9/15/2016 FINANCE COMMITTEE Minutes

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5 Finance Committee Minutes September 15, 2016 Mr. Larkin indicated the Community Preservation Committee carefully reviewed the projects proposed for the October funding round, and the CPC is in a sound financial position to assume the debt responsibilities. It was explained in FY2020,the Town would have the option to opt out,but not until all debt obligations have been settled. And further, it may take a special act of legislature to utilize the funding for other purchases. With the inception of the CPC in 2015 the Town reimbursement rate was 100%. The rate has diminished with the increase in community participation and with the decline in real estate closings. The reimbursement rate for next year is projected at 19%. However,with the recent upsurge in real estate this would possibly allow for an increase in CPC reimbursement funds in the future. Ava Costello, Chair of the Historical Commission was in attendance with Historic District Commission member Earl Mills to review the Mashpee Historic District Signage project with members of the Finance Committee. The CPA funding request supported by the Community Preservation Committee is $57,841. In considering the rich history of the Town of Mashpee the proposed signage project was developed. Ms. Costello reviewed several of the sites planned for signage which includes the Historic District and parts of South Mashpee. The signage is of good quality to withstand weather conditions. Currently 70 signs are proposed. Each sign would display a photo and a brief history of the site would be described. Some of the signage may illustrate italics to describe a memory or personal note regarding the historic significance. At the Community Park,a kiosk is planned to depict the location of the sites and a map of the historic areas. A brochure would be available for visitors to walk the trail and learn about the history of the Town of Mashpee. The project includes duplicate signage for replacement if required, and signage to be displayed in the hallway areas at the Mashpee Town Hall. The signage would also be available for use in the classrooms and at the library. George Schmidt of the Mashpee School Committee gave an update with regards to the Quashnet School window and door replacement project. For additional review was correspondence from Catherine Laurent,Director of Public Works outlining the options proposed for this project. Rodney C. Collins, Town Manager distributed a detailed summary of construction costs associated to the project proposal. The updated cost estimate for construction is$1,747,540. In addition to general conditions and project requirements, insurance,overhead and contingencies, the total cost estimate for the Quasbnet School window and door replacement project is now $2,702,286. The previous cost projection in total was $1.75 million,of which the MSBA would reimburse the town approximately$650,000. Due to the magnitude of the updated cost projection it has been recommended that Article#2 be deferred to the May Town Meeting to allow time to seek additional funding options.