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CPC agrees to cover Rolleys Farm debt service from open-space allocation
Summary
The committee authorized using its open-space allocation to cover $87,462.08 in principal and interest payments for debt issued to acquire Rolleys Farm, a Pawtucketville open-space acquisition financed by borrowing against future CPA receipts.
The Lowell City Community Preservation Committee voted to allocate $87,462.08 for the fiscal year to cover the principal and interest payment on borrowing used to acquire Rolleys Farm in Pawtucketville.
Chairman Matthews explained the city borrowed against future CPA revenue to fund the acquisition and the payment must be provided from CPA-eligible resources; the committee moved to authorize the payment from the open-space allocation. Staff said the city’s debt schedule shows two payments each fiscal year and this is the first fiscal-year payment now due.
Members discussed whether the payment should come from the open-space pot (which counts toward the CPA’s open-space minimum) or from the general reserve to preserve flexibility for future open-space applications. Member Denzard argued for preserving flexibility; other members said committing the payment to open space honors the prior project authorization and council commitments.
One member noted the debt is structured as a 30-year borrowing and the committee will see similar annual debt-service items in future fiscal years. The committee voted and the motion carried.
