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4 <br /> Finance Committee <br /> Minutes <br /> March 25,2021 <br /> Address Town Warrant articles on which the committee has not yet voted or drafted its <br /> explanation.; <br /> Annual Town Meeting Warrant: <br /> Article 6: To Implement and Construct Phase I of the Wastewater Plan- $54,000,000 <br /> (continued) <br /> If the bids are greater than anticipated an additional Town Meeting article would be necessary to <br /> appropriate the added debt. The current SRF loan is approved for$50 million. The Town has <br /> the ability to apply to the SRF for additional funding. <br /> The project engineer, GHD, Inc. has recommended a contingency of 15% which equates to <br /> approximately $8.1 million. The SRF loan provides for a 5%project cost contingency. The 5% <br /> cap is estimated at $2.7 million. There was a question if contingency needs are in excess of 5%, <br /> would the costs be eligible for reimbursement? It was noted that securing 10-15% contingency <br /> is a common.estimating practice. <br /> Discussion followed with regards to the overall cost of the project now that Section A has been <br /> eliminated from the project scope, Section A represented approximately 9% of the overall <br /> project or$1 1. million. It is not known, but the total project may have resulted in a $65 million <br /> cost if Section A was included. It was agreed the numbers should be monitored as the project <br /> moves forward, <br /> The Town has hired a skilled Communications Consultant to educate and bring forth the <br /> necessary information to the voters at the May Town Meeting and the accompanying debt <br /> exclusion required for the successful implementation of the Wastewater Plan. <br /> The Finance Committee concurred on the need and importance to move forward with the <br /> Wastewater Plan to protect the Town of Mashpee and its environment, its waterways and to <br /> alleviate a potential and costly lawsuit. <br /> It was determined the explanation of the Finance Committee on this article would include the <br /> sentence: The debt exclusion is a prerequisite and a requirement of the State in order to access <br /> the State Revolving Fund(SRF) proceeds. <br /> In closing the discussion of this topic there was concern with respect to the costs of connection <br /> and the costs to the homeowner which are variable and property specific. There is no boilerplate <br /> cost, however there may be grant funding through the Community Septic Management Program. <br />