PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell StreetAgenda: Purpose:General Business Meeting Called By:Jacquelyn LaVerdeon behalf of Chair Chris Haley Notices and agendas are to be posted 48 hours in advance of the meetings excluding operation and make necessary arrangements to be sure your posting is made in an adequate amount of time. A listing of topics that the chair reasonably anticipates will be discussed at the meeting must be on the agenda. All Meeting Postings must be submitted in typed format; handwritten notices will notbe accepted. Topics of Discussion: \\~~{ Bs~|¯PAGE # Join Zoom Meeting https://us06web.zoom.us/j/88924127453 Meeting ID: 889 2412 7453 Dial by your location Find your local number: https://us06web.zoom.us/u/kzR7tpfLk ¤¯Pledge of Allegiance Overview of Meeting ¤¯¢Procedural Update from the Chair ¤¯Public Comment (for any items not included on the agenda) ¤¯Town Manager Report ¤¯¢Community Spotlight Discuss and Vote to Authorize Short-Term Debt Related to the ¤¯ High School Field House Improvements ¤¯ ¢Preview FY26 Water and Sewer Rates ¤¯¡¢Public Hearing: Discuss and Vote on FY26 Non-Union This Agenda has been prepared in advance and represents a listing of topics that the chair reasonably anticipates will be discussed at the meeting. However the agenda does not necessarily include all matters which may be taken up at this meeting. Page | 1 Town of Reading Meeting Posting with Agenda Classification & Compensation Plan Arbor Day Proclamation, April 25th, to Maintain Tree City USA ¤¯¢ Designation ¤¯¢¢Discuss Liaison Assignments ¥¯¢Discuss Charge for Master Plan Committee ¥¯¢Discuss RCTV Contract Renewal ¥¯¡¢Discuss Pleasant Street Center Appraisal Discuss and Vote on Select Board Policy Article 1, Section 1.4 ¥¯¢¢ Communication ¦¯¢Discuss Select Board Retreat ¦¯¢Select Board Liaison Reports ¦¯¢Future Agendas Discuss and Vote to Approve Prior Meeting Minutes ¦¯ April 14, 2025 April 28, 2025 This Agenda has been prepared in advance and represents a listing of topics that the chair reasonably anticipates will be discussed at the meeting. However the agenda does not necessarily include all matters which may be taken up at this meeting. Page | 2 3 VOTE OF THE SELECT BOARD I, the Clerk of the Select Board of the Town of Reading, Massachusetts, certify that at a meeting of the board held May 27, 2025, of which meeting all members of the board were duly notified and at which a quorum was present, the following votes were unanimously passed, all of which appear upon the official record of the board in my custody: Voted: to approve the sale of $3,000,0004.00percent General Obligation Bond Anticipation NotessMay 30, 2025, and payable March 13, 2026, to Fidelity Capital Markets, a divisionof National Financial Services LLC,at par and accrued interest, if any,plus a premium of $17,520.00. Further Voted: that in connection with the marketing and sale of the Notes, the preparation and distribution of a Notice of Sale and Preliminary Official Statement dated May 14, 2025, and a final Official Statement dated May 21, 2025, each in such form as may be approved by the Town Treasurer, be and hereby are ratified, confirmed, approved and adopted. Further Voted: that the Town Treasurer and theSelect Boardbe, and hereby are, authorized to execute and deliver a significant events disclosure undertaking in compliance with SEC Rule 15c2-12 in such form as may be approved by bond counsel to the Town, which undertaking shall be incorporated by reference in the Notes for the benefit of the holders of the Notes from time to time. Further Voted: that we authorize and direct the Town Treasurer to establish post issuance federal tax compliance procedures and continuing disclosure procedures in such forms as the Town Treasurer and bond counsel deem sufficient, or if such procedures are currently inplace, to review and update said procedures, in order to monitor and maintain the tax-exempt status of the Notes and to comply with relevant securities laws. Further Voted:that any certificates or documents relating to the Notes (collectively, the be executed in several counterparts, each of which shall be regarded as an original and all of which shall constitute one and the same document; delivery of an executed counterpart of a signature page to a Document by electronic transmission shall be as effective as delivery of a manually executed counterpart signature page to such Document; and electronic signatures on any of the Documents shall be deemed original signatures for the purposes of the Documents and all matters relating thereto, having the same legal effect as original signatures. Further Voted: that each member of the Select Board, the Town Clerk, the Assistant Town Clerk and the Town Treasurer be and hereby are, authorized to take any and all such actions, and execute and deliver such certificates, receipts or other documents as may be determined by them, or any of them, to be necessary or convenient to carry into effect the provisions of the foregoing votes. 4 I further certify that the votes were taken at a meeting open to the public, that no vote was taken by secret ballot, that a notice stating the place, date, time and agenda for the meeting (which agenda included the adoption of the above votes) was filed with the Town Clerk and a copy thereof posted in a manner conspicuously visible to the public at all hours in or on the municipal building that the office of the Town Clerk is locatedor, if applicable, in accordance with an alternative method of notice prescribed or approved by the Attorney General as set forth in 940 CMR 29.03(2)(b), at least 48 hours, not including Saturdays, Sundays and legal holidays, prior to the time of the meeting and remained so posted at the time of the meeting, that no deliberations or decision in connection with the sale of the Notes were taken in executive session, all in accordance with G.L. c.30A, §§18-25 as amended. Dated: May 27, 2025_______________________________ Clerk of theSelect Board 144759841v.2 \[Signature page to Vote of the Select Board\] 5 Current items: The Pledge of Allegiance has been added to the start of the meeting. All motions relatedto votes will be in the packet going forward. Public comment for all agenda items after board discussion. Non duplicative other than Public Hearings. Jayne Wellman will keep a 2-minutetimer for each comment. Discuss and Vote at the same meeting. Community Spotlight for town staff, local businesses and/or resident achievements. Liaison reports moved to the end of the agenda. All presentations will be kept to 10 minutes or less and be in the packet in advance. All discussions with town staff or others on the agendawill be at the beginning of the meeting. Alternating Chris/Melissa running meeting unless someone is remote. This builds leadership skills, keeps members engaged, and diversifies perspectives. Email communication back in the packet. Policy still references it,but the board previously voted Financial future agenda items: Airbnb status? Bylaw on fences for sports brought up at Town Meeting. Raise town funds by unique or creative ideas or cut/reduce budget items every meeting after the first. $7 million dollars of free cash required to balance the next budget needs to be justified. The Town of Reading is open for business. If someone has tried to give the town money but has justify it within our purview. 6 7 8 MUNICIPAL PURPOSE LOAN Town of Reading, Massachusetts $3,000,000 General Obligation Bond Anticipation Notes Sale Date:5/21/2025 Dated Date:5/30/2025 Delivery Date:5/30/2025 Due Date:3/13/2026 Bank Qualification:Yes Bonds, Grants,RenewalNewTotalOriginal VoteAmountPreviousand/orThisThisThisBalanceIssueProrataProrata PurposeDate(s)ReferenceAuthorizedIssuesPaydownsIssueIssueIssueUnissuedDateInterestPremium High School Field House Floor & Bleacher Replacement4/25/2024Ch.44, s.7(1)$1,700,000$0$0$0$1,700,000$1,700,000$05/30/2025$53,455.56$9,928.00 5/30/2025 High School Field House Floor & Bleacher Replacement11/12/2024Ch.44, s.7(1)$1,300,000$0$0$0$1,300,000$1,300,000$0$40,877.78$7,592.00 Totals$3,000,000$0$0$0$3,000,000$3,000,000$0$94,333.33$17,520.00 Hilltop Securities Inc. 9 5/21/2025N-25-05-30 Reading BAN.xlsx MA: Abby Jeffers 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Town of Reading FY 2026 Water and Sewer Rate Study The Abrahams Group LLC May 2025 69 Recent History -Water The Town implemented a four-tier structure when setting rates for FY 2024. Rates were increased by 3.75% across all tiers for FY 2025. Consistently healthy retained earnings balance Most recent certification was $5.5 million (62.5% of fund expenses) Certification the prior year was $4.8 million (58.5% of fund expenses) Town policy is to target 30.0% The Town consistently balances the budget using retained earnings to ensure rate stabilization. Regeneration consistently allows retained earnings balance to stay at a healthy level. The Town typically funds some capital improvements as part of the 70 operating budget to avoid additional costs incurred from borrowings. 2 Recent History Water (Cont.) Total fund expenses have increased an average of 7.0% the past 5 years. MWRA assessment has increased an average of 5.4% the past 5 years. Fund revenues have generally kept up with expenses. There were two deficit years the past 5 years. $110,000 in FY 2020 $1.6 million in FY 2022 Retained earnings used to balance the budget to help ensure rate stabilization: FY 2023 - $864,000 FY 2024 - $1,000,000 FY 2025 - $1,160,000 71 3 FY 2026 - $1,700,000 Projections - Water Debt service to remain consistent, as some new debt to be incurred when the MWRA buy-in debt service ends after FY 2028. Using inflationary factors for some expenses, total fund expenses projected to increase by 5.9% in FY 2026 and 4.6% in FY 2027, before leveling off to an average annual increase of 0.6% for several years that follow. The MWRA assessment is projected to increase 3.9% on average annually, per the All projections include a presumed regeneration amount of $400,000 for revenues and $200,000 for expenses, based on historical data. With no rate action, retained earnings can cover the large projected deficits through FY 2029, but not beyond that. 72 4 long-term sustainability. Baseline Scenario -Water C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ .ğƭĻƌźƓĻ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Projected Surplus/(Deficit)$ 1,441,223$ 1,056,941$(1,074,478)$(1,257,175)$(1,559,496)$(1,776,625)$(1,905,275)$ (1,803,296)$ (1,748,398)$ (1,679,005)$ (1,544,254) Proj. Retained Earnings Balance$ 4,676,780$ 4,659,243$ 3,402,068$ 1,842,572$ 65,947$ (1,839,328)$ (3,642,624)$ (5,391,022)$ (7,070,027)$ (8,614,281)$ (10,158,535) RE as % of Budget53.7%50.4%35.2%18.7%0.6%-17.7%-34.7%-51.9%-68.4%-83.9%-100.2% Projected results for FY 2025 and future years, assuming no revenue changes FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.73 5 Water Rate Option 1 2.5% in FY 2026 C ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ /ŷğƓŭĻƭʹ 2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50% C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ LƒƦğĭƷ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Projected Surplus/(Deficit)$ 1,441,223$ 1,249,829$ (683,880)$ (663,924)$ (758,525)$ (762,742)$ (673,157)$ (347,486)$ (63,305)$ 241,104$ 616,746 Proj. Retained Earnings Balance$ 4,676,780$ 5,242,729$ 4,578,805$ 3,820,280$ 3,057,538$ 2,384,381$ 2,036,895$ 1,973,590$ 1,973,590$ 2,214,694$ 2,831,440 RE as % of Budget53.7%56.8%47.4%38.8%30.1%23.0%19.4%19.0%19.1%21.6%27.9% Projected results for FY 2025 and future years, including additional revenue from rates FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.74 6 Water Rate Option 1 2.5% in FY 2026 (Cont.) User Impact ƭĻƩ LƒƦğĭƷ ΛƦĻƩ .źƌƌΜ Ώ ğƷĻƩ .źƌƌƭ hƓƌǤbĻǞ .źƌƌƭ ƭĻƩ ǤƦĻ ƭğŭĻ/ǒƩƩĻƓƷ .źƌƌC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ Low-End User 500$ 55.75$ 57.14$ 58.57$ 60.04$ 61.54$ 63.08$ 64.65$ 66.27$ 67.93$ 69.62$ 7 1.36 Avg. Residential User (45 gpd)1,500 $ 172.20$ 176.51$ 180.92$ 185.44$ 190.08$ 194.83$ 199.70$ 204.69$ 209.81$ 215.05$ 220.43 Avg. Residential User (65 gpd)2,200 $ 257.18$ 263.61$ 270.20$ 276.95$ 283.88$ 290.98$ 298.25$ 305.71$ 313.35$ 321.18$ 329.21 Large Residential User 4,500 $ 545.20$ 558.83$ 572.80$ 587.12$ 601.80$ 616.84$ 632.26$ 648.07$ 664.27$ 680.88$ 697.90 Large Commercial User 10,000$ 1,258.55$ 1,290.01$ 1,322.26$ 1,355.32$ 1,389.20$ 1,423.93$ 1,459.53$ 1,496.02$ 1,533.42$ 1,571.76$ 1 ,611.05 Very Large Commercial User100,000 $ 12,931.55$ 13,254.84$ 13,586.21$ 13,925.86$ 14,274.01$ 14,630.86$ 14,996.63$ 15,371.55$ 15,755.84$ 16,149.73$ 16,553.48 Average Residential User: $4.31 - $6.43 increase per bill in FY 2026 ($17.22 - $25.72 annually) Large Residential User: $13.63 increase per bill in FY 2026 ($54.52 annually) 75 7 Water Rate Option 2 1.75% in FY 2026 C ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ /ŷğƓŭĻƭʹ 1.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75%2.75% C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ LƒƦğĭƷ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Projected Surplus/(Deficit)$ 1,441,223$ 1,191,962$ (723,567)$ (684,437)$ (758,830)$ (741,764)$ (629,778)$ (280,546)$ 28,405$ 358,837$ 761,806 Proj. Retained Earnings Balance$ 4,676,780$ 5,145,175$ 4,460,738$ 3,701,908$ 2,960,144$ 2,330,366$ 2,049,820$ 2,049,820$ 2,078,225$ 2,437,062$ 3,198,868 RE as % of Budget53.7%55.7%46.1%37.6%29.2%22.5%19.5%19.7%20.1%23.7%31.6% Projected results for FY 2025 and future years, including additional revenue from rates FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.76 8 Water Rate Option 2 1.75% in FY 2026 (Cont.) User Impact ƭĻƩ LƒƦğĭƷ ΛƦĻƩ .źƌƌΜ Ώ ğƷĻƩ .źƌƌƭ hƓƌǤbĻǞ .źƌƌƭ ƭĻƩ ǤƦĻ ƭğŭĻ/ǒƩƩĻƓƷ .źƌƌC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ Low-End User 500$ 55.75$ 56.73$ 58.29$ 59.89$ 61.54$ 63.23$ 64.97$ 66.75$ 68.59$ 70.47$ 7 2.41 Avg. Residential User (45 gpd)1,500 $ 172.20$ 175.21$ 180.03$ 184.98$ 190.07$ 195.30$ 200.67$ 206.19$ 211.86$ 217.68$ 223.67 Avg. Residential User (65 gpd)2,200 $ 257.18$ 261.68$ 268.88$ 276.27$ 283.87$ 291.67$ 299.70$ 307.94$ 316.41$ 325.11$ 334.05 Large Residential User 4,500 $ 545.20$ 554.74$ 570.00$ 585.67$ 601.78$ 618.33$ 635.33$ 652.80$ 670.75$ 689.20$ 708.15 Large Commercial User 10,000$ 1,258.55$ 1,280.57$ 1,315.79$ 1,351.97$ 1,389.15$ 1,427.36$ 1,466.61$ 1,506.94$ 1,548.38$ 1,590.96$ 1 ,634.71 Very Large Commercial User100,000 $ 12,931.55$ 13,157.85$ 13,519.69$ 13,891.48$ 14,273.50$ 14,666.02$ 15,069.34$ 15,483.74$ 15,909.55$ 16,347.06$ 16,796.60 Average Residential User: $3.01 - $4.50 increase per bill in FY 2026 ($12.05 - $18.00 annually) Large Residential User: $9.54 increase per bill in FY 2026 ($38.16 annually) 77 9 Water Rate Option 3 3.25% in FY 2026 C ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ /ŷğƓŭĻƭʹ 3.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25% C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ LƒƦğĭƷ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Projected Surplus/(Deficit)$ 1,441,223$ 1,307,695$ (644,482)$ (643,905)$ (758,828)$ (784,343)$ (717,067)$ (414,754)$ (155,015)$ 123,829$ 472,744 Proj. Retained Earnings Balance$ 4,676,780$ 5,339,993$ 4,696,088$ 3,937,260$ 3,152,917$ 2,435,850$ 2,021,096$ 1,866,081$ 1,866,081$ 1,989,910$ 2,462,654 RE as % of Budget53.7%57.8%48.6%40.0%31.1%23.5%19.3%18.0%18.0%19.4%24.3% Projected results for FY 2025 and future years, including additional revenue from rates FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.78 10 Water Rate Option 3 3.25% in FY 2026 (Cont.) User Impact ƭĻƩ LƒƦğĭƷ ΛƦĻƩ .źƌƌΜ Ώ ğƷĻƩ .źƌƌƭ hƓƌǤbĻǞ .źƌƌƭ ƭĻƩ ǤƦĻ ƭğŭĻ/ǒƩƩĻƓƷ .źƌƌC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ Low-End User 500$ 55.75$ 57.56$ 58.86$ 60.18$ 61.54$ 62.92$ 64.34$ 65.78$ 67.26$ 68.78$ 7 0.32 Avg. Residential User (45 gpd)1,500 $ 172.20$ 177.80$ 181.80$ 185.89$ 190.07$ 194.35$ 198.72$ 203.19$ 207.76$ 212.44$ 217.22 Avg. Residential User (65 gpd)2,200 $ 257.18$ 265.54$ 271.51$ 277.62$ 283.87$ 290.26$ 296.79$ 303.46$ 310.29$ 317.27$ 324.41 Large Residential User 4,500 $ 545.20$ 562.92$ 575.58$ 588.54$ 601.78$ 615.32$ 629.16$ 643.32$ 657.79$ 672.59$ 687.73 Large Commercial User 10,000$ 1,258.55$ 1,299.45$ 1,328.69$ 1,358.59$ 1,389.15$ 1,420.41$ 1,452.37$ 1,485.05$ 1,518.46$ 1,552.63$ 1 ,587.56 Very Large Commercial User100,000 $ 12,931.55$ 13,351.83$ 13,652.24$ 13,959.42$ 14,273.50$ 14,594.66$ 14,923.04$ 15,258.81$ 15,602.13$ 15,953.18$ 16,312.12 Average Residential User: $5.60 - $8.36 increase per bill in FY 2026 ($22.39 - $33.43 annually) Large Residential User: $17.72 increase per bill in FY 2026 ($70.88 annually) 79 11 Recent History - Sewer The Town implemented a four-tier structure when setting rates for FY 2024. Rates were increased by 3.00% across all tiers for FY 2025. Consistently healthy retained earnings balance Most recent certification was $6.9 million (93.2% of fund expenses) Certification the prior year was $7.3 million (98.4% of fund expenses) Town policy is to target 30.0% The Town consistently balances the budget using retained earnings to ensure rate stabilization. Regeneration consistently allows retained earnings balance to stay at a healthy level. The Town typically funds some capital improvements as part of the 80 operating budget to avoid additional costs incurred from borrowings. 12 Recent History Sewer (Cont.) Total fund expenses have increased an average of 1.2% the past 5 years. MWRA assessment has decreased an average of 0.5% the past 5 years. Fund revenues have generally kept up with expenses. There was one deficit year the past 5 years. $465,000 in FY 2022 Retained earnings used to balance the budget to help ensure rate stabilization: FY 2023 - $404,000 FY 2024 - $1,000,000 FY 2025 - $1,300,000 FY 2026 - $1,200,000 81 13 Projections - Sewer Debt service anticipated to fall off over next 10 years Over $1 million in FY 2026 / $750,000 in FY 2033 / $130,000 in FY 2035 Capital outlay anticipated to fluctuate over next 10 years $715,000 in FY 2026 / $290,000 in FY 2027 / $1.8 million in FY 2035 Using inflationary factors for some expenses, total fund expenses projected to increase by 5.0% in FY 2027 and 10.0% in FY 2029, with an average of a 2.0% increase in the other years over the 10-year period analyzed. The MWRA assessment is projected to increase by 3.3% on average annually, per the All projections include a presumed regeneration amount of $400,000 for revenues and $200,000 for expenses, based on historical data. With no rate action, retained earnings can cover the large projected deficits through FY 2032, but not beyond that. long-term sustainability. 82 14 Baseline Scenario -Sewer C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ .ğƭĻƌźƓĻ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Surplus/(Deficit)$ 1,468,483$ 1,253,892$ (355,350)$ (357,507)$ (1,221,023)$ (1,038,210)$ (1,509,662)$ (1,145,960)$ (1,398,866)$ (1,486,079)$ (3,049,156) Projected Retained Earnings$ 7,173,709$ 8,072,251$ 7,714,744$ 6,493,721$ 5,455,511$ 3,945,849$ 2,799,889$ 1,401,023$ (3,134,212)(85,056)$ $ (6,183,368) RE as % of Budget84.5%98.0%89.3%75.1%57.4%42.3%28.6%14.9%-0.9%-32.1%-54.5% Projected results for FY 2025 and future years, assuming no revenue changes FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.83 15 Sewer Rate Option 1 2.0% in FY 2026 C ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ /ŷğƓŭĻƭʹ 2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00% C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ LƒƦğĭƷ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Surplus/(Deficit)$ 1,468,483$ 1,399,210$ ( 61,807)$ 87,225$ (622,078)$ (281,968)$ (592,978)$ (65,623)$ (151,605)$ ( 68,554)$ (1,457,962) Projected Retained Earnings$ 7,173,709$ 8,511,112$ 8,511,112$ 7,976,259$ 7,694,291$ 7,101,313$ 7,035,690$ 6,884,085$ 6,815,531$ 5,357,569$ 3,899,607 RE % of Budget84.5%103.4%98.5%92.3%80.9%76.1%71.8%73.0%70.4%54.8%34.4% Projected results for FY 2025 and future years, including additional revenue from rates FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.84 16 Sewer Rate Option 1 2.0% in FY 2026 (Cont.) User Impact ƭĻƩ LƒƦğĭƷ ΛƦĻƩ .źƌƌΜ Ώ {ĻǞĻƩ .źƌƌƭ hƓƌǤbĻǞ .źƌƌƭ ƭĻƩ ǤƦĻ ƭğŭĻ/ǒƩƩĻƓƷ .źƌƌC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ Low-End User 500 $ 52.55$ 5 3.60$ 5 4.67$ 5 5.77$ 5 6.88$ 5 8.02$ 59.18$ 6 0.36$ 6 1.57$ 62.80$ 6 4.06 Avg. Residential User (45 gpd)1,500 $ 162.50$ 165.75$ 169.07$ 172.45$ 175.90$ 179.41$ 183.00$ 186.66$ 190.39$ 194.20$ 198.09 Avg. Residential User (65 gpd)2,200 $ 242.86$ 247.72$ 252.67$ 257.72$ 262.88$ 268.14$ 273.50$ 278.97$ 284.55$ 290.24$ 296.04 Large Residential User 4,500$ 516.85$ 527.19$ 537.73$ 548.49$ 559.46$ 570.64$ 582.06$ 593.70$ 605.57$ 617.68$ 630.04 Large Commercial User 10,000 $ 1,196.65$ 1 ,220.58$ 1 ,244.99$ 1 ,269.89$ 1 ,295.29$ 1 ,321.20$ 1,347.62$ 1 ,374.57$ 1 ,402.07$ 1,430.11$ 1 ,458.71 Very Large Commercial User100,000 $ 12,320.65$ 12,567.06$ 12,818.40$ 13,074.77$ 13,336.27$ 13,602.99$ 13,875.05$ 14,152.55$ 14,435.61$ 14,724.32$ 15,018.80 Average Residential User: $3.25 - $4.86 increase per bill in FY 2026 ($13.00 - $19.43 annually) Large Residential User: $10.34 increase per bill in FY 2026 ($41.35 annually) 85 17 Sewer Rate Option 2 1.5% in FY 2026 C ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ /ŷğƓŭĻƭʹ 1.50%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25%2.25% C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ LƒƦğĭƷ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Surplus/(Deficit)$ 1,468,483$ 1,362,880$ ( 80,426)$ 87,086$ (602,944)$ (242,741)$ (532,813)$ 16,352$ ( 46,920)$ 59,769$ (1,305,043) Projected Retained Earnings$ 7,173,709$ 8,456,163$ 8,456,163$ 7,940,305$ 7,697,564$ 7,164,751$ 7,164,751$ 7,134,183$ 7,134,183$ 5,888,909$ 4,583,866 RE % of Budget84.5%102.7%97.8%91.8%81.0%76.8%73.1%75.6%73.7%60.3%40.4% Projected results for FY 2025 and future years, including additional revenue from rates FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.86 18 Sewer Rate Option 2 1.5% in FY 2026 (Cont.) User Impact ƭĻƩ LƒƦğĭƷ ΛƦĻƩ .źƌƌΜ Ώ {ĻǞĻƩ .źƌƌƭ hƓƌǤbĻǞ .źƌƌƭ ƭĻƩ ǤƦĻ ƭğŭĻ/ǒƩƩĻƓƷ .źƌƌC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ Low-End User 500 $ 52.55$ 5 3.34$ 5 4.54$ 5 5.77$ 5 7.02$ 5 8.30$ 59.61$ 6 0.96$ 6 2.33$ 63.73$ 6 5.16 Avg. Residential User (45 gpd)1,500 $ 162.50$ 164.94$ 168.65$ 172.44$ 176.32$ 180.29$ 184.35$ 188.49$ 192.74$ 197.07$ 201.51 Avg. Residential User (65 gpd)2,200 $ 242.86$ 246.50$ 252.05$ 257.72$ 263.52$ 269.45$ 275.51$ 281.71$ 288.05$ 294.53$ 301.16 Large Residential User 4,500$ 516.85$ 524.60$ 536.41$ 548.48$ 560.82$ 573.43$ 586.34$ 599.53$ 613.02$ 626.81$ 640.91 Large Commercial User 10,000 $ 1,196.65$ 1 ,214.60$ 1 ,241.93$ 1 ,269.87$ 1 ,298.44$ 1 ,327.66$ 1,357.53$ 1 ,388.08$ 1 ,419.31$ 1,451.24$ 1 ,483.89 Very Large Commercial User100,000 $ 12,320.65$ 12,505.46$ 12,786.83$ 13,074.54$ 13,368.71$ 13,669.51$ 13,977.07$ 14,291.56$ 14,613.12$ 14,941.91$ 15,278.11 Average Residential User: $2.44 - $3.64 increase per bill in FY 2026 ($9.75 - $14.57 annually) Large Residential User: $7.75 increase per bill in FY 2026 ($31.01 annually) 87 19 Sewer Rate Option 3 2.5% in FY 2026 C ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ /ŷğƓŭĻƭʹ 2.50%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75%1.75% C ЋЉЋЎC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ wğƷĻ LƒƦğĭƷ twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95twhW9/95 Surplus/(Deficit)$ 1,468,483$ 1,435,540$ ( 43,370)$ 87,086$ (641,496)$ (321,388)$ (653,143)$ (147,298)$ (255,574)$ (195,626)$ (1,608,966) Projected Retained Earnings$ 7,173,709$ 8,565,879$ 8,565,879$ 8,011,469$ 7,690,081$ 7,036,938$ 6,889,640$ 6,634,066$ 6,438,440$ 4,829,474$ 3,220,508 RE % of Budget84.5%104.0%99.1%92.7%80.9%75.5%70.3%70.3%66.5%49.4%28.4% Projected results for FY 2025 and future years, including additional revenue from rates FY 2025 and FY 2026 include retained earnings appropriated as a funding source. For FY 2027 and on, retained earnings would be appropriated to balance budget.88 20 Sewer Rate Option 3 2.5% in FY 2026 (Cont.) User Impact ƭĻƩ LƒƦğĭƷ ΛƦĻƩ .źƌƌΜ Ώ {ĻǞĻƩ .źƌƌƭ hƓƌǤbĻǞ .źƌƌƭ ƭĻƩ ǤƦĻ ƭğŭĻ/ǒƩƩĻƓƷ .źƌƌC ЋЉЋЏC ЋЉЋАC ЋЉЋБC ЋЉЋВC ЋЉЌЉC ЋЉЌЊC ЋЉЌЋC ЋЉЌЌC ЋЉЌЍC ЋЉЌЎ Low-End User 500 $ 52.55$ 5 3.86$ 5 4.81$ 5 5.77$ 5 6.74$ 5 7.73$ 58.74$ 5 9.77$ 6 0.82$ 61.88$ 6 2.97 Avg. Residential User (45 gpd)1,500 $ 162.50$ 166.56$ 169.48$ 172.44$ 175.46$ 178.53$ 181.66$ 184.83$ 188.07$ 191.36$ 194.71 Avg. Residential User (65 gpd)2,200 $ 242.86$ 248.93$ 253.29$ 257.72$ 262.23$ 266.82$ 271.49$ 276.24$ 281.07$ 285.99$ 291.00 Large Residential User 4,500$ 516.85$ 529.77$ 539.04$ 548.48$ 558.07$ 567.84$ 577.78$ 587.89$ 598.18$ 608.64$ 619.30 Large Commercial User 10,000 $ 1,196.65$ 1 ,226.57$ 1 ,248.03$ 1 ,269.87$ 1 ,292.09$ 1 ,314.71$ 1,337.71$ 1 ,361.12$ 1 ,384.94$ 1,409.18$ 1 ,433.84 Very Large Commercial User100,000 $ 12,320.65$ 12,628.67$ 12,849.67$ 13,074.54$ 13,303.34$ 13,536.15$ 13,773.03$ 14,014.06$ 14,259.31$ 14,508.84$ 14,762.75 Average Residential User: $4.06 - $6.07 increase per bill in FY 2026 ($16.25 - $24.29 annually) Large Residential User: $12.92 increase per bill in FY 2026 ($51.68 annually) 89 21 Thank You! Questions/Comments? 90 22 Town of Reading Meeting Posting with Agenda 2018-07-16LAG Board -Committee -Commission -Council: Select Board Date: 2025-05-27Time: 7:00PM Building: Reading Town Hall Location: Select Board Meeting Room Address: 16 Lowell StreetAgenda: Purpose:Public Hearing Meeting Called By:Jacquelyn LaVerde on behalf of Chair Chris Haley Notices and agendas are to be posted 48 hours in advance of the meetings excluding operation and make necessary arrangements to be sure your posting is made in an adequate amount of time. A listing of topics that the chair reasonably anticipates will be discussed at the meeting must be on the agenda. All Meeting Postings must be submitted in typed format; handwritten notices will notbe accepted. Topics of Discussion: To the Inhabitants of the Town of Reading: Please take noticethat the Select Board of the Town of Reading will hold a public hearing on May 27, 2025at 7:00 PM in the Select Board Meeting Room, 16 Lowell Street, Reading, Massachusetts, and remotely via Zoom, toapprove the FY26Non-Union Classification and Compensation Plans. A copy of the proposed documents regarding thistopic will be in the Select Board packet on the website at www.readingma.gov All interested parties are invited to attend the hearing, or may submit their comments in writing or by email prior to 4:00 p.m. on May 27, 2025to townmanager@readingma.gov By order of Matthew A. Kraunelis, Esq. Town Manager This Agenda has been prepared in advance and represents a listing of topics that the chair reasonably anticipates will be discussed at the meeting. However the agenda does not necessarily include all matters which may be taken up at this meeting. 91 Page | 1 Office of the Town Manager 781-942-9043 16 Lowell Street townmanager@ci.reading.ma.us Reading, MA 01867 www.readingma.gov/town-manager To: Select Board From: Matthew A. Kraunelis Date: May 21, 2025 RE: FY26 Classification Changes - Proposed At the May 27, 2025, Select Board meeting, you will be asked to approve the FY26 Non-Union Classification and Compensation Charts. Below is some background information that explains the few changes we are proposing. All these changes are within the financial parameters of the approved FY26 budget. Grade B o Volunteer Coordinator: add - this was originally a temporary, ARPA-funded role. Grade G o GIS Administrator: transfer to Grade J and title change to GIS/Database Administrator. Grade J o GIS/Database Administrator: transferred from Grade G and title change from GIS Administrator. 92 TOWN OF READING CLASSIFICATION PLAN proposed July 1, 2025 Schedule A-1 A ClerkLibrary AssociateParking Enfocement OfficerTransportation CoordinatorVolunteer Coordinator B AdministrativeSenior Center CoordinatorSenior Library AssociateVeteran's Service Officer C Assistant Administrative SpecialistAssistant AssessorBenefits SpecialistCoalition Outreach Computer TechnicianLibrarian ILibrary Communications Recreation Coordinator D CoordinatorSpecialist Accounting SpecialistAssistant CollectorAssistant Town ClerkFinancial AnalystHealth InspectorPermits CoordinatorSenior Case Manager E Executive AssistantPlumbing/Gas InspectorPublic Safety ClinicianWater Quality Safety Wiring Inspector F Administrator GIS AdministratorLibrarian IISenior Computer Technician G Conservation AdministratorPayroll Administrator/Assistant Procurement OfficerPublic Health NurseRecreation AdministratorSenior Planner - Senior Planner - Economic Treasury Analyst H TreasurerHousing/SustainabilityDevelopment Assistant Human Resources DirectorAssistant Town AccountantCollectorElder/Human Services Head Public Safety Dispatcher I Administrator Assessor Building InspectorCoalition DirectorDirector of Equity and Social GIS/Database AdministratorLibrary Collection Services Library Public Services J JusticeDivision HeadDivision Head Assistant Facilities DirectorAssistant Library DirectorBuilding CommissionerCommunity Development Community Services DirectorTechnology ManagerTown Clerk K Director Assistant Chief Financial Assistant DPW DirectorDirector of OperationsHuman Resources Director L Officer/Treasurer Assistant Fire ChiefDeputy Police ChiefHealth DirectorLibrary Director M Chief Technology OfficerFacilities Director Assistant Town ManagerChief Financial Officer/Town DPW DirectorFire ChiefPolice Chief N Accountant 93 FY2026 TOWN OF READING COMPENSATION PLAN Schedule B-1 (1.25% increase over FY25 coupled with step movement when eligible) effective July 1, 2025 through June 30, 2026 HOURLY RATES GradeStep 1Step 2Step 3Step 4Step 5Step 6Step 7Step 8Step 9Step 10Step 11Step 12Step 13Step 14 A υ ЊВ͵ВЏυ ЋЉ͵ЍЌυ ЋЉ͵ВЊυ ЋЊ͵ЍЊυ ЋЊ͵ВЊυ ЋЋ͵ЍЋυ ЋЋ͵ВЍυ ЋЌ͵ЍВυ ЋЍ͵ЉЍυ ЋЍ͵ЏЉυ ЋЎ͵ЊБυ ЋЎ͵ААυ ЋЏ͵ЌБυ ЋА͵ЉЉ B υ ЋЌ͵ВЏυ ЋЍ͵ЎЊυ ЋЎ͵ЊЉυ ЋЎ͵ЏБυ ЋЏ͵ЋВυ ЋЏ͵ВЉυ ЋА͵ЎЍυ ЋБ͵ЊБυ ЋБ͵БЎυ ЋВ͵ЎЋυ ЌЉ͵ЋЊυ ЌЉ͵ВЌυ ЌЊ͵ЏЏυ ЌЋ͵ЌВ C υ ЋБ͵АЎυ ЋВ͵ЍЋυ ЌЉ͵ЊЊυ ЌЉ͵БЋυ ЌЊ͵ЎЍυ ЌЋ͵ЋБυ ЌЌ͵ЉЍυ ЌЌ͵БЋυ ЌЍ͵ЏЊυ ЌЎ͵ЍЌυ ЌЏ͵ЋЏυ ЌА͵ЊЊυ ЌА͵ВБυ ЌБ͵БА D υ ЌЊ͵ЏАυ ЌЋ͵ЍЋυ ЌЌ͵ЊАυ ЌЌ͵ВЎυ ЌЍ͵АЎυ ЌЎ͵ЎАυ ЌЏ͵ЍЉυ ЌА͵ЋЏυ ЌБ͵ЊЍυ ЌВ͵ЉЍυ ЌВ͵ВЎυ ЍЉ͵БВυ ЍЊ͵БЏυ ЍЋ͵БЌ E υ ЌЌ͵ЋЏυ ЌЍ͵ЉЍυ ЌЍ͵БЌυ ЌЎ͵ЏЎυ ЌЏ͵ЎЉυ ЌА͵ЌЎυ ЌБ͵ЋЌυ ЌВ͵ЊЌυ ЍЉ͵ЉЍυ ЍЉ͵ВВυ ЍЊ͵ВЎυ ЍЋ͵ВЌυ ЍЌ͵ВЎυ ЍЍ͵ВА F υ ЌЍ͵ВЋυ ЌЎ͵АЍυ ЌЏ͵ЎБυ ЌА͵ЍЍυ ЌБ͵ЌЋυ ЌВ͵ЋЋυ ЍЉ͵ЊЌυ ЍЊ͵ЉБυ ЍЋ͵ЉЎυ ЍЌ͵ЉЍυ ЍЍ͵ЉЎυ ЍЎ͵ЉВυ ЍЏ͵ЊЍυ ЍА͵ЋЌ G υ ЌЏ͵ЏЏυ ЌА͵ЎЋυ ЌБ͵ЍЉυ ЌВ͵ЌЊυ ЍЉ͵ЋЍυ ЍЊ͵ЊБυ ЍЋ͵ЊЍυ ЍЌ͵ЊЍυ ЍЍ͵ЊЎυ ЍЎ͵ЊВυ ЍЏ͵ЋЏυ ЍА͵ЌЍυ ЍБ͵ЍЎυ ЍВ͵ЎВ H υ ЌБ͵ЍВυ ЌВ͵ЍЉυ ЍЉ͵ЌЌυ ЍЊ͵ЋАυ ЍЋ͵ЋЎυ ЍЌ͵ЋЍυ ЍЍ͵ЋЏυ ЍЎ͵ЋВυ ЍЏ͵ЌЏυ ЍА͵ЍЍυ ЍБ͵ЎЏυ ЍВ͵АЉυ ЎЉ͵БАυ ЎЋ͵ЉА I υ ЍЉ͵ЍЋυ ЍЊ͵ЌБυ ЍЋ͵ЌЍυ ЍЌ͵ЌЍυ ЍЍ͵ЌЏυ ЍЎ͵ЍЉυ ЍЏ͵ЍАυ ЍА͵ЎЏυ ЍБ͵ЏАυ ЍВ͵БЋυ ЎЉ͵ВВυ ЎЋ͵ЊВυ ЎЌ͵ЍЊυ ЎЍ͵ЏА J υ ЍЋ͵ЍЍυ ЍЌ͵ЍЍυ ЍЍ͵ЍЏυ ЍЎ͵ЎЊυ ЍЏ͵ЎАυ ЍА͵ЏАυ ЍБ͵АВυ ЍВ͵ВЍυ ЎЊ͵ЊЊυ ЎЋ͵ЌЊυ ЎЌ͵ЎЍυ ЎЍ͵АВυ ЎЏ͵ЉВυ ЎА͵ЍЊ K υ ЍЎ͵ЋЍυ ЍЏ͵ЌБυ ЍА͵ЎЍυ ЍБ͵АЌυ ЍВ͵ВЎυ ЎЊ͵ЊВυ ЎЋ͵ЍАυ ЎЌ͵АБυ ЎЎ͵ЊЋυ ЎЏ͵ЎЊυ ЎА͵ВЋυ ЎВ͵ЌАυ ЏЉ͵БЎυ ЏЌ͵ЋБ L υ ЍВ͵ААυ ЎЊ͵ЉЊυ ЎЋ͵ЋВυ ЎЌ͵ЏЉυ ЎЍ͵ВЍυ ЎЏ͵ЌЊυ ЎА͵АЋυ ЎВ͵ЊЏυ ЏЉ͵ЏЍυ ЏЋ͵ЊЏυ ЏЌ͵АЊυ ЏЎ͵ЌЉυ ЏЏ͵ВЌυ ЏВ͵ЏЊ M υ ЎЍ͵АЍυ ЎЏ͵ЊЋυ ЎА͵ЎЋυ ЎБ͵ВЏυ ЏЉ͵ЍЌυ ЏЊ͵ВЍυ ЏЌ͵ЍВυ ЏЎ͵ЉБυ ЏЏ͵АЊυ ЏБ͵ЌАυ АЉ͵ЉБυ АЊ͵БЌυ АЌ͵ЏЌυ АЏ͵ЎА N υ ЏЉ͵ЋЋυ ЏЊ͵АЋυ ЏЌ͵ЋАυ ЏЍ͵БЎυ ЏЏ͵ЍАυ ЏБ͵ЊЌυ ЏВ͵БЌυ АЊ͵ЎВυ АЌ͵ЌАυ АЎ͵ЋЊυ АА͵ЉВυ АВ͵ЉЋυ БЉ͵ВВυ БЍ͵ЋЌ ANNUAL (example based on a 37.5 hr workweek) Salaries are rounded to the nearest dollar GradeStep 1Step 2Step 3Step 4Step 5Step 6Step 7 Step 8Step 9Step 10Step 11Step 12 Step 13Step 14 A υ ЌБͲВЋЋυ ЌВͲБЌВυ ЍЉͲААЎυ ЍЊͲАЎЉυ ЍЋͲАЋЎυ ЍЌͲАЊВυ ЍЍͲАЌЌυ ЍЎͲБЉЏυ ЍЏͲБАБυ ЍАͲВАЉυ ЍВͲЊЉЊυ ЎЉͲЋЎЋυ ЎЊͲЍЍЊυ ЎЋͲЏЎЉ B υ ЍЏͲАЋЋυ ЍАͲАВЎυ ЍБͲВЍЎυ ЎЉͲЉАЏυ ЎЊͲЋЏЏυ ЎЋͲЍЎЎυ ЎЌͲАЉЌυ ЎЍͲВЎЊυ ЎЏͲЋЎБυ ЎАͲЎЏЍυ ЎБͲВЊЉυ ЏЉͲЌЊЍυ ЏЊͲАЌАυ ЏЌͲЊЏЊ C υ ЎЏͲЉЏЌυ ЎАͲЌЏВυ ЎБͲАЊЎυ ЏЉͲЉВВυ ЏЊͲЎЉЌυ ЏЋͲВЍЏυ ЏЍͲЍЋБυ ЏЎͲВЍВυ ЏАͲЍВЉυ ЏВͲЉБВυ АЉͲАЉАυ АЋͲЌЏЎυ АЍͲЉЏЊυ АЎͲАВА D υ ЏЊͲАЎАυ ЏЌͲЋЊВυ ЏЍͲЏБЋυ ЏЏͲЋЉЌυ ЏАͲАЏЌυ ЏВͲЌЏЋυ АЉͲВБЉυ АЋͲЏЎАυ АЍͲЌАЌυ АЏͲЊЋБυ ААͲВЉЌυ АВͲАЌЏυ БЊͲЏЋАυ БЌͲЎЊВ E υ ЏЍͲБЎАυ ЏЏͲЌАБυ ЏАͲВЊВυ ЏВͲЎЊБυ АЊͲЊАЎυ АЋͲБЌЌυ АЍͲЎЍВυ АЏͲЌЉЍυ АБͲЉАБυ АВͲВЌЊυ БЊͲБЉЌυ БЌͲАЊЍυ БЎͲАЉЌυ БАͲЏВЋ F υ ЏБͲЉВЍυ ЏВͲЏВЌυ АЊͲЌЌЊυ АЌͲЉЉБυ АЍͲАЋЍυ АЏͲЍАВυ АБͲЋЎЍυ БЉͲЊЉЏυ БЊͲВВБυ БЌͲВЋБυ БЎͲБВБυ БАͲВЋЏυ БВͲВАЌυ ВЋͲЉВВ G υ АЊͲЍБАυ АЌͲЊЏЍυ АЍͲББЉυ АЏͲЏЎЎυ АБͲЍЏБυ БЉͲЌЉЊυ БЋͲЊАЌυ БЍͲЊЋЌυ БЏͲЉВЌυ ББͲЊЋЊυ ВЉͲЋЉАυ ВЋͲЌЊЌυ ВЍͲЍАБυ ВЏͲАЉЊ H υ АЎͲЉЎЏυ АЏͲБЌЉυ АБͲЏЍЍυ БЉͲЍААυ БЋͲЌББυ БЍͲЌЊБυ БЏͲЌЉАυ ББͲЌЊЏυ ВЉͲЍЉЋυ ВЋͲЎЉБυ ВЍͲЏВЋυ ВЏͲВЊЎυ ВВͲЊВАυ ЊЉЊͲЎЌА I υ АБͲБЊВυ БЉͲЏВЊυ БЋͲЎЏЌυ БЍͲЎЊЌυ БЏͲЎЉЋυ ББͲЎЌЉυ ВЉͲЏЊАυ ВЋͲАЍЋυ ВЍͲВЉАυ ВАͲЊЍВυ ВВͲЍЌЊυ ЊЉЊͲААЊυ ЊЉЍͲЊЎЉυ ЊЉЏͲЏЉА J υ БЋͲАЎБυ БЍͲАЉБυ БЏͲЏВАυ ББͲАЍЎυ ВЉͲБЊЋυ ВЋͲВЎАυ ВЎͲЊЍЊυ ВАͲЌБЌυ ВВͲЏЏЎυ ЊЉЋͲЉЉЎυ ЊЉЍͲЍЉЌυ ЊЉЏͲБЍЊυ ЊЉВͲЌАЏυ ЊЊЊͲВЎЉ K υ ББͲЋЊБυ ВЉͲЍЍЊυ ВЋͲАЉЌυ ВЎͲЉЋЍυ ВАͲЍЉЌυ ВВͲБЋЊυ ЊЉЋͲЌЊАυ ЊЉЍͲБАЊυ ЊЉАͲЍБЍυ ЊЊЉͲЊВЎυ ЊЊЋͲВЍЍυ ЊЊЎͲААЋυ ЊЊБͲЏЎБυ ЊЋЌͲЌВЏ L υ ВАͲЉЎЋυ ВВͲЍАЉυ ЊЉЊͲВЏЏυ ЊЉЍͲЎЋЉυ ЊЉАͲЊЌЌυ ЊЉВͲБЉЎυ ЊЊЋͲЎЎЍυ ЊЊЎͲЌЏЋυ ЊЊБͲЋЍБυ ЊЋЊͲЋЊЋυ ЊЋЍͲЋЌЎυ ЊЋАͲЌЌЎυ ЊЌЉͲЎЊЍυ ЊЌЎͲАЍЉ M υ ЊЉЏͲАЍЌυ ЊЉВͲЍЌЍυ ЊЊЋͲЊЏЍυ ЊЊЍͲВАЋυ ЊЊАͲБЌВυ ЊЋЉͲАБЌυ ЊЋЌͲБЉЏυ ЊЋЏͲВЉЏυ ЊЌЉͲЉБЎυ ЊЌЌͲЌЋЋυ ЊЌЏͲЏЎЏυ ЊЍЉͲЉЏВυ ЊЍЌͲЎАВυ ЊЍВͲЌЊЋ N υ ЊЊАͲЍЋВυ ЊЋЉͲЌЎЍυ ЊЋЌͲЌААυ ЊЋЏͲЍЎБυ ЊЋВͲЏЊАυ ЊЌЋͲБЎЍυ ЊЌЏͲЊЏВυ ЊЌВͲЏЉЊυ ЊЍЌͲЉАЋυ ЊЍЏͲЏЏЉυ ЊЎЉͲЌЋЏυ ЊЎЍͲЉБВυ ЊЎАͲВЌЊυ ЊЏЍͲЋЍВ 94 PROCLAMATION ARBOR DAY Whereas,In 1872, J. Sterling Morton proposed to the Nebraska Board of Agriculture that a special day be set aside for the planting of trees; and Whereas,This holiday, called Arbor Day, was first observed with the planting of more than a million trees in Nebraska, and Arbor Day is now observed throughout the nation and the world; and Whereas,Trees reduce the erosion of our precious topsoil by wind and water, cut heating and cooling costs, moderate the temperature, clean the air, produce oxygen and provide habitat for wildlife; and Whereas,Trees are a renewable resource giving us paper, wood for our homes, fuel for our fires and countless other wood products; and Whereas,Trees in our Town increase property values, enhance the economic vitality of business areas, beautify our community, and wherever they are planted are a source of joy and spiritual renewal; and Whereas,Readinghas been recognized as a Tree City, U.S.A. by the National Arbor Day Foundation for the th 40consecutive year, and desires to continue its tree-planting ways. Now, therefore, we, The Select Board of the Town of Reading, Massachusetts do hereby proclaim April 25, 2025 as Arbor Day in the Town of Reading and urge all citizens to celebrate Arbor Day and to support efforts to protect our trees and woodlands, and plant trees to gladden the heart and promote the well-being of this and future generations. SELECT BOARD OF READING _________________________ _________________________ Christopher Haley, Chair Melissa Murphy, Vice Chair _________________________ _________________________ Karen Rose-Gillis, Secretary Karen Gately Herrick _________________________ Carlo Bacci 95 Select Board Liaison Assignments ĻŅŅĻĭƷźǝĻ .5 Projects & Ad Hocs#InterestedPublic Services#CurrentInterested CPA Study Committee1CarloKaren R-GCommunity Services Karen & Mark Killam School1ChrisCouncil on Aging & MVES1 or 2Karen R-G ReCalc1MarkBoard of Health1 or 2Melissa & Carlo Affordable Housing Trust1MelissaKaren R-GRecreation Committee1 or 2Carlo ReCalc Building CommitteeMarkKaren R-GCust. of Soldiers & Sailors Graves1Carlo Charter Review CommitteeChris Administrative Services#Community Development Select Board VASC2Karen & MelissaKaren R-GEconomic Development1 or 2Karen & CarloKaren R-G School Committee2Chris & MelissaMAPC1Karen Regional School District1ChrisCPDC1 or 2Melissa & Carlo Karen & Melissa RMLD Commissioners2Zoning Board of Appeals1 or 2Melissa RMLD CAB1ChrisHistorical1 or 2Carlo Bylaw Committee1CarloHistoric District CommissionsnewChris Finance Committee2Carlo & KarenKaren R-GConservation Commission1Carlo Melissa RCTV Board of Directors1MarkMelissaReading Housing Authority1KarenKaren R-G Cultural Council1Mark Public Safety Climate Advisory 1KarenPublic Safety department1 or 2Chris & Melissa Reading Ice Arena Authority2Carlo & KarenThe Coalition1Melissa Walkable Reading1Chris Facilities Celebration Committee1ChrisPermanent Building Committee1 or 2MarkMelissa Animal Controls Appeal Comm.1Carlo Public Library Moderator & TM Rules Committee1CarloLibrary Trustees1 or 2Karen & Carlo (PAIR) Partners and Allies for Inclusive Reading Board of Registrars1Carlo1MarkKaren R-G FinancePublic Works Audit Committee1ChrisPublic Works department1Karen Board of Assessors1KarenKaren R-GBoard of Cemetery Trustees1Chris Retirement Board1MelissaTrails Committee1Karen Commissioners of Trust Funds1MarkTown Forest Committee1MarkKaren R-G Veterans Memorial Trust Fund Comm.1Mark New Requests Reading Food PantryKaren R-G Eastern Gateway Committee (under Econ Dev)Karen R-G 96 97 98 99 100 101 102 103 104 105 106 RESTRICTED APPRAISAL 49P LEASANT S TREET R EADING,MA01867 PREPARED FOR: Town of Reading, MA C/O M R.M ATTHEW K RAUNELIS 49P LEASANT S TREET R EADING,MA01867 107 www.brostoncommercialappraisers.com (617)326-3445 April 29, 2025 Town of Reading, MA c/o Mr. Matthew Kraunelis 49 Pleasant Street Reading, MA 01867 Re:49 Pleasant Street Reading, MA 01867 Our File No. 031820251711 Dear Mr. Kraunelis, Pursuant to your request, we have prepared anopinion of themarket value of the fee simple estate ofthesubject property. The propertyissituated on the southeast corner of Pleasant and Parker Streets,in the Town of Reading, MiddlesexCounty,State of Massachusetts. The property is designated on the MiddlesexCountytax maps asAPN#READ-000022-000000-000020. Thesubject is comprised of a 22,651± square foot (0.52acre) parcel of A40-zoned-land, currently improved with a two-storyplus finished basementsupport area(2,160± square feet), elevator serviced professional office building, containing 4,832± square feet of above grade gross building area, originally constructed circa 1850,with a land to building ratio of 4.69:1.00, and adequateon-site parkingfor approximately 28 automobiles. As of our effective date of value, the subject was fully owner occupied and inaverageoverall condition,utilized as a historic municipal/senior center, with a full kitchen, multiple lavatories and a diesel backup generator. Public records indicate that the subject is currently owned by the Town of Reading; there have been valuation date is April 16, 2025, the date of our inspection of the property; the subject is reportedly not under contract of sale; nor is itbeing offered for sale, to the best of our knowledge. 2 108 RELIANTVALUATIONS REAL ESTATE APPRAISERS AND CONSULTANTS Town of Reading, MA Page Two April 29, 2025 The intended use of the appraisal is expressly for market valuation purposes, with regards to assisting our client with internal asset managementand the intended user of this report is Town of Reading, MA;thisreport may not be utilized by any other userorforany other use without express written permission from the appraiser; we are not responsible for unauthorized use of this report. This appraisal report was prepared in compliance with the requirements and standards of our client and conforms to the current Uniform Standards of Professional Appraisal Practice (USPAP), as promulgated by the Appraisal Standards Board of the Appraisal Foundation, the Code of Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. In our valuation of the subject property, equalconsideration was placed on the sales comparison and income capitalization approaches; the cost approach was deemed to benot applicable to the valuation of the subject property. We are of the opinion that themarket value of the fee simple estateof the subject property,as of April 16, 2025, was: NINEHUNDREDSIXTY-FIVETHOUSAND DOLLARS ($965,000.00) Very truly yours, RELIANTVALUATIONS Brian C. Donegan Associate Member, Appraisal Institute Certified General Real Estate Appraiser Massachusetts Certificate #1000335 3 109 CERTIFICATION Premises:49 Pleasant Street Reading, MA 01867 I, Brian C. Donegan, certify to the best of my knowledge and belief: THAT, the statements of fact contained in this report are true and correct; THAT, the reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial and unbiased professional analyses, opinions and conclusions; THAT, I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved; THAT, I have not performed any services regarding the subject property within the three year period immediately preceding the effective date of this assignment, as an appraiseror in any capacity; THAT, I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment; THAT, my engagement in this assignment was not contingent upon developing or reporting predetermined results; THAT, my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal; THAT, myanalyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP); THAT, I have not made a personal inspection of the property that is the subject of this report; THAT, no oneprovided significant real property appraisal assistance to the person(s) signing this certification; THAT, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; THAT, the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives; THAT, as of the date of this report, Brian C. Donegan has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. DATE:April 29, 2025 Brian C. Donegan Associate Member, Appraisal Institute Certified General Real Estate Appraiser Massachusetts Certificate #1000335 4 110 EXPOSURETIME Exposure timeis generally defined as1) The time a property remains on the market. 2) An opinion, based on supporting market data, of the length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at 1 market value on the effective date of the appraisal. (USPAP, 2020- The subject property consists of awell-locatedprofessional officeproperty,in averageoverall condition, with adequateon-site parking.Were the subject property available for sale, the estimated marketing period is less than one year. 1 The Dictionary of Real Estate Appraisal Seventh Edition, Appraisal Institute, Chicago, IL, 2022.p. 67 5 111 APPRAISAL DEFINITIONS 2 Market Value The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special or C.F.R. Part 34.42(g); 55 Federal Register34696, August 24, 1990, as amended at 57 Federal Register12202, April 9, 1992; 59 Federal Register 1.Market value is described, not defined in the Uniform Standards of Professional Appraisal Practice (USPAP) as follows:A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the 3 Fee Simple Estate limitations imposed by the governmental powers of taxation, eminent domain, police power, and 2 The Dictionary of Real Estate Appraisal Seventh Edition, Appraisal Institute, Chicago, IL, 2022. p. 118. 3 The Dictionary of Real Estate Appraisal Seventh Edition, Appraisal Institute, Chicago, IL, 2022.p. 73. 6 112 4 Intended Use 1. 2. identified by the appraiser based on communication with the client at the time of the assignment. (USPAP, 2020- 5 Intended User 2. The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser based on communication with the client at the time of the assignment. (USPAP, 2020- 6 Restricted Appraisal Report -2(b), 8-2(b) or 10-2(b) of the Uniform Standards of Professional Appraisal Practice. (2016-2017 ed.) all of the supporting documentation provided in full appraisal reports, but this information is retained in our work files. 4 The Dictionary of Real Estate Appraisal Seventh Edition, Appraisal Institute, Chicago, IL, 2022.p. 97 5 The Dictionary of Real Estate Appraisal Seventh Edition, Appraisal Institute, Chicago, IL, 2022.p. 98 6 The Dictionary of Real Estate Appraisal Seventh Edition, Appraisal Institute, Chicago, IL, 2022. p. 165 7 113 UNDERLYING ASSUMPTIONS AND LIMITING AND QUALIFYING CONDITIONS 1.This report is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) and Standards Rule 1-4 of the Uniform Standards of Professional Appraisal Practice (USPAP) for a restricted appraisal report. As such, it might not include full discussions of the data, reasoning and analyses that were used in the appraisal process to develop our opinion of value. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. We are not responsible for any unauthorized use of this report. 2.No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless stated otherwise in this report. 3.The property was appraised free and clear of any or all liens and encumbrances unless stated otherwise in this report. 4.Responsible ownership and competent property management are assumed unless stated otherwise in this report. 5.The information furnished by others for the appraised property is believed to be reliable. However, no warranty is given for its accuracy. 6.All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 7.It is assumed that there are no hidden or unapparent conditions of the property, subsoil or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8.It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless stated otherwise in this report. 9.It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in this report. 10.It is assumed that all required licenses, Certificates of Occupancy or other legislative or administrative authority from any local, state or national government or private entity have been or can be obtained or renewed for any use on which the value estimates contained in this report are based. 11.Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless stated otherwise in this report. No survey has been made for the purpose of this report. 12.It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass unless stated otherwise in this report. 13.We are unaware of any easements or encumbrances that substantially impact the subject property. However, we have not been provided with a title report and if in the event such report detailed the existence of an otherwise unknown easement or encumbrance, the value conclusion contained herein may be subject to change. 8 114 14.We are not qualified to detect hazardous waste and/or toxic materials. Any comment by us that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. Our value estimate(s) is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless stated otherwise in this report. No responsibility is assumed for any environmental conditions or any expertise or engineering knowledge required to discover them. Our descriptions and comments are the result of our routine observations made during the appraisal process. 15.Unless stated otherwise in this report, the subject property was appraised without a specific compliance survey having been conducted to determine whether the property is or is not in conformance with the requirements of the Americans with Disabilities Act (ADA). The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability or utility. 16.Any proposed improvements are assumed to be completed in a good and workmanlike manner in accordance with the submitted plans and specifications, and conforming to all municipal, building and health codes. 17.Our value conclusions were based on the assumption that the subject property will continue to be adequately maintained and professionally managed to sustain its competitiveness in the marketplace. 18.The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 19.Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser(s), and in any event, only with properly written qualification and only in its entirety. 20.Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser(s) or the firm with which the appraiser(s) is/are connected) shall be disseminated to the public through advertising, public relations, news sales or other media without the prior written consent and approval of the appraiser(s). 9 115 LOCAL AREA MAP 10 116 PARCELMAP 11 117 ZONING MAP *See addenda for A40 Zoning Permitted Uses 12 118 INCOME CAPITALIZATION ANALYSIS Comparable Rentals *We have projected a $20.00 per square foot, per annum, net rent for the subject, whereby the tenant (s) pay base rent, all risk insurance, electricity and a pro-rata share of real estate taxes. Middlesex County Comparable Capitalization Rates 13 119 DIRECT CAPITALIZATION ANALYSIS INCOME$ Amount/Sq. Ft. Potential Gross Income$96,640$20.00 Vacancy & Collection Loss 5.0%($4,832)($1.00) Effective Gross Income$91,808$19.00 OPERATING EXPENSES$ Amount/Sq. Ft. Extended Coverage Insurance$4,832$1.00 Utilities (Common Electric, Heat & Water/Sewer)$6,040$1.25 Repairs & Maintenance$4,832$1.00 Structural Repairs/Replacement Reserves$966$0.20 Management Fee & Promotions3.0%$2,754$0.57 Total Operating Expenses$19,425$4.02 NET OPERATING INCOME$72,383$14.98 Capitalization Rate7.50% "As Is" Market Value$965,111$199.73 Rounded$965,000$199.71 Value per Sq. Ft.$199.73 GIM9.99 Expenses/EGI Ratio21.16% 14 120 SALES COMPARISONANALYSIS Time-Adj. BuildingLand toSaleAdj. LTBPrice/ SaleSaleSaleLandAreaBuildingPrice/TimePrice/Ratio/PropertyTotalSq. Ft. No.LocationDatePriceArea(Sq. Ft. ±)RatioSq. Ft.xAdj.=Sq. Ft.xLocationxSizexParkingxChar.=Adj.=of GBA 49 Pleasant Street22,6514,8324.69 Reading 158 Concord Street3/17/2025$2,650,00061,8559,3606.61$283.121.00$283.121.051.050.900.750.74$210.69 North Reading 2442 Water Street7/29/2024$1,499,90019,1666,0973.14$246.011.00$246.011.001.001.050.800.84$206.65 Wakefield 3274 Main Street1/18/2024$4,050,00043,99624,1741.82$167.541.00$167.540.951.101.101.001.15$192.58 Reading 412 Teal Road9/19/2023$1,200,00028,7506,7204.28$178.571.00$178.571.001.051.051.001.10$196.88 Wakefield min$167.54min$192.58 max$283.12max$210.69 mean$218.81mean$201.70 range$115.58range$18.11 Value/Sq. Ft. $200.00 GBA4,832 Indicated Market Value$966,400 Rounded$965,000 15 121 COMPARABLE SALES MAP 16 122 COMPARABLE SALES PHOTOGRAPHS 58 Concord Street, North Reading 442 Water Street, Wakefield 17 123 COMPARABLE SALES PHOTOGRAPHS (Continued) 274 Main Street, Reading 12 Teal Road, Wakefield 18 124 ADDENDA -A40 Zoning Permitted Uses -CoStar Submarket Report -Subject Photographs 19 125 Town of Reading Zoning Bylaw Use Regulations ACCESSORY USES BUS BUS BUS IND PUD-B PUD-I A B C Overlay Overlay Commercial Automotive Repair or No No No No No No Service Station Preservation of a Carriage House, Yes No No No SPP No Stable, or Barn for Use as a Detached Accessory Apartment Beacon No No No No No No Notes: 1 Townhouse style Multi-Family Dwelling only in Business C Planning Subdistrict A. 2 Permitted only in Business C Planning Subdistricts B and D. 3 Requires on-site garage for all vehicles and enclosed storage for all materials. 4 The total number of children under age sixteen (16) in a family child care home shall not exceed ten (10), including participating children living in the residence. 5 Except by a contractor performing construction work on the premises. 6 Also allowed by MSPR in the Downtown Smart Growth District (40R Overlay). Not applicable to Home Occupation or Special Home Occupation uses in any district. 5.3.2 Table of Uses for Residence Districts PRINCIPAL USES RES RES RES PRD-G PUD-R S-15 A-40 A-80 PRD-M S-20 S-40 Residential Uses Single Family Dwelling Yes Yes No SPP SPP 1 Two Family Dwelling No Yes No SPP SPP Multi-family Dwelling No Yes Yes SPP SPP Age Restricted Multi-family Dwelling No SPP SPP SPP SPP Boarding House No Yes No No No Public and Institutional Uses Child Care Facility Yes Yes Yes Yes Yes Religious or Educational Use Eligible for the Yes Yes Yes Yes Yes Protection of Massachusetts General Laws Chapter 40A Section 3 Other Religious or Educational Use SPP No No SPP No Medical Facility No SPP No No No Nursing Home SPP SPP No No SPP Assisted Living Facility or Senior Independent SPP SPP No SPP SPP Living Facility Non-Profit Philanthropic Institution or Cultural SPP SPP SPP No SPP Facility Civic or Private Club SPA SPA SPA No No Community Center No SPP SPP SPP SPP Other Uses Public Utilities Yes Yes Yes Yes Yes Agriculture Use Eligible for the Protection of Yes Yes Yes Yes Yes Massachusetts General Laws Chapter 40A Section 3 Other Agriculture Use SPP SPP SPP SPP SPP Page | 31 Zoning Bylaw Î November 2024 126 Town of Reading Zoning Bylaw Use Regulations PRINCIPAL USES RES RES RES PRD-G PUD-R S-15 A-40 A-80 PRD-M S-20 S-40 Structures Accessory to Agriculture Use Yes Yes Yes Yes Yes Eligible for the Protection of Massachusetts General Laws Chapter 40A Section 3 Personal Wireless Service Facility (PWSF) SPP SPP SPP SPP SPP ACCESSORY USES RES RES RES PRD-G PUD-R S-15A-40A-80PRD-M S-20 S-40 Agriculture Use Eligible for the Protection of Yes Yes Yes Yes Yes Massachusetts General Laws Chapter 40A Section 3 Other Agriculture Use SPP SPP SPP SPP SPP Structures Accessory to Permitted Agriculture Yes Yes Yes Yes Yes Use Roadside Stand Yes Yes Yes Yes Yes Marijuana Establishment No No No No No Attached Accessory Apartment Contained Yes No No No Yes Within an Existing Single family Dwelling Î no addition to gross floor area Preservation of a Carriage House, Stable, or SPA SPA SPA No No Barn for Use as a Detached Accessory Apartment Detached Accessory Apartment (not in an SPA SPA No No No existing Carriage House, Stable or Barn) Associated with New Construction of a Single Family Dwelling Attached Accessory Apartment Contained SPA SPA No No No Within New Construction of or Addition to a Single Family Dwelling Home Occupation Yes Yes Yes Yes Yes Special Home Occupation SPP SPP SPP SPP SPP Bed and Breakfast SPP SPP SPP SPP SPP 2 Family Child Care Home Yes Yes Yes Yes Yes Service Facility or Accessory Building Yes Yes Yes Yes Yes Providing Enclosed Storage Storage of commercial building materials, No No No No No 3 equipment, or vehicles over 10,000 pounds Storage of commercial landscaping No No No No No equipment, materials, supplies, and/or commercial vehicles over 10,000 pounds Accessory Convenience Store No No No No SPP Commercial Automotive Repair or Service No No No No No Station Accessory Retail Services or Retail Store No No No No SPP Animal Kennel No No No No No Outdoor Commerce, Dining, Programming, or MSPR MSPR MSPR No No 4 Storage Page | 32 Zoning Bylaw Î November 2024 127 Office Submarket Report Wilmington/Reading Boston - MA USA PREPARED BY Brian Donegan Sr. Appraiser 128 Wilmington/Reading Office OFFICE SUBMARKET REPORT 1 Submarket Key Statistics 2 Leasing 4 Rent 5 Construction 8 Sales 10 Sales Past 12 Months 12 Supply & Demand Trends 14 Rent & Vacancy 16 Sale Trends 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - 119411 129 Overview Wilmington/Reading Office 12 Mo Deliveries in SF12 Mo Net Absorption in SFVacancy RateMarket Asking Rent Growth 064.3K5.1%1.1% The Wilmington/Reading office submarket has a vacancyaveraged 300,000 SF of under construction inventory rate of 5.1% as of the second quarter of 2025. Over theover the past 10 years. past year, the submarket's vacancy rate has changed by Wilmington/Reading contains 4.0 million SF of inventory, -1.6%, a result of no net delivered space and 64,000 SF compared to 385 million SF of inventory metro wide. of net absorption. Wilmington/Reading's vacancy rate of 5.1% compares toAverage rents in Wilmington/Reading are roughly $28.00/SF, compared to the wider Boston market the submarket's five-year average of 6.1% and the 10- average of $42.00/SF. year average of 5.9%. The Wilmington/Reading office submarket has roughlyRents have changed by 1.1% year over year in 260,000 SF of space listed as available, for anWilmington/Reading, compared to a change of availability rate of 6.5%. As of the second quarter of0.2% metro wide. Annual rent growth of 1.1% in 2025, there is no office space under construction inWilmington/Reading compares to the submarket's five- year average of 1.9% and its 10-year average of 2.7%. Wilmington/Reading. In comparison, the submarket has KEY INDICATORS Market AskingNet AbsorptionUnder Current QuarterRBAVacancy RateAvailability RateDeliveries SF RentSFConstruction 4 & 5 Star973,0000%$31.930%000 3 Star2,221,3318.9%$27.3711.5%(2,200)00 1 & 2 Star832,1230.8%$24.400.8%65000 Submarket4,026,4545.1%$27.866.5%(1,550)00 HistoricalForecast Annual Trends12 MonthPeakWhenTroughWhen AverageAverage Vacancy-1.6% (YOY)7.8%5.4%23.3%2007 Q12.5%2000 Q3 Net Absorption SF64.3K50,227836958,7242020 Q4(288,658)2006 Q3 Deliveries SF055,7802421,030,7962020 Q402025 Q1 Market Asking Rent Growth1.1%1.6%1.5%16.1%2000 Q4-12.0%2002 Q1 Sales Volume$4.9M$21.6MN/A$110.4M2016 Q3$02010 Q3 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 2 119411 130 Leasing Wilmington/Reading Office NET ABSORPTION, NET DELIVERIES & VACANCY VACANCY RATE 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 3 119411 131 Leasing Wilmington/Reading Office AVAILABILITY RATE 3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS Property Name/AddressRatingRBADealsLeased SF12 Mo Vacancy12 Mo Net Absorp SF Building 1 341,215228,1028.3%66,948 200 Ballardvale St 187 Ballardvale St 105,19917,83113.5%3,087 64 Concord St 30,20016,5898.7%2,100 The Perkins Bldg 21,99931,9001.6%862 125-131 Main St 300 Ballardvale St 115,93727,1940.4%(409) 230 Lowell St 24,00011,9131.2%(747) 226 Lowell St 52,19311,6402.1%(1,265) 580 Main St 20,00011,1735.0%(1,900) 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 4 119411 132 Rent Wilmington/Reading Office MARKET ASKING RENT GROWTH (YOY) MARKET ASKING RENT PER SQUARE FEET 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 5 119411 133 Construction Wilmington/Reading Office DELIVERIES & DEMOLITIONS 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 6 119411 134 Construction Wilmington/Reading Office All-Time Annual Avg. Square FeetDelivered Square Feet Past 8 QtrsDelivered Square Feet Next 8 QtrsProposed Square Feet Next 8 Qtrs 54,48420,00000 PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED PAST & FUTURE DELIVERIES IN SQUARE FEET 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 7 119411 135 Construction Wilmington/Reading Office RECENT DELIVERIES Property Name/AddressRatingBldg SFStoriesStartCompleteDeveloper/Owner 156 West St- 1 20,0002Feb 2023Jan 2024 - 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 8 119411 136 Sales Wilmington/Reading Office Over the past year, 5 office properties traded inEstimated office market pricing in Wilmington/Reading is Wilmington/Reading, accounting for 18,000 SF$249/SF compared to the market average of $344/SF. of inventory turnover. Office sales volume inAverage market pricing for Wilmington/Reading is Wilmington/Reading has totaled $4.9 million over the pastestimated at $434/SF for 4 & 5 Star properties, $199/SF year. Average annual sales volume over the past fivefor 3 Star assets, and $165/SF for 1 & 2 Star buildings. years is $25.7 million and $35.7 million over the past 10The estimated cap rate for Wilmington/Reading office is years.8.0%, compared to the metro average of 7.9%. SALES VOLUME & MARKET SALE PRICE PER SF 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 9 119411 137 Sales Wilmington/Reading Office MARKET CAP RATE 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 10 119411 138 Sales Past 12 Months Wilmington/Reading Office Sale ComparablesAvg. Cap RateAvg. Price/SFAvg. Vacancy At Sale 5-$2635.9% SALE COMPARABLE LOCATIONS SALE COMPARABLES SUMMARY STATISTICS Sales AttributesLowAverageMedianHigh Sale Price$280,000$987,625$695,000$2,650,000 Price/SF$133$263$276$453 Cap Rate---- Time Since Sale in Months1.46.37.810.1 Property AttributesLowAverageMedianHigh Building SF1,1003,7592,0999,600 Stories1222 Typical Floor SF1,0262,1991,9714,800 Vacancy Rate At Sale0%5.9%0%100% Year Built1930195419641970 2.2 Star Rating 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 11 119411 139 Sales Past 12 Months Wilmington/Reading Office RECENT SIGNIFICANT SALES PropertySale Property Name - AddressRatingYr BuiltBldg SFVacancySale DatePricePrice/SFCap Rate 58 Concord St 1 -19689,6000%3/17/2025$2,650,000$276- 250 Main St 2 -19302,0520%6/27/2024$930,000$453- 500 Main St 3 -19393,9420%2/10/2025$695,000$176- 170 Main St 4 -19701,100100%7/8/2024$383,124$348- 10 Church St 5 -19642,0990%9/5/2024$280,000$133- 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 12 119411 140 Supply & Demand Trends Wilmington/Reading Office OVERALL SUPPLY & DEMAND InventoryNet Absorption YearSFSF Growth% GrowthSF% of InvConstruction Ratio 20293,998,935(5,402)-0.1%7,9690.2%- 20284,004,337(6,147)-0.2%27,6830.7%- 20274,010,484(6,462)-0.2%3,4650.1%- 20264,016,946(6,402)-0.2%(21,328)-0.5%- 20254,023,348(3,106)-0.1%(15,215)-0.4%- YTD4,026,45400%8,6920.2%0 20244,026,45420,0000.5%102,9732.6%0.2 20234,006,45400%75,3381.9%0 20224,006,454(1,200)0%(208,892)-5.2%- 20214,007,65400%75,6341.9%0 20204,007,6541,030,79634.6%958,72423.9%1.1 20192,976,8585,2640.2%(72,686)-2.4%- 20182,971,59400%72,7622.4%0 20172,971,59400%(3,822)-0.1%- 20162,971,59400%38,2801.3%0 20152,971,594(30,000)-1.0%(15,119)-0.5%- 20143,001,59400%(53,404)-1.8%- 20133,001,594(5,000)-0.2%15,1010.5%- 4 & 5 STAR SUPPLY & DEMAND InventoryNet Absorption YearSFSF Growth% GrowthSF% of InvConstruction Ratio 2029974,3541,0590.1%5,0360.5%0.2 2028973,2952940%11,2671.2%0 2027973,00110%7240.1%0 2026973,00000%(5,592)-0.6%- 2025973,00000%(10,582)-1.1%- YTD973,00000%--- 2024973,00000%--- 2023973,00000%--- 2022973,00000%--- 2021973,00000%--- 2020973,000--973,000100%- 2019------ 2018------ 2017------ 2016------ 2015------ 2014------ 2013------ 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 13 119411 141 Supply & Demand Trends Wilmington/Reading Office 3 STAR SUPPLY & DEMAND InventoryNet Absorption YearSFSF Growth% GrowthSF% of InvConstruction Ratio 20292,221,33100%9,1150.4%0 20282,221,33100%17,2250.8%0 20272,221,33100%5,9840.3%0 20262,221,33100%(7,163)-0.3%- 20252,221,33100%3,9770.2%0 YTD2,221,33100%6,9420.3%0 20242,221,33120,0000.9%101,0774.6%0.2 20232,201,33100%76,9433.5%0 20222,201,33100%(211,662)-9.6%- 20212,201,33100%78,0843.5%0 20202,201,33150,0002.3%(24,726)-1.1%- 20192,151,33100%(66,513)-3.1%- 20182,151,33100%63,8623.0%0 20172,151,33100%5,0760.2%0 20162,151,33100%25,4551.2%0 20152,151,33100%(14,653)-0.7%- 20142,151,33100%(31,244)-1.5%- 20132,151,33100%1,1190.1%0 1 & 2 STAR SUPPLY & DEMAND InventoryNet Absorption YearSFSF Growth% GrowthSF% of InvConstruction Ratio 2029803,250(6,461)-0.8%(6,182)-0.8%- 2028809,711(6,441)-0.8%(809)-0.1%- 2027816,152(6,463)-0.8%(3,243)-0.4%- 2026822,615(6,402)-0.8%(8,573)-1.0%- 2025829,017(3,106)-0.4%(8,610)-1.0%- YTD832,12300%1,7500.2%0 2024832,12300%1,8960.2%0 2023832,12300%(1,605)-0.2%- 2022832,123(1,200)-0.1%2,7700.3%- 2021833,32300%(2,450)-0.3%- 2020833,3237,7960.9%10,4501.3%0.7 2019825,5275,2640.6%(6,173)-0.7%- 2018820,26300%8,9001.1%0 2017820,26300%(8,898)-1.1%- 2016820,26300%12,8251.6%0 2015820,263(30,000)-3.5%(466)-0.1%- 2014850,26300%(22,160)-2.6%- 2013850,263(5,000)-0.6%13,9821.6%- 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 14 119411 142 Rent & Vacancy Wilmington/Reading Office OVERALL RENT & VACANCY Market Asking RentVacancy YearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg 2029$301423.4%7.7%183,8534.6%-0.3% 2028$29.011373.3%4.1%197,0714.9%-0.8% 2027$28.081332.4%0.8%230,7975.8%-0.2% 2026$27.431300%-1.6%240,5476.0%0.4% 2025$27.42130-1.6%-1.6%225,4475.6%0.3% YTD$27.861321.1%0%204,5835.1%-0.2% 2024$27.871321.5%0%213,2755.3%-2.1% 2023$27.461301.2%-1.5%296,2487.4%-1.9% 2022$27.141292.7%-2.6%371,5869.3%5.2% 2021$26.431253.7%-5.2%163,8944.1%-1.9% 2020$25.48121-0.4%-8.6%239,5286.0%0.4% 2019$25.581214.0%-8.2%167,4565.6%2.4% 2018$24.601177.9%-11.7%94,7703.2%-2.4% 2017$22.79108-2.7%-18.2%167,5325.6%0.1% 2016$23.431112.1%-15.9%163,7105.5%-1.3% 2015$22.961098.3%-17.6%201,9906.8%-0.4% 2014$21.201003.9%-23.9%216,8717.2%1.8% 2013$20.41970.6%-26.8%163,4675.4%-0.7% 4 & 5 STAR RENT & VACANCY Market Asking RentVacancy YearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg 2029$33.601252.9%-4.7%4920.1%-0.4% 2028$32.661222.7%-7.4%4,4730.5%-1.1% 2027$31.791181.9%-9.8%15,4511.6%-0.1% 2026$31.21116-0.4%-11.5%16,1741.7%0.6% 2025$31.35117-1.9%-11.1%10,5821.1%1.1% YTD$31.93119-1.2%-9.4%00%0% 2024$31.95119-2.4%-9.4%00%0% 2023$32.75122-1.7%-7.1%00%0% 2022$33.31124-5.5%-5.5%00%0% 2021$35.251312.3%0%00%0% 2020$34.45128-2.3%-2.3%00%- 2019$35.2613110.5%0%0-- 2018$31.921196.3%-9.5%0-- 2017$30.03112-2.5%-14.8%0-- 2016$30.791151.1%-12.7%0-- 2015$30.451137.1%-13.6%0-- 2014$28.431066.7%-19.4%0-- 2013$26.65992.3%-24.4%0-- 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 15 119411 143 Rent & Vacancy Wilmington/Reading Office 3 STAR RENT & VACANCY Market Asking RentVacancy YearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg 2029$29.561473.5%7.9%176,1317.9%-0.4% 2028$28.551423.4%4.2%185,2468.3%-0.8% 2027$27.621372.5%0.8%202,4719.1%-0.3% 2026$26.951340.1%-1.6%208,4559.4%0.3% 2025$26.93134-1.7%-1.7%201,2929.1%-0.2% YTD$27.371362.1%-0.1%198,3258.9%-0.3% 2024$27.401363.4%0%205,2679.2%-3.8% 2023$26.491322.2%-3.3%286,34413.0%-3.5% 2022$25.921294.1%-5.4%363,28716.5%9.6% 2021$24.911245.5%-9.1%151,6256.9%-3.5% 2020$23.611171.0%-13.8%229,70910.4%3.2% 2019$23.371160.3%-14.7%154,9837.2%3.1% 2018$23.3011611.7%-15.0%88,4704.1%-3.0% 2017$20.85104-4.2%-23.9%152,3327.1%-0.2% 2016$21.761081.3%-20.6%157,4087.3%-1.2% 2015$21.481079.3%-21.6%182,8638.5%0.7% 2014$19.66981.1%-28.3%168,2107.8%1.5% 2013$19.44970.2%-29.0%136,9666.4%-0.1% 1 & 2 STAR RENT & VACANCY Market Asking RentVacancy YearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg 2029$26.991594.0%10.8%7,2300.9%0% 2028$25.951533.9%6.6%7,3520.9%-0.7% 2027$24.991472.9%2.6%12,8751.6%-0.4% 2026$24.281430.6%-0.3%15,9181.9%0.3% 2025$24.14142-0.9%-0.9%13,5731.6%0.7% YTD$24.401441.8%0.2%6,2580.8%-0.2% 2024$24.351432.1%0%8,0081.0%-0.2% 2023$23.861412.8%-2.0%9,9041.2%0.2% 2022$23.2013714.9%-4.7%8,2991.0%-0.5% 2021$20.191191.0%-17.1%12,2691.5%0.3% 2020$19.98118-0.9%-18.0%9,8191.2%-0.3% 2019$20.161193.4%-17.2%12,4731.5%0.7% 2018$19.50115-0.1%-19.9%6,3000.8%-1.1% 2017$19.511151.0%-19.9%15,2001.9%1.1% 2016$19.311146.4%-20.7%6,3020.8%-1.6% 2015$18.151077.7%-25.5%19,1272.3%-3.4% 2014$16.85997.3%-30.8%48,6615.7%2.6% 2013$15.7093-1.5%-35.5%26,5013.1%-2.2% 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 16 119411 144 Sale Trends Wilmington/Reading Office OVERALL SALES Completed Transactions (1)Market Pricing Trends (2) VolumePrice Index YearDealsTurnoverAvg PriceAvg Price/SFAvg Cap RatePrice/SFCap Rate 2029------$303.712087.1% 2028------$281.571937.4% 2027------$261.641807.6% 2026------$245.921697.9% 2025------$241.571668.1% YTD2$3.3M0.3%$1,672,500$247.01-$248.511708.0% 20244$5.6M0.7%$1,410,781$193.02-$248.611718.0% 20231$600K0.1%$600,000$240-$268.571847.5% 20229$63.5M8.9%$10,581,812$178.49-$297.072046.8% 20217$46.9M8.3%$6,698,800$141.41-$301.692076.4% 20207$16.6M4.1%$3,320,204$113.49-$294.052026.6% 20194$74M18.6%$24,679,198$134.25-$273.321886.8% 20185$34.6M5.1%$8,657,500$228.858.0%$259.121786.7% 20175$5.5M1.0%$1,362,500$198.337.2%$250.511726.5% 20163$23.3M5.7%$7,782,667$137.168.4%$249.461716.2% 20157$93.3M27.5%$13,328,939$114.207.0%$241.161656.2% 20145$2.6M0.7%$853,333$131.45-$208.951436.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. 3 STAR SALES Completed Transactions (1)Market Pricing Trends (2) VolumePrice Index YearDealsTurnoverAvg PriceAvg Price/SFAvg Cap RatePrice/SFCap Rate 2029------$243.421887.4% 2028------$225.631757.6% 2027------$209.591627.8% 2026------$196.971528.1% 2025------$193.381508.3% YTD------$198.741548.2% 20242$5M1.2%$2,490,000$191.27-$197.861538.2% 20231$600K0.1%$600,000$240-$213.671657.7% 20228$63.4M16.1%$12,670,574$178.47-$230.361787.1% 20215$44.1M14.5%$8,828,320$138.64-$222.211726.8% 20203$14.9M6.9%$7,427,283$110.91-$215.971677.0% 20193$74M25.6%$24,679,198$134.25-$199.621557.2% 20181$32.3M6.4%$32,250,000$233.708.0%$193.251507.1% 20171$00.1%---$186.561446.9% 20161$21.4M6.5%$21,400,000$153.718.4%$193.431506.5% 20156$91.9M37.5%$15,317,095$113.837.0%$190.891486.4% 20141$1.6M0.5%$1,550,000$153.54-$172.591346.6% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 17 119411 145 Sale Trends Wilmington/Reading Office 1 & 2 STAR SALES Completed Transactions (1)Market Pricing Trends (2) VolumePrice Index YearDealsTurnoverAvg PriceAvg Price/SFAvg Cap RatePrice/SFCap Rate 2029------$205.401947.8% 2028------$189.771798.0% 2027------$175.711668.3% 2026------$164.661568.5% 2025------$161.091528.7% YTD2$3.3M1.6%$1,672,500$247.01-$164.771568.7% 20242$663.1K0.4%$331,562$207.29-$165.481568.6% 2023------$178.361698.1% 20221$138K0.1%$138,000$189.04-$193.561837.3% 20212$2.8M1.6%$1,375,000$207.89-$195.131846.8% 20204$1.7M1.6%$582,152$141.54-$185.681767.0% 20191$00.1%---$178.711697.1% 20184$2.4M1.8%$793,333$178.65-$169.911617.1% 20174$5.5M3.4%$1,362,500$198.337.2%$166.911586.9% 20162$1.9M3.8%$974,000$62.84-$170.731616.5% 20151$1.4M1.2%$1,400,000$144.69-$163.791556.5% 20144$1M1.3%$505,000$107.68-$147.171396.7% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred. The price index is not smoothed. 4/29/2025 © 2025 CoStar Group - Licensed to Elite Commercial Property Appraisals - Page 18 119411 146 TVCKFDU!QSPQFSUZ!QIPUP!BEEFOEVN Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations GSPOU!WJFX!PG TVCKFDU!QSPQFSUZ Bqqsbjtfe!Ebuf; Bqqsbjtfe!Wbmvf;!% SFBS!WJFX!PG TVCKFDU!QSPQFSUZ TUSFFU!TDFOF 147 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations Street Opposing ViewAddress Verification EntranceElevator - Mechanical Room Basement Pool/Rec RoomElectrical and Fire Panels - Basement 148 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations Basement Computer RoomMens Room - 3 Stalls - Basmenet Ladies Room - 2 Stalls - BasementBasement Entrance/Exit - Rear of Building Hot Water Heater Basement Storage 149 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations Basement Heating SystemFront Entry Lobby Area - Elevator Full KitchenFull Ktichen - Split System Main Function Room - 1st Floor (Doors Exit to Patio Area)Main Function Room - 1st Floor (Doors Exit to Patio Area) 150 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations Hallway - Storage Closets2nd Floor Mens Room 2nd Floor Ladies RoomSmall Reception Area/Office 2nd Floor 2nd Floor Room 1Second Floor Offices 151 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations 2nd Floor Room 22nd Floor Room 3 2nd Floor Room 3 - Alt. ViewBuilding Stairs Attic Area - Air Handlers for 1st and 2nd FloorsAttic Area - Air Handlers for 1st and 2nd Floors 152 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations Attic Area - Air Handlers for 1st and 2nd FloorsAttic Area - Air Handlers for 1st and 2nd Floors Attic Area - Air Handlers for 1st and 2nd FloorsStreet Patio AreaFront/Side 153 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations SidFront FrontFront/Opposing Side Parking LotOpposing Side - Side Entrance Area 154 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 Cpsspxfs;Gjmf!Op/;49 Pleasant Street Qspqfsuz!Beesftt;49 Pleasant Street Dbtf!Op/; Djuz;Reading Tubuf;MA\[jq;01867 Mfoefs;Reliant Valuations Parking LotRear/Opposing Side Rear Basement DoorsCorner Lot - Side Street Rear/SideGenerator Enclosure 155 Qspevdfe!vtjoh!BDJ!tpguxbsf-!911/345/9838!xxx/bdjxfc/dpnQIU7 ARTICLE 1 -GENERAL OPERATING PROCEDURES Section 1.1 Organization of the Board 1.1.1Annual Reorganization The Select Board shall schedule a meeting after the Town election and prior to the opening of the annual Town Meeting. During this meeting, the Board shall reorganize (elect officers). Although the Select Boardretains the right to reorganize at their discretion, this policy establishes the guidelines of: 1.Annual rotation of the Chair. 2.Not having a SelectBoard memberserve as Chair in the final year of term. 1.1.2-Chair The Select BoardChair shall: 1.Be responsible for calling regular, emergency and Executive Session meetings of theSelect Board, as needed. 2.Presideover Select Boardmeetings, approve the Agenda in consultation with the Town Manager, and recognizeall speakers including other Board members. 3.NominateBoard members to represent the Select Boardat appropriate functions, events and meetings. 4.NominateBoard members to Board Subcommittees.Final appointment is by a majority of the Board members. 5.In fulfillment of the requirement of Sec. 2.2.5 of the General Bylaws, serve as a member of the appointment committees for the following entities: Finance Committee (per Sec. 2.12.1of the Home Rule Charter), Bylaw Committee (per Sec. 2.12.2of the Home Rule Charter), Permanent Building Committee (per Sec. 3.2.6 of the General Bylaws). 1.1.3Vice Chair The Select BoardVice Chair shall: 1.Be responsible forstepping in to assume the duties of the Chair as may be necessary. 1.1.4-Secretary The Select BoardSecretaryshall: 1.Be responsible for stepping in to assume the duties of the Vice Chairor Chair as may be necessary. 2.Conduct the final review and signature of Board Minutes. 3.Certify, as required by law, votes of the Select Board. 4.Signdocuments upon direction of a majority of the Board members, including legal settlements on behalf of the Select Board. Alternatively, any other Board member or the Town Manager may be authorized to perform this function. 1-1 Select Board Policies 156 5.Until a revised Communication Policy is enacted, the Secretary will respond to all correspondence received within 48 hours, acknowledging receipt. The correspondence will be done in the role of Secretary and not as an individual member. 1.1.5-Liaisons The purpose of establishing Select BoardLiaisons to the various Town Departments/Divisions and to Boards and Committees is to maintain good communication and effective working relationships. Liaisons are responsible for providing reports to the full Select Boardat a regular meeting on an as needed basis. Liaisons shall: 1.Act in a role to support the Town Departments/Divisions in their operating functions as well as longer-term Select BoardGoals. 2.Attend as many meetings of the Boards and Committees as possible. 3.Inform Town Department Heads of their interaction with Boards and Committees for which they have responsibility as described in theTable of Organization as approved by Town Meeting.All correspondence from a liaison to a Department Head will copy theTown Manager. 4.Facilitate communication between the Select Boardand the Boards and Committees.Under no circumstances will a member acting in a liaison role direct or manage staff. 1.1.6-Subcommittees The purpose of establishing Select BoardSubcommitteesis to have a mechanism for the Board to review and consider specific issues. Subcommittees shall: 1.Be composed of two members of the Select Board. 2.Follow all Open Meeting Law as if conducting a full Board meeting. 3.Recommend, but not approve, a course of action to the full Board. 1.1.7New Members In order to assist new Board members to be effective in their first years, the Board shall establish an on-boarding process which mayinclude but not be limited to meetings with individual Board members the Town Manager and Town Department Heads. The Board shall also create a Select BoardGuide to be distributed to new members. Section revised March 2019 Section 1.2 Board Meetings 1.2.1Meeting Schedule The Select Boardshall meet at least once each month and publish a meeting Scheduleat least six months in advance. 1.2.2Office Hours The Select Board shall offer Office Hours to the general publicat least once each month and publish the times and dates in their meeting schedule. Individual SelectBoard memberswill 1-2 Select Board Policies 157 rotate turns with Office Hours, and make a report to the full Board during Liaison reports as needed. 1.2.3Meeting Agendas The purpose of the agenda is to allow the general public an opportunity to participate in a topic matching their interests. The Agenda shall: 1.Be approved by the Chairin consultation with the Town Manager. 2.Contain any discussion item requested by two or more Board membersas soon as practical 3.Be publishedin advance as far as is possible. 4.Contain public communication received since the last Board meeting. Some Board meetings may consider only a single agenda item. However typical Board meetings will have the following agenda items: 1.Proclamations / Certificates of Appreciation 2.Reports and Comments (including Select Board Liaison Reportsand Comments, Town 3.Open session for topics not reasonably anticipated 48 hours in advance of the meeting 4.Approval of Previous Meeting Minutes 5.Personnel and Appointments 6.Discussion / Action Items 7.Licenses, Permits, and Approvals 8. 9.Executive Session The regularly scheduled meetings of the Select Boardshall be limited by having discussion limited to agenda items taken up or tabled prior to 11:00 p.m. All remaining items will be deferred to a subsequent meeting. In order to facilitate the above policy efficiently, the Chair shall: 1.Limit the time of speakers from the floor especially during public hearings. 2.Call for votes on major issues or policy changes prior to 11:00 p.m., or defer final votes to subsequent meetings. 3.Request staff to prepare motions for Board action in advance. 1.2.4Deferred Agenda Items It shall be the policy of the Select Boardto conduct the business on its agenda at the meeting for which it is listed, unless a particular member of the Board is essential to the topic of discussion by virtue of special background or expertise, and is not able to be present at the meeting for which that item is listed. 1.2.5Public Comment Each person appearing before the Select Board who wishes to speak will, upon recognition by the Chair, identify him/herself by name and address of residence. Failure to identify him/herself may result in the Chair withdrawing permission for that individualto speak to the Select Board. 1-3 Select Board Policies 158 When recognized by the Chair, the speaker will (1) address only the Chair and (2) speak for only the time allocated by the Chair. Section Revised April 2023 1.2.6Executive Sessions The Board shall always begin a meeting in Open Session, and may enter Executive Sessiononly for the purposes allowed under Open Meeting Laws.Whenever possible, Executive Sessions will be scheduled at the end of an open session, and for the convenience of the public the Board will announce their intention to adjourn without returning to open session. In accordance with the provisions of the Open Meeting Law, the Town Manager, acting as clerk to the Select Board, will reviewapproved confidential minutes of the Select Board's Executive Sessions on a regular basis. It is the intent of the Select Boardto withhold minutes only for as long as the publication of the record would defeat the original purpose of a lawfully convened Executive Session.The Town Manager will review allapproved minutes still in confidential status, and will release for publication those segments that need not be confidential any longer.This action will be part of a report on the "Routine Matters" of the Select Board's meeting agenda. 1.2.7Conduct of Select Board Meetings In the conduct of all Select Board Meetings, the following rules shall be observed: Rule 1 Aquorum for doing Select Board businessshall be amajority of the total number of Select Board members, as defined inthe Reading Home Rule Charter. Rule 2Pursuant to Sec. 1.6 of the Reading Home Rule Charter, except as otherwise determined by bylaw or statute, a majority of the total number of Select Board members shall constitute the majority vote for approving motions. Rule 3 All articles on the Select Board agenda shall be taken up in the order of their arrangement in the agenda unless otherwise decided by a majority vote of the members. Rule 4 Every Select Board member shall respectfully address the Chair, shall not speak until recognized by the Chair, shall speak to the question under debate and shall avoid making disparaging comments about individuals. Rule 5 No speaker at a Select Board Meeting shall be interrupted, except by a Membermaking a point of order, or by the Chair. Rule 6Aprocedural ruling of the Chair may be overturned by a majority vote of the Board. Rule 7 Select Board members who havea financial interest in any matter that comes before the Select Board for consideration is required by M.G.L. c.268A, §19to recuse themselves from participating inthe Select Board deliberations.Members of the public whohaveafinancialinterest in any matter that comes before the Select Board for considerationand any person whose employer hassuch an interestare encouraged todisclosesuchinterest or interestsbefore speaking onsuch matter. 1-4 Select Board Policies 159 Rule 8 AllSelect Board votes shall be taken by a show of hands, or roll call vote, the results of which shall be recorded in the minutes. Rule 9 No motion shall be acted onuntil it is seconded. Amendments deemedirrelevant by the Chair to the subject of the original motion shall not be accepted agreed to without a vote and included as part of a pending motion, if it is acceptable to both the mover and seconder of the motion. Rule 10 When a question is under debate, no motion shall be in order except: toadjourn, to lay on the table (for the duration of the meeting) to make a privileged motion (point of orderor, point of information) to take a motion from the table to postpone for a time certain to commit for further study to amend topostpone indefinitely to move the question (requires 2/3 vote) to fix a time for terminating debate and puttingcallingthe question, and the aforesaid several motions shall have precedence in the order in which they stand arranged in this rule. Rule 11 Motions to adjourn (except when balloting for offices and when votes arebeing taken) shall always be first in order. Motions to be decided without debate include motions to adjourn, to move the question, to lay on the table and to take from the table. 1.2.8-Public Hearings Public hearings shall be conducted using the following guidelines: 1.Select Board Secretary reads the legal notice for the hearing; 2.Select Board Chair introduces the main speaker, and may then delegate authority to chair the hearingto another Select Board member; 3.Main speaker gives presentation on the hearing's subject matter; 4.Chair or designee first asks for questions on the presentation from Select Board members; 5.Chair or designee then asks for questions from the public. Reasonable time limits per speaker may be imposed, per Sec. 1.2.5. The Chair or designee may take a show of hands to see how many wish to speak before establishing such time limits; 6.Motion to close the hearing (or continue it to a date and time certain) is made and voted by the Select Board; 7.If the hearing is closed (not continued), a motion is made by a Select Board member to approve the document or action that is the subject of the hearing; 8.Motion is seconded. Amendments may then be offered by other SB members. The chair or designee can ask that each amendment be discussed and voted on before others are offered; and 1-5 Select Board Policies 160 9.Once all amendments are dealt with, a final vote is taken on the main motion as amended. 1.2.9-Liaison Assignments Nominate Board members for annual Liaison assignments in April, following the Annual Town Election (per Sec. 1.1.5) or at other times, where necessary. The final decision on Liaison assignments is by a majority of the Board members. Section revised March 2019 Section 1.3 Responsibilities of the Board 1.3.1Reading Home Rule CharterArticle 3.2 The executive powers of the Town shall be vested in the Select Board. The Select Boardshall have all of the powers and duties granted to Boards of Selectmen by the Constitution and General Laws of the Commonwealth of Massachusetts, and such additional powers and duties as may be provided by the Charter, by Town Bylaw, or by Town Meeting vote. The Select Boardshall cause the laws and orders for the government of the Town to be enforced and shall cause a record of all its official acts to be kept. The Select Boardshall appoint a Town Manager, a Town Counsel, a Town Accountant, not more than five (5) Constables, and any other appointed board or committee member for whom no other method of selection is provided by the Charter or by Town Bylaw. The Select Boardor its designee shall be the Licensing Board of the Town and shall have the power to issue licenses, to make all necessary rules and regulations regarding the issuance of such licenses, to attach such conditions and restrictions thereto as it deems to be in the public interest, and to enforce the laws relating to all businesses for which it issues licenses. 1.3.2Town Manager Authorization The role of the Town Manager is established by Article 5 of the Reading Home Rule Charter. The Town Manager has the ultimate authority and responsibility for the operation and the management of the Town, under the direction of the Select Board. Except for actions contrary to decisions or written policies made by the Select Board, the Town Manager is authorized to take whatever actions are required to operate and manage the Town. The Town Manager is the designated representative for the Select Boardregarding collective bargaining negotiations. The Town Manager may utilize other Town personnel as needed to carry out these responsibilities. 1.3.3.ProcessforEvaluating theTown Manager The Select Board is responsible for approving overall goals, objectives and policy setting for theTown to be discharged by the Town Manager within the constraints of the Reading Home RuleCharter, and other applicable local Bylaws and Federal and State statutes and regulations. TheBoard is also charged with conducting an annual review and evaluation of the Town performance. 1-6 Select Board Policies 161 1.3.3.1 TownManagerContract InaccordancewithArticle5.1oftheReadingHomeRuleCharter,theSelectBoardhas enteredinto athree-year contract with theTownManager(see https://www.readingma.gov/administrative-services/human-resources/pages/contracts-1). Thereareaseries ofrequirementsstipulated inthecontractfortheannual evaluation: (Sec. V A.)The Board shall review and evaluate the Town Manager no later than September30ofeachSaidreviewandevaluationshallbebasedonthegoals andobjectives developed jointly by the Board and the Town Manager. Further, the TownManager shall be provided a summary written statement of the evaluation findings of theBoard and shall have an adequate opportunity to discuss individual comments with eachBoardmemberin advance ofaformal Performance Review. (Sec. V B.)Annually the Board and the Town Manager shall define the Town Manager goals andobjectiveswhichtheydeterminenecessaryfortheproperoperationofthe Townand the attainment of the Board's policy objectives, and shall further establish a generalpriority among those various goals and objectives, said goals and objectives to be reducedto writing. They shall generally be attainable within the time limits specified and withintheannualoperatingandcapitalbudgetsandappropriationsprovidedbythe Townandtheeventsthat haveoccurredduringtheyear. Per a recent court case, the method of collection of material used in the Town annual evaluation has been changed to comply with OML. Composite evaluations mustnowbecompiledbyStaff,not byindividual SelectBoardMembers. 1.3.3.2Process for Setting Town Manager Goals Thefollowingguidelinesandtimetableareherebyestablishedforsettingannualand multi-yeargoals fortheTownManager: Prior to the end of the calendar year, the Town Manager shall submit in writing to the needs and priorities; provided, however, where a new Town Manager is appointed, the Town Manager shall submit said goals within sixty (60) days of appointment and such goals shall be effective from the date of Select Board approval through February 14. Between5 and 10 ofthesegoalsshallbeprioritizedbytheTownManager. If multi-year goals are desired by both parties, they shall be split into multiple sub-goals -goal to be measured. Thesedraftgoalsshouldbeaccompaniedbyasetofmetricssuggested by the Town Manager bywhichtheSelect Board can measureprogress towardtheaccomplishment ofeachgoal. The goals shall generally be attainable within the time limits specified and within the 1-7 Select Board Policies 162 annual operating and capital budgets and appropriations provided by the Town and the events that have occurred during the year. TheSelectBoardshalldiscuss,modify,andapprovetheTowngoalsby February 14, to be effective February 14 through February 13, annually. If a situation arises where the Town Manager orSelectBoarddecidethattheapproved goalsforthecurrentyearneedtobemodifiedorre-prioritized, o TheSelectBoardChairwillfirstmeetwiththeTownManagertodiscuss therevisions o TheTownManagerwillrevisethegoalsandre-presentthemtotheSelect Boardfortheirapprovalwithin thirty (30) calendar days of the initial meeting with the Select Board Chair. Section revised February 1, 2022 1.3.3.3Process for Reviewing and Evaluating the Town Manager The following guidelines and timetable are hereby established for the annual review and evaluationoftheTown DevelopmentandPeriodicReviewoftheAnnualEvaluationForm The Board shall annually review and evaluate the Town Manager no later than February 14 of each year. Library Director, and at least five direct reports to be designated by the Select Board, at least three of whom are Department Heads. The Select Board members shall also submit evaluation forms. These forms shall be submitted to a staff member, designated by the Select Board, or the Chair, and compiled into a composite evaluation. The composite evaluation shall be a public record. The Town Manager shall have an opportunity to discuss the evaluation and the results of the assessment with the Select Board. The TownManagertoshall submit a self-evaluation on a form provided by the Select Board as part of the evaluation process. The Board may assign the process review to a subcommitteewhowillhold public meetings on thesubject. The Town Manager review form shall contain the following elements, with a mixed responsestyleofnumericalratings andcomments: o Evaluationofprogresstowardmeetinggoals o Settingand measuringofcorecompetencies o Measuringachievementofdailyresponsibilities o 1-8 Select Board Policies 163 CommunicationDuringtheYear TheTownManagershallreviewprogressmadetowardachievingthegoalswiththe SelectBoardatleastonceeverythreemonths that they might have with the Town Manager in a timely manner. This feedback should taketheform ofameetingwiththeTownManager and arepresentativeofHR. First Year Review The Board may adopt a more robust review process, including but not limited to more frequent evaluations, to be followed in the first twelve (12) months of a Town Manager who is new to the position in the Town of Reading. Such process shall be included in the EndofYearReview EachBoardmembershallcompleteandsubmittheapprovedevaluationformto designatedstaffmember no laterthanJanuary 15. IndividualBoardmembersshouldkeeptheirfeedbackprofessional and respectful. Newly elected Board members should endeavor to complete as much of the evaluation form as they feel competent to do. Their comments should address the Town performanceonlyfor theperiodoftimetheyhavebeen SelectBoard members. The designated staff member will collate the individual submissions into a composite document that will be usedintheevaluation. TheTownself-review isalsoduenot laterthanJanuary 15. During public meetings held to discuss the composite evaluation, the Board should focusoncommon themes present in thecompositeevaluation. IfamajorityofBoardmembersagreethatremedialactionisrequiredbytheTown Managerin any area, the Board and the Town Manager will develop a separate plan of action andmayincorporateanyrequiredactionsintotheTownthatare beingset forthecurrent FiscalYear, inaccordancewiththetimetablespecifiedin Sec. 1.3.3.2. Section revised February 1, 2022 1.3.3.4Personnel File A copy of the annual or multiyear goals, the individual evaluation and composite evaluation forms, and the self- personnel file. Any progress reports or modifications to annual or multiyear goals shall be maintained Section revised February 1, 2022 1-9 Select Board Policies 164 1.3.4Town ManagerContract The Select Board may approve a written contract with the Town Manager in accordance with Article 5.1 of the Reading Home Rule Charter. This contract shall be available as a public document. 1.3.5Town Collective Bargaining Agreements The Select Boardis responsible for approving written agreements signed by the Town Manager and all Town labor unions, including a Health Insurance agreement signed by the Town Manager and all Town, School and Light department unions plus a Retiree representative. 1.3.6LegalIssues The Select Boardis responsible for initiating or settling litigation, in certain cases subject to Town Meeting approval. 1.3.7Operations The Select Boardshall: 1.Operate in accordance with the spirit, as well as the letter of all laws affecting its business and its employees. 2.Act with the highest level of integrity, business ethics and objectivity in any transaction where a SelectBoard memberor employee represents the Select Board. No SelectBoard memberor employee is allowed to misuse the authority or influence of their position. 3.Operate in a businesslike and efficient manner in all aspects of operating and managing the Select Board. 4.Be supportive of a good working relationship between management and employees. 5.Advocate for the use of technology, training, personnel and flexible work and administrative processes to maintain an efficient municipal government serving the best interests of residents; 6.Operate in the best interests of the Town in all matters. 7.Adhere to the Code of Conduct presented in Article 2, Subsection 2.2. 1.3.8State of the Town Address The Select Board shall prepare and deliver the annual State of the Town address, at the Annual Town Meeting following the Election. Section revised March 2019 Section 1.4Communication 1.4.1-Select BoardCommunication ItisimportanttothepublicandtotheSelectBoarditselftomakeitclearwhenindividual membersarespeakingfortheBoardasawhole,orwhentheyarespeakingforthemselvesas 1-10 Select Board Policies 165 individuals.Inordertoensurethisclarityofcommunication,thefollowingshallbethepolicyof theSelectBoard: 1.MembersoftheSelectBoardshallbegivenstationerywiththeTownsealinprinted andelectronicformatfortheiruse.ThisstationeryshallnameonlythatmemberoftheBoardon themasthead.BoardmembersmayonlyusethisstationeryforcorrespondencerelativetoTown matters.Anysuchcorrespondenceshallstatethattheviewsexpressedarethoseofthatmember oftheSelectBoardonly. 2.TheSelectBoardstationery,namingallfivemembersoftheBoardonthemasthead, shallbeusedonlyforcorrespondencefromthefullSelectBoard.Thisstationaryshallbeusedto communicatepositionsofthefullSelectBoardbasedonconsensusofthefullBoardorbased uponactuallyvotedpositionsoftheBoard. 3.TheSelectBoardmaytakevotesonrecommendationsonWarrantArticlesappearing beforeTownMeeting,andtheChairoftheSelectBoardorthedesigneethereofshallbe responsibleforcommunicatingthoserecommendationstoTownMeetingbasedonvotesofthe Board. 4.WhenBoardmembersrisetospeakatTownMeeting,theyshallidentifywhetherthey arespeakingforthefullBoardorasindividuals. 5.Intodayssociety,muchofthecorrespondencetotheSelectBoardiselectronic,and ofteniscopiedtoallmembersoftheBoard.TheSelectBoardacknowledgesthatcorrespondence inelectronicformthatismadeand/orreceivedbyitanditsindividualmembersarepublic records,unlessspecificallyexemptedfromthedefinitionofpublicrecord.Additionally,the SelectBoardacknowledgesthatthemannerinwhichitdealswithelectroniccorrespondence mayraiseconcernsrelativetotheOpenMeetingLaw.TheBoardalsofeelsitisimportantto ensurethataproperresponseisgiventoanemailrequest. Correspondenceshallbehandledinthefollowingmanner:: a. entire Board and acknowledge receipt of the correspondence. i.If the correspondence may require actions by Town staff, the Town Manager shall be copied and so noted to the sender. ii. If the correspondence requests action from the Board on a particular matter within appropriate. iii.Allnon-electroniccorrespondenceshallbeconvertedtoanelectronicformatand forwardedtothefullSelectBoardinatimelymanner.Allcorrespondencecirculated pursuanttothisprovisionshallbesubjecttothetermsofsubsectiona,above. 1-11 Select Board Policies 166 b.Select Board members may respond directly to any email correspondence received, provided they do not violate the Open Meeting Law in doing so. They are encouraged to copy the Town Manager on issues that may involve Town staff. c.The Town Manager is encouraged to reply directly to the sender on issues that have been noted under section 1.4.1.5.b.i above and to update the entire Select Board on a timely basis either through email or at the next Select Board meeting. The Town Managershall maintain a record of outstanding resident requests and inquiries that . Such a record shall be included in each meeting packet andshall contain the name, request, and status of response, which shall be provided to the Board as part of the consolidated into one record. If an inquiry relates to interaction with a member of Town staff, the Town Manager shall provide all relevant updates to the Board as permitted by law or pursuant to the advice of Town Counsel. The Town Manager, the Ombudsman and the Human Resources Director shall make themselves available to the public as may be helpful for further follow up on the inquiry; provided, however, that the Town Manager, the Ombudsman and the Human Resources Director shall provide an acknowledgement but shall not provide substantive responses to such inquiries when doing so would violate a contract or other law and need not so respond when such response would be contrary to the advice of Town Counsel. d.Members of the Select Board may communicate electronically as a quorum on the scheduling, cancellation, and time of meetings. e.Documents may be distributed via email from the Select Board to all members of the to be discussed at upcoming meetings, provided such distribution does not violate the Open Meeting Law. f.Relative to information potentially of interest to members of the Select Board, the Town Manager shall err on the side of providing that information to all members of the Board on a timely basis either through email or at the next Select Board meeting. Correspondence relative to setting meeting agendas may be limited to the Town Manager and Chair. g.The Town Manager shall respond individually to members of the Select Board who email the Town Manager as individual members, unless the individual Board member requests that the Town Manager provide the information to all members of the Board and such communication does not violate the Open Meeting Law. a.If individual Board members request the Town Manager or Town staff take a particular action and it is unclear whether that request is representative of the will of 1-12 Select Board Policies 167 the Board as a whole, the Town Manager may request the Board provide additional instruction or take a formal vote to indicate their preference or instruction for staff action. Section revised March 9, 2004 revised June 5, 2007 revised February 16, 2021 revised August 10, 2021 1.4.2Access to Public Records The Select Board is committed to the philosophy that the citizens should have access to public records that are not exempt by law. To this end, the Town Clerkis hereby designated as custodian of public records for the Town of Reading (not including the School or Light Department). The custodian of public records will carry out the duties and responsibilities of a record custodian as required by Massachusetts General Laws, Chapter 66, Section 10, and may establish and charge such reasonable fees and establish other regulations in accordance with rules and regulations established by the Supervisor of Public Records, Regulation 950 CMR 32.06, or other applicable laws and regulations. Section revised December 13, 1994 Revised February 16, 2021 Section 1.5Volunteer Board and Committee Appointments The Select Board is responsible for appointing volunteers to Boards and Committees in accordance with Article 4 of the Reading Home Rule Charter, as well as those Boards and Committees created by local Bylaw or Select Board Policy. TheSelect Board recognizes the following two issues related to the consideration of and appointment to the various Boards and Committees: 1.The amount of time taken in the past for this process by the Select Board and volunteers has been extraordinary and not necessarily productive; and 2.The depth of interviews given time constraints does not allow the full Select Board to do a thorough job of interviewing. TheSelect Board therefore hereby implements the following process in order to address these two issues: 1.5.1-Volunteer Appointment Subcommittee (VASC) The Select Board shall appoint members to a two-member VASC at the time that Select Board liaison assignments are established. 1.VASC members shall be appointed for staggered two-year terms so arranged that one term shallexpire each year. 1-13 Select Board Policies 168 2.No member of the Select Board shall serve on the VASC for more than two consecutive terms. Notwithstanding this limitation, the Chair and the Select Board shall consider appointing a new member who wishes to serve, over an incumbent reapplying for a second term on the VASC. 3.Vacancies on the VASC shall be filled promptly by a vote of the Select Board. 4.The meetings of the VASC shall be posted and open to the public. 5.If both positions become vacated, the Select Board shall appoint one member for two years and one member for a one year term. 1.5.2-Process for Annually Appointing Volunteers to Boards and Committees In order to ensure an orderly, transparent and fair process for annuallyappointing incumbents and new candidates to Boards and Committees, the following guidelines are established: 1. incumbent members of Boards and Committees, asking them to indicate their desire for reappointment. Responses shall be due not later than May 15. At the same time, the Town positions, whether currently filled or not, that will be open beginning July 1. 2.Following the expiration of the required number of days for advertising open positions (per Sec. 8. office shall schedule a minimum of six meeting dates between May 16 and June 15 for the VASC to hold interviews for these positions, covering as many days of the week (Monday- Thursday) as is practicable. 3.In recognition of the value of maintaining personal relationships between the Select Board and its appointees, it shall be the policy of the VASC to invite all incumbents seeking reappointment to attend one of these interview sessions. 4. six VASC meeting dates. 5. than 5:00 pm the day of each scheduled VASC meeting, with the complete interview packet ee chairs (or designees). 6.The VASC shall interview any new candidate who is not already an Associate member of that Board or Committee, prior to voting a recommendation on that candidate to the full Select Board. 7.Following the last VASC meeting, the VASC shall transmit to the entire Select Board and to all candidates and Committee Chairs, a slate of recommended candidates for each Board and Committee along with a list of all candidates who had applied for each Board and Committee. A copy of the application form and/or resume for any new candidate shall also be provided to the entire Select Board. 1-14 Select Board Policies 169 8.The VASC shall present this recommended slate of candidates to the Select Board as a singleitem on the agenda. Any member of the Select Board may ask for aparticular recommendation to be voted on separately.Anyperson who has been interviewed or recommended by the VASCfor a particular position may ask for their particular recommendation to be voted on separately. Any request to remove a name should include a reason.The remaining Board and Committee appointments of the recommended slate shall then be considered and voted on as a single item. 9.Any Board and Committee appointments removedfrom the consent item will then be scheduled for interview during a laterSelect Board meeting, and the appointment process to that Board and Committee will be by the full Select Board. 1.5.3-Process for Filling Vacancies on Boards and Committees during the Year 1.Within five days of learning about a vacancy on a Board or Committee, the Town positions that have become vacant. 2. or Commission to apply for any available Full memberships. 3.Following the receipt of all applications and the expiration of the required number of days for advertising (per Sec. 8.10 of the Reading Home Rule Charter), the VASC and Town consideration the schedules of all applicants.VASC shall meet quarterly, if needed. 4.The requirements of Sections 1.5.2.4 through 9 shall be applicable to filling vacancies on Boards and Committees during the year. Section revised November 2024 Section 1.6Financial Matters 1.6.1Acceptance of Gifts and Donations It is the policy of the Select Boardto encourage donations and gifts, with the clear understanding that there is no offer on the part of the Town to reciprocate in any manner with regard to provisions of services, enforcement of laws or regulations, or any other consideration by the Town. The Town Manager is hereby authorized to accept any such gifts or donations on the part of the Town, to see to their disposition in accordance with donors wishes and applicable law, and to notify the Select Boardof any such gifts or donations.The Town Manager shall determine if the gift and donation is consistent with Town plans, needs and resources. If gifts and donations involve equipment, programs or the construction of capital projects, it is important for the Town and the donorto have an agreement in advance of any fundraising efforts. A written agreement will describe the nature, location, design and details of any such equipment, programsand projects. If a commitment of Town funds is required to match or supplement fund raising efforts, the 1-15 Select Board Policies 170 Improvement Program(CIP), with an understanding that Town funds will not be available until those capital funds are available through the budget. In circumstances where donations are made to replace, maintain or repair portions of Town sites and facilities, including replacement of elements of parks, recreation areas, buildings, and similar equipment,the Department Head within whose jurisdiction the site or facility falls may accept such donations where: The value of the donation is $5,000 or less The item being replaced, maintained, or repaired is consistent with any master plan for the property in question. Additionally, the Town must be assured that any donations that are solicited or received on behalf of improving Town facilities or operating Town programs are either solicited by properly established non-profit corporations, through for profit corporations, or by individuals making expectations are completely met with regard to possible tax deductibility of donations, and that a fundraising group is indeed making all donations properly and directly to the Town for the purpose intended. 1.6.2Use of Town Staff and Resources for Gifts and Donations In order to achieve otherdepartment missions and provide essential services, the Select Board recognizes the need for staff to develop fiscal and other resources to supplement municipal funding. The policy of the Select Boardregarding fundraising activities by staffis the following: 1.Such activities will not decrease staff effectiveness nor will they constitute an inordinate amount of work time. 2.In accordance with the Conflict of Interest Law (Massachusetts General Laws, Chapter 268A), Town employees will not realize personal financial benefit from fundraising activities. 3.Employeesinvolved in fundraising are expected to use good judgment at all times, and to be sensitive to issues such as the business climate and the ability to give. 4. understood that there is no offer on the part of the Town or its employees, Departments, or Agencies to reciprocate in any manner with regard to provision of services, enforcement of laws or regulations or any other considerations by the Town. 5.To ensure consistency in communication about fundraising efforts, Boards and Committeesand Department Heads shall inform the Town Manager of new fundraising efforts or campaigns prior to such activities. 6.Notice of regular or ongoing fundraising activities should be given to the Town Manager through the regular channels of communication. 7.The Town Manager mayestablish guidelines which specifically describe different types of fundraising and appropriate actions. 1.6.3Authorization for the Town Manager to Sign Grant Applications and Acceptances 1-16 Select Board Policies 171 The Town of Reading from time to time makes application for grants from various State, Federal and private sources. Since the Town Manager is authorized to execute contracts for the Town, the Select Board authorizes the Town Manager to sign grant applications and acceptances for such grants as have been authorized by the Select Boardor the appropriate public body. It shall be the responsibility of every Department to report to the Town Manager that all operating requirements and resources are in place to properly implement the grant, including personnel policies, labor contract provisions, availability of resources,equipment, and all other things that will be needed. This action should take place prior to application for the grant if possible, but in all cases shall take place prior to the acceptance of any grant, unless the Select Boardwaives this requirement. 1.6.4Use of Public Funds for Gifts Public funds shall not be expended byany employee, official, Board or Committeeof the Town, except the Select Board, for the purchase of food, flowers or other gifts for personnel of any Town Department who are retiring or resigning from employment. Use of public areas for the purpose of Department testimonials may be approved by the Town Manager. The SelectBoard membersrepresenting the Town may, as they deem fit, expend public funds for the purpose of presenting personnel or members of Boards and Committees, testimony of service in the form of printed, framed documentaries or other forms of appreciation, as the SelectBoard membersshall decide from time to time. The SelectBoard membersrepresenting the Town may, as they deem fit, accept and use funds donated for the specific purpose of expressing sympathy for injury or death with appropriate acknowledgment. 1.6.5Use of Public Funds for Professional Development The Select Boardrecognizes that in many instances it is desirable for staff and/or elected officials to have spouses and/or families attend conventions or seminars with them. The intent of this policy is not to prohibit or discourage such attendance but to provide that,to the extent such attendance creates an expense over and above the expense of the employee or official attending such seminar or conference, that the employee or official will personally bear that additional expense. It is not the intent, where no additional expense is generated, to have the employee bear a pro-rated share of the expense for rooms, transportation or other costs. 1.6.6Financial Oversight The Town is committed to complying with and requires its employees (which includes officers, board and committeemembers and other persons acting on its behalf) to comply with all applicable Town policies, State and Federal Laws and regulations and internal accounting controls. The Town of Reading will investigate any report of fraudulent acts or related misuse of Town resources or property. Any individual found to have engaged in fraudulent acts or related misconduct, as defined in this policy, is subject to disciplinary action by the Town, which may include dismissal or expulsion, as well as prosecution by appropriate law enforcement authorities. 1-17 Select Board Policies 172 1.6.6.1-Definition of Fraud Fraud and related misconduct prohibited by this policy generally involves a willful or deliberate act or failure to act with the intention of obtaining an unauthorized benefit. The following are examples of activities that may be considered fraud: -Making or altering documents or computer files with the intent to deceive; -Purposely inaccurate financial reporting; -Improper handling or reporting of money transactions; -Misappropriation or misuse of Town assets and resources for personal gain or for the advantage of another; -Unauthorized use of Town assets and resources for personal gain or for the advantage of another; -Altering or incorrectly reporting information for personal gain or for the advantage of another or the Town; -Authorizing or receiving remuneration for time not worked; -Authorizing or receiving compensation for goods not received or services not performed Fraud includes a false representation of a matter of fact, whether by words or by conduct, by false or misleading statements, or by concealment of that which should have been disclosed, which deceives and is intended to deceive. 1.6.6.2-Responsibilities The Town has a responsibility to investigate and report to appropriate governmental authorities, as required, any violations of compliance with Town policy, State and Federal Laws and regulations, internal accounting controls and questionable accounting matters. Town of Reading management is responsible for establishing and maintaining policies and controls that provide security and accountability for the resources entrusted to them. Internal controls are intended to aid in preventing and detecting instances of fraud and related misconduct. Management is also expected to recognize risks and exposures inherent in their area of responsibility and be aware of indications of fraud or related misconduct. Responses to such allegations or indicators should be consistent. Every employee has the responsibility to assist the Town in complying with policies and legal and regulatory requirements, and in reporting known violations. It is the policy of the Town to encourage the support and cooperation of all employees in meeting commitment and responsibility to such compliance. 1.6.6.3-Reporting Suspicion of Fraud Employees should report suspected instances of fraud or irregularity to their immediate supervisor or their next appropriate management level. However, in certain circumstances, it may be appropriate for employees to report suspected instances of fraud or irregularity directly to the Town Accountant (If the alleged fraud has been committed by the ensure that the suspicion of fraud and/or irregularity that is reported tothem is reported as 1-18 Select Board Policies 173 soon as practical to the Town Accountant. The written or verbalreport should be sufficiently detailed and inclusive to ensure a clear understanding of the issues raised. In the event that the Town Accountant is the subject of, or otherwise identified as involved in the acts underlying such report, the person making the report may notify and forward such report to the Town Manager or Assistant Town Manager who will then lead the investigation, and the Town Manager or Assistant Town Manager shall immediately report such allegation to the Chair of the Select Board. Town employees are not to initiate investigations on their own. However, anyone may report suspected violations or concerns by letter to the Town Accountant and should indicate that he or she is an employee of the Town. The report should be sufficiently detailed and inclusive to ensure a clear understanding of the issues raised. Mark the It is the policy of the Town that anyone who reports a violation may make such report confidentially and offsite. report pursuant to this policy even if after investigation the Town Accountant determines that there has not been a violation of any applicable Town policy, State or Federal laws and regulations or internal accounting controls. However, employees who make reports or provide evidence which they know to be false or, without a reasonable belief in the truth and accuracy of such information, may be subject to disciplinary action. 1.6.6.4-Investigation Following receipt of a report, the Town Accountant shall commence an investigation, as he/she,in his reasonable judgment, deems appropriate. The Town Accountant shall be authorized to retain such other individuals, including outside legal and accounting experts, as he or she deems appropriate to assist in such investigation. Appropriate Town management, together with the Town Accountant, will constitute the Investigation Team and will determine the necessary action depending upon the nature of the allegations or suspicions. The individual being investigated shall be notified immediately of said investigation and shall have the right to an attorney and/or union representative, as applicable, during all stages of the investigation. All efforts shall be made to ensure due process in the investigative process. Law Enforcement agencies may be notified and included on the Investigation Team. In those instances where the investigation indicates the probability of criminal activity, the inquiry will be turned over to the appropriate law enforcement agency. In an investigation, objectives include verifying the facts, maintaining objectivity and confidentiality, determining responsibility and recommending corrective action. Details of the initial response and/or investigation will remain confidential. If in the opinion of the Investigating Team fraud is probable, employees suspected of such irregularities and/or fraud shall be suspended pending investigation. Appropriate Human Resource personnel will provide guidance to the Investigating Team related to action 1-19 Select Board Policies 174 (disciplinary or otherwise) required as a result of any response to or investigation of fraud or irregularity. Any individual suspected of irregular and/or fraudulent activities should not be confronted prior to commencement of the investigation process. Records related to the activity may need to be seized before the suspected individual becomes aware of any investigation. All employees suspected of irregularities and/or fraud are to be treated fairly and consistently and in compliance with the collective bargaining agreements and personnel policies. Employees suspected of irregular and/or fraudulent activities have legal rights that must be respected. In the event any such investigation reveals information that is either material or, in the reasonable judgment of the Investigation Team, merits immediate attention by the Audit Committee, and in every case where the dollar impact of fraudulent activities exceeds $2500, they shall contact the Chair of the Audit Committee to discuss the matter, and shall inform the Chair of the Select Board.The Investigation Team shall make the final determination of whether a violation of the Town policy, State and Federal laws and regulations or internal accounting controls applicable to the Town has occurred. 1.6.6.5-Reporting Results The Town Accountant will prepare a report of the results of any review of fraudulent or irregular activities. The report will contain the disciplinary taken, if any. As applicable, it will also contain details of the systems weaknesses that did not prevent or detect the fraudulent or irregular activities and provide recommendations for improving systems controls to prevent or detect similar events. It is recognized that management investigating the incident may share information with agencies as deemed necessary. The Town Accountant will include a statistical summary of the fraud reports in the annual report. 1.6.7-Purchasing Card Policy Use of purchasing cards will expedite Town and School purchasing and payables for isolated one-time purchases along with payment for smaller dollar items.Purchasing cards may be issued to one ormore employees atthe discretion of the Town Manager or Superintendent of Schoolsas applicable, and with the names of all users to be filed with the Town Accountant. Issuance of a purchasing card under the name of the Town of Readingor the Reading School Departmentis a privilege and every reasonable effort shallbe made to ensure thatcards are used responsibly and in a mannerconsistent with Town and School Departmentpolicies, guidelines and applicable laws and regulations of the Commonwealth of Massachusetts. The Town Accountant willauthorize the type of items that can be purchased on the card and the maximum single transaction limit.In any event, the purchasing card shall not be used for purchases of travel, lodging, food, or beverages, for employees or Officials. The procurement card may be used for travel, lodging, and food and beverage (but not alcohol) expenses from student activity accounts for student travel. The Procurement card may be used to registerfor 1-20 Select Board Policies 175 conferences or seminars. If the use of purchasing cards is extended beyond the one year trial period, theTown Accountant will periodically establish and issue guidelines to purchasing card users. It is the responsibility of each purchasing card user to ensure that their respective card is stored in a secure place and that the account number is protected.A card number may be used in a secure internet transaction but shallnever be written out and transmitted via email.Each purchasing card user is responsible to reconcile every transaction made within the month. Purchasing cards may be issued to individual users at the discretion of the Town Manager or Superintendent of Schoolsas applicable. Each user will sign for receipt of the card. Cards are to be stored in asecure location. If a purchasing card is lost orstolen the purchasing card user will notify theTown Accountant who will notify the bank, local police department and the Town Manager or Superintendent of Schoolsas applicable.Replacementof a lost or stolen card will be at the determination of the Town Manager or Superintendent of Schoolsas applicable. Failure to adhere to purchasing card policy and guidelines willresult in revocation of card use, and the user may be subject to disciplinary action.An individual who is found to abuse the use of apurchasing card will be subject to disciplinary action up to and including termination from employment along with potentially criminal charges being filed against them.In addition the Townwill seek restitution forany inappropriate charges made to a purchasing card. The Town Accountant will establish procedures to be followed regardingthe reconciliation processes.All relevant records are to be included with each statement and retained with applicable voucher records. 1.6.8-Surplus Property The following policyoutlines the process to be followed in the disposition of tangiblesurplus items after the originating department has offered the item(s) for repurposing to other departments within the Town.This policyapplies to all items having resale or salvage value regardless of dollar amount. Any property that is determined to be surplus to the Town must be disposed of according to the guidelines of this policy. In order to follow the appropriate steps you must first make a determination of its value. The declared value determines the procedure that must be followed. Surplus items owned by the Town shall be sold, tradedor otherwise disposed of upon the written recommendation of the respective Department Head to the Town Manager. The written recommendation shall include a specific description (as much information as possible) of the item to be disposed of including relevant make, model number, serial number, vehicle identification number, etc. The written recommendation mustinclude ajustification/reason for the request. Please complete theSurplus Property Form and submit it to the Town Manager. The Town Manager shall review the written recommendation and make an initial determination of its merits. If the surplus goods or equipment have no resale or salvage value, the department shall dispose of such property at the least cost to the town. 1-21 Select Board Policies 176 If the item has a resale or salvage value, the next step is to have the item approved for disposition bytheSelect Board. After the Surplus Property Formhas been approved by the Town Manager follow the steps outlined below: Pto the Procurement Office. Sufficient information and photographs should be provided to allow for inspection of the surplus item. The form gives the Procurement Office the necessary information to offer the item(s) for auction and disposal. The Procurement Office will require the list and photographs of the items to sell a minimum of 30 calendar days prior to the items needing to be removed from your site. This timeframe allows for advertising requirements and the buyer time to make payment and pick the item up. The originating Department must ensure that all confidential and personal data has been removed prior to the sale, trade or disposal of the item. Value Less Than $10,000 If the surplus property is determined to have resale or salvage value less than $10,000the property may be disposed of pursuant to one of the proceduresset forth below in subsection A, BorC. A.Solicit quotesfrom at least 3companies that deal in such property, maintaining a written record of the names and addresses of the companies from which a quotewas solicited;or B.Advertise the surplus property for sale on the town website and or on any internet site that offers such property for sale at least 14 calendar days prior to the sale. Any such advertisement shall state the sale date and the terms of the sale, or C.Offer the item no longer useful to the Town to a charitable organization after receiving approval of the Town Manager and the Select Board. To be eligible, the charitable organization must be tax-exempt under section 501(c)(3). Value GreaterThan $10,000 If the surplus property is determined to have resale or salvage value greater than $10,000it must bedisposed of in conformance with procedures of Massachusetts General Laws Chapter 30B. This policy shall not apply tothe Municipal Light Boardor the disposition of old books, magazines, periodicals, recordings and printed materials in the custody of the Board of Library Trustees. Such disposition may be made at the discretion of the Board of Library Trustees. Section revised March 2019 Section 1.7Non-discrimination The Town does not discriminate against any person on the basis of race, religion, ethnicity, color, gender, sexual orientation, gender identity, national origin, ancestry, age, marital status, veteran status, or disability, or any other protected status defined by law. 1-22 Select Board Policies 177 Section 1.8-Use of the Town Seal The Town Seal was adopted by the Town in 1890, and constitutes a symbol to the general public of the Town of Reading. In order tocontrol and regulate the use of the Town Seal so that it is used only to represent official uses by the Town, this policy is adopted as follows: 1.The Seal of the Town shall be used on all letterhead, forms, legal notices and other official papers of the Town of Reading, in a form and format to be approved by the Town Manager. 2.The Town Seal is to be placed on municipally-owned or operated vehicles as may be determined by the Town Manager. Any other use of the Seal of the Town of Reading will require prior approval by the Select Board. Section 1.9Severability If any provision of this Articleshall be found invalid for any reason in a court of competent jurisdiction, such invalidity shall be construed as narrowly as possible, and the balance of the Articleshall be deemed to be affectedto the minimum extent necessary, so as to secure the purposes thereof. 1-23 Select Board Policies 178 June 10, 2025 Overview of Meeting 7:00 Public Comment (for any items not included on the agenda)7:05 7:15 Town Manager Report Community Spotlight Discuss and Vote on FY26 Water & Public Hearing Sewer Rates Discuss Arcadia Avenue Parking Issues Economic Development Update Eastern Gateway Priority Planning Update Vote to Approve InterMunicipal Agreement for Regional Assessor through June 30, 2028 Select Board Liaison Reports Public Employee Committee Health Executive SessionInsurance Agreement June 24, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Archive Room Dedication Request from the Historical Commission Discuss Town Manager Goals Vote on Appointments of Boards & Committees Discuss Potential Override Select Board Liaison Reports July 15, 2025 Overview of Meeting 7:00 Public Comment (for any items not included on the agenda)7:05 7:15 Town Manager Report Community Spotlight PTTTF Arcadia Avenue Parking Public HearingAmendments Annual Update from Reading Ice Arena Authority Select Board Liaison Reports August 5, 2025 Overview of Meeting 7:00 Public Comment (for any items not included on the agenda)7:05 179 7:15 Town Manager Report Community Spotlight Select Board Liaison Reports August 26, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Select Board Liaison Reports September 9, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Select Board Liaison Reports September 23, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Close Warrant: Subsequent Town Meeting Select Board Liaison Reports October 7, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Select Board Liaison Reports October 21, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Select Board Liaison Reports November 4, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) 180 7:15 Town Manager Report Community Spotlight Select Board Liaison Reports November 10, 2025Town Meeting November 13, 2025Town Meeting November 17, 2025Town Meeting November 20, 2025Town Meeting December 2, 2025 Overview of Meeting 7:00 Public Comment (for any items not included on the agenda)7:05 7:15 Town Manager Report Community Spotlight Approve Annual Licenses Select Board Liaison Reports December 3, 2025 7:00 Overview of Meeting Public Comment (for any items not 7:05 included on the agenda) Town Manager Report 7:15 Community Spotlight Budget Presentations Select Board Liaison Reports December 9, 2025 Overview of Meeting 7:00 Public Comment (for any items not included on the agenda)7:05 7:15 Town Manager Report Community Spotlight Budget Presentations Select Board Liaison Reports 181 182 183 184 185 186 187 188