07/08/2019 BOARD OF SELECTMEN Agenda Packet

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TO: Mashpee Board of Selectmen FROM: Community Preservation Committee DATE July 3, 2019 RE: Review of CPA needs The CPC requested a needs assessment for CPA funds for 1-3 yrs, 3-5 years and 5-10 years. The Committee received assessments from the Historical Commission, the Housing Authority and the Planning Board (see attached) detailing significant needs in the areas of historic preservation, Open Space and Community Housing. The recent practice of setting aside CPA funds for use by the Affordable Housing Trust seems a worthwhile and important source of funding for the AHT, and in fact, is the only reliable source of long term funding of the A . Given the need for housing and the recent uptick in AMT activity, it makes sense to the Committee to retain the status quo. Additionally, the Town has significant unmet open space needs (see list of priority parcels is ic entified for acquisition) according to the Board of Selectman's own plan (attached).The CPA funds are an appropriate source of funding for these projects and one the Town Meeting ha embraced regularly in support of ongoing open space acquisition. The Historic Commission's 'Inventory (attached) speaks for itself as a need. The balance of the CPA fund are as follows: Budgeted for Appropriation Reserve: $3461363.00 10% Reserves Open Space and Recreation: $21812.31 10% Reserves Historic: $1491251.85 10% Reserves Affordable Housing $289)392.05 CPC Fund Balance $117931865.97 The attached memo and spreadsheet (marked as attachments I and 2) from the Finance Director provides more detail on the annual flow of funds. It is 'important to note that sufficient funds, have been set aside to pay off all outstanding debt on old Land Bank Proi ects. It is worthy of note that the past cycle was the most active in recent memory ort CPC,, with a large number of important projects put forward and overwhelmingly supported by voters at Town Meeting. The demand for CPA funds remains strong. Given all of the above, it is the recommendation that the town continue the CPA assessment as it currently exists with no change unless there is a decision to establish a water infrastructure investment fund (WIIF) like the town of Sandwich has done. In that event that there is a proposal for a WIIF the CPC Committee would consider supporting a modest reduction in the CPA assessment to offset a portion of the impact on voters of the creation of the WI1F.