03/11/2019 BOARD OF SELECTMEN Agenda Packet

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3 Board of Selectmen *DRAFT*Minutes February 25, 2019 APPOINTMENTS & HEARINGS Finance Director Dawn Thayer Treasurer/Tax Collector Craig Maven, Assessor Jason Streebel: Discussion about Wastewater: The Board of Selectmen met with the Town Manager's Finance Team for the purpose of discussing the matter of wastewater financing. At the Selectmen's September 11, 2018 meeting,the Finance Team was directed to develop a financial plan for wastewater by March 1, 2019. The Finance Team is comprised of the Finance Director Dawn Thayer,the Treasurer/Tax Collector Craig Mayen and the Town Assessor Jason Streebel. Acting under the direction of the Board of Selectmen, the Finance Team was in attendance to request guidance with regards to the proposed project scope and basic assumptions to be utilized in the financial analysis. Following the standard planning and evaluation process it was agreed the financial scenarios should seek to fund the capital cost of$88 million in Phase I of the project scope. Phase I is proposed for implementation in a 5-year schedule with financing over a 30-year period. The major components of Phase I include Mashpee River watershed improvements which detail the design and construction of the Site 4 WWTF, a modular facility for future expansion to include technology selection and siting design in addition to collection system technology, routing and the siting of a pumping station if necessary. A major component of Phase I is the shellfish aquaculture program for nitrogen remediation. The intent of the overview is to review the debt service for the first five years of construction, and to provide an outline of the costs associated to the full term of the debt. In considering this proposal, it is the recommendation of the Finance Team to review all 5 phases of the project and at minimum Phase II and Phase III to maintain fiscal responsibility by outlining the subsequent phases to investigate cost projections associated to long term debt and bonding. Discussion followed with regards to the new sources of income identified through marijuana retail sales and the short-term rental tax to possibly offset wastewater expenses. Two articles are proposed on the May warrant to direct a portion of the revenues to a new Capital Expenditure Stabilization Account for the purposes of implementation of the Town's wastewater management program, affordable housing and transportation improvements. There is uncertainty as the actual monies to be generated by the new sources of revenue have not been fully identified as these costs are unprecedented. As the matter of wastewater was debated, it was agreed a project of this scale requires a large degree of knowledge and experience which necessitates the hiring of a skilled Sewer Administrator to guide the Town through the wastewater process. Meeting briefly adjourned due to a power outage: 6:45 p.m. Meeting re-convened: 6:53 p.m.