Finance Committee Meeting

Minutes, August 3, 2009

Town Hall, Lower Level Hearing Room

Members Present:  Keith Garte, Donald Gilligan, Gordon Gladstone, Charles Goodman

                               (late), Jonathan Hitter, Josh Kiernan, Ira Miller, Laura Nelson

                               (Hamilton)

                Absent:   Maria Anderson, Brian Fitzgerald, Joel Lessard, Edward Philips

Brickstone Attendees:  John Kusmiersky, Marty Spagat, John Twohig, John Connery

1. The voting of minutes was deferred to the next meeting.

2. There was a discussion with Brickstone regarding Sharon Hills including financial projections, By-laws, and Development Agreement.

3. John Twohig presented the background of the 2007 fiscal report and the 2009 update which focused on the revenue and cost estimate of the proposed changes to the Sharon Hills, Senior Living Community.  The 2009 project changes were project redesign, additional waterline benefits to Boulder Lane, single construction phase, limited Mountain Street construction access, and financing district.

4. John Connery gave an overview of the methodology in 2007 and 2009.  The 2007 Fiscal Report Summary was:  Total Valuation: $252,000,000; Annual Tax Revenue: $3,883,000; Annual Cost: $803,000; Net Annual Revenue: $3,080,000 which equals to $.79 of every dollar received from development to Sharon.  The 2009 Fiscal Report Summary was:  Total Valuation: $226,800,000; Annual Tax Revenue: $4,094,000; Annual Cost: $907,000; Net Annual Revenue $3,187,000 which equals to $.78 of every dollar received from the development to Sharon.  Cost to Revenue Ratio:  2007, .21; 2009, .22.

5. John Twohig listed the Timeline of future meetings and public hearings:  8/17/09 – Zoning Amendments submitted to the Planning Board.  8/21/09 and 8/28/09 – Publish Notice of the Planning Board Hearing.  8/25/09 – Development Agreement meeting with Selectmen.  During September:  Planning Board’s public hearing on the Zoning Amendments; Development Agreement Amendments submitted to the Selectmen; Public meetings regarding Development Agreement Amendments.  During October:  Finance Committee’s public meeting on the Warrant Articles; Additional public meetings and information sessions as necessary.  During November:  Town Meeting to adopt Zoning and Development Agreement Amendments.

6. There was considerable discussion by the Finance Committee on the information presented.

7. It was stated that the time to complete the project was between 36-42 months.  It would be 18 months for the use of Mountain Street.  Brickstone did not go to the Zoning Board of Appeals for Site Plan Approval because the Zoning Board of Appeals would not give an advisory opinion on the phase of Mountain Street.  If Town Meeting was successful, Brickstone would go to the Zoning Board of Appeals in 2010.

8. There were questions and concerns from Town residents in the audience to Brickstone and the Finance Committee with responses to same.

9. The next meeting will be August 24.

10. It was MOVED and SECONDED to adjourn.

11. VOTED:  8-0-0.

12. The meeting was adjourned at 10:25 p.m.