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Committee recommends select board release final $285,000 early to Forward project
Summary
The Community Preservation Committee voted to advise the select board to allow an early release of the final $285,000 payment for Forward's Phase 2 project, after presenters said delaying payment until certificate of occupancy would force short-term borrowing and about $11,172 in interest.
The Community Preservation Committee voted on Feb. 12 to recommend that the select board allow the early release of the final $285,000 grant payment for the Forward Phase 2 housing project.
Presenters from Forward described construction progress and a request that the last tranche not be withheld until the certificate of occupancy. Executive Director David Kaplan said the project remains on schedule for a June completion window but that, because the project must bridge from a construction loan to a permanent loan, the organization would need short-term borrowing for roughly six months. Kaplan said that borrowing would cost the project about $11,172 in interest, money he argued would be better spent on construction.
A committee member moved that the CPC tell the select board it agreed to the early release of the final $285,000 pending appropriate paperwork; the motion passed by voice vote at the meeting.
The committee recorded that Forward has contingency funds and remains within budget, and members asked staff to ensure required paperwork is delivered to the town before any funds move. The recommendation is advisory; the select board will make the final decision on the timing of disbursement.
What happens next: the committee forwarded its recommendation to the select board and asked the applicant to provide the paperwork the town requires before funds are disbursed.
