02/10/2021 COMMUNITY PRESERVATION ACT COMMITTEE Minutes

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5 Community Preservation Committee Minutes February 10, 2021 Discussion and orientation for new members on the mechanics of the CPC fund and reserves Orientation refresher, and for the new members: (continued) With abatements,the calculation of the percentage rate is 98%. Each October, the CPC must state its reserves of which 10% of annual fund revenues are required to be placed in the reserve categories; open space/recreation purposes, historic purposes, and affordable housing purposes. The remaining balance,the budgeted for appropriation reserve is also made known. With the voting of additional reserves in May of 2021,the following appropriations are available; Open Space/Recreation 10%Reserve: $310,090 Historic Purposes 10%Reserve: $492,230 Affordable Housing 10%Reserve: $520,170 Budgeted for Appropriation Reserve: $1,089,748 The Community Preservation Fund,Undesignated Fund Balance is $6,794,435 less; Outstanding debt associated to prior Land Bank purchases is $1,431,225, and Purchase Orders that are committed amount to $130,484. Remaining Project budgets $1,587,164. With regards to outstanding debt associated to the Land Bank it was agreed bond counsel would be consulted regarding the potential to pay off this debt prior to its expiration in 2026. ADDITIONAL TOPICS (Reserved for topics the Chairman did not reasonable anticipate would be discussed) Reorganization: Reorganization is required to be held on July 1" of each year. Public Comment: Matthew Haney, Trustee of Gooseberry Island Trust indicated in his opinion, the Town of Mashpee will never purchase Gooseberry Island or take the island by eminent domain noting the CPA has expended$3,000 for an appraisal when funds could have been used for other purposes. Gooseberry Island is one of the largest waterfront properties in the Town of Mashpee. At the last meeting there was a comment stating the island is unbuildable. Mr. Haney commented on the revenue benefits of developing residential property versus having this land for the benefit of bird migration.