Town of Holden Infrastructure Investment Fund
Meeting of the Board of Trustees
December 17, 2007
Selectmen's Room, Starbard Building
Present: Chair Deborah McDonnell, Edmond Benoit, Dawn Michanowicz, Peter Lacy, and James Dunn
Also Present: Town Manager Brian Bullock
The meeting was called to order by the Chair at 7:10 PM.
Town Manager Brian Bullock presented the trustees with updated projections illustrating the Finance Committee's recommendation that the IIF contribute to the funding of the proposed Public Safety Facility. In the total amount of $5mm approx. over a period of approx. 20 years which translates to an annual contribution of $375,500. With an annual levee back from the town of $60,000 per years.
He also illustrated the impact of the IIF contribution on the annual tax levy consequence of the public safety facility. With $10.5m borrowing and IIF's $5 m the tax impact would be .39 per $1000 or an average of $123 per household.
Discussion centered around the scope of the project and the fact that, to date, it is the largest funding contribution we have considered. Ed Benoit raised the concern that there are, and will continue to be other worthy facilities projects that the town will need to undertake. A need for a new Public Works Facility has been noted by the trustees for some time. Ed expressed the opinion that it is important for the Fund to have the resources (borrowing capacity) to continue to contribute to other projects as they become needed. In his role as Chair of the Facilities Committee of the town's Master Plan, he reminded us that the Master Plan calls for the IIF to play a key role in funding the list of infrastructure needs the MP has developed. Jim Dunn expressed the same essential concerns.
Dawn Michanowicz reminded us that due to inflation the size of this project is not as large in real terms that it may appear to us. She expressed the admiration that other towns she has worked for have expressed for the type of funding mechanism the IIF provides to help smooth out the tax impact for the citizens when financing town infrastructure projects.
Ed Benoit moved that:
The IIF support the propsed Public Safety Facility with funding of approx. $5 million dollars over approximately 20 years. This translates to annual payment of by the IIF of approximately $375,500. The following conditions would apply:
a. The annual levee back to the town for the Public Safety Building would be set at approximately $85,000.
b. The proceeds of the sale of the existing police station asset be returned in their entirety to the Fund.
The motion was seconded by Dawn Michanowicz.
Peter Lacy put forth that under these conditions the project falls within the parameters of the IIF and that the Trustees feel that we will be able to continue to fund existing town projects as they are identified.
The motion passed unanimously.
The meeting was adjourned at approximately 7:30.
Respectfully submitted,
Deborah McDonnell, Chairwoman
| 
