11/19/2018 BOARD OF SELECTMEN Minutes

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4 Board of Selectmen Minutes November 19, 2018 APPOINTMENTS & HEARINGS Discussion and Vote on Building and Road Improvement Bond: Treasurer/Tax Collector Craig Mayen: The $1,500,000 building and road improvement bond approved at the May 2017 Town Meeting is slated to blend with other bonded projects on April 1, 2019. To save interest costs over the next twenty years Treasurer/Tax Collector Craig Mayen recommended the Board of Selectmen place an article on the May 2019 Town Meeting warrant to fund the full $1.5 million bond with funding to derive from certified free cash available for appropriation. In calculating the interest fees at 5%the Town would save $787,500 over twenty years. If the interest rate was 4%, the cost savings would be $630,000 during this period. Mr. Mayen indicated if this amount was not bonded,the tax rate would not increase by $0.02 per $1,000 and the savings would lie within the 2 '/2 levy limit thereby increasing the excess levy capacity. In discussing this proposal with the Town's Financial Advisor, Unibank this sound financial planning. If the article did not pass at Town Meeting, Mr. Mayen would BAN the amount until there are enough projects to incentivize bonding. The Board of Selectmen applauded the proactive efforts of the Treasurer/Tax Collector in presenting an opportunity to reduce the tax rate. Rodney C. Collins, Town Manager was also supportive of the recommendation. In considering this proposal it was agreed the recommendation would be deferred until the needs of the Capital Improvement Program (CIP) are disclosed. CIP meetings and deliberations are scheduled to be held in early December. Mr. Mayen requested a determination by the end of December. Discussion and Approval of the Habitat for Humanity_of Cape Cod Local Initiative Program Application and Letter of Support: Elizabeth Wade Land Acquisition and Permittin Mana er— Habitat for Humanity of f Cape Cod: Elizabeth Wade, Land Acquisition and Permitting Manger for Habitat for Humanity of Cape Cod was in attendance to request support of their application to the Department of Housing & Community Development(DI-ICD) for the Cape Cod Local Initiative Program (LIP) application for two affordable homes located at 341 Great Neck Road North, Mashpee. By a favorable vote of Town Meeting on May 7, 2018, the Community Preservation Committee's project moved forward to purchase the land; $17,000 and to fund $100,000 towards the cost of constructing two (3-bedroom) Habitat homes. Due to non-conformance, the site requires an application to the Zoning Board of Appeals for a Comprehensive Permit under Chapter 40B. The project also includes funding ($50,000) for a three bedroom home on DeGrasse Road, Mashpee.