09/14/2023 COMMUNITY PRESERVATION ACT COMMITTEE Minutes

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10 Community Preservation Committee Minutes September 14, 2023 NEW BUSINESS Financial Report Review of Project Balances: (continued) Forecasting the return of funds; $236,538.05 from the 6 projects as referenced below the available balances for the May 2024 Town Meeting are identified as follows; Budget for Appropriation 10%Open Space/Recreation 10%Historic 10%Affordable Housing $855,615 $201,366.71 $785,725.65 $255,093.41 The estimated undesignated Fund Balance is $3.5 million. CPC member Mary Waygan was noted to have compiled a spreadsheet of the respective expenditures of the Community Preservation Committee from its inception in 2015 to date. The total revenue(Local Surcharge; $20,978,379 and Trust Fund Distribution; $9,122,379) is $30,100,758, The document is currently in draft format and is intended to be further categorized to track expenditures including the former Land Bank/Open Space Debt Service. The CPC Status Report of Approved Projects is also being modified to incorporate more detail documenting the history of the expenditures. Review and Approval of Project Closures Return of Funds to respective CPC Balances.- The Community Preservation Committee conducted an organizational review of outstanding projects making the determination to return the respective balances to the category to which the CPA project has originated from. Projects funded from the Budgeted Reserve for Appropriation are returned to the CPC Undesignated Fund Balance. The following action was taken; Acquisition of 9 Quashnet Road $161 900—Article 5 Mav 2019 Town Meeting: Vote to Return Funds to CPC Fund Balance: This article was approved as a CPA project at the May 4, 2015 Special Town Meeting. The project was not consummated within the three-year timeframe. Therefore,the CPC enforced the three-year"sunset clause" clause and closed the $170,000 project. At the May of 2019 Special Town Meeting,the $161,900 project to acquire 9 Quashnet Road was re-authorized to take the parcel by gift,purchase or eminent domain taking to address any title issues, and to assure the Town would obtain clear title of the property upon transfer. Due to an unattainable clear title, the CPC voted to enforce the"sunset clause" due to the three-year time lapse.