Meeting Minutes
FALMOUTH EDIC OPEN MEETING: December 13, 2022
Falmouth Town Hall, 59 Town Hall Square, Falmouth, MA 02540
Select Board Meeting Room
PRESENT
Kevin Holmes (T), Mark Lowenstein (CK), Michael, Galasso, Samuel Patterson, Adrian Merryman
ABSENT
Christopher Land (C), Thomas Feronti (VC)
8:30 am* CALL TO ORDER
A quorum was established. Board Member Michael Galasso called the meeting to order.
8:30 PUBLIC COMMENT
Paul Dreyer, Town Meeting Member, Precinct 2. Mr. Dreyer stated he was an early proponent of the Falmouth Station and wanted to comment on the serious issues being discussed between the EDIC and a tenant at the Station. Mr. Dreyer commented that dueling articles being reported in the newspaper are not helpful to anyone and believes the issues will continue to get worse unless they are resolved; suggesting that the EDIC Board consider getting someone with experience to resolve this matter with a representative of the tenant. Mr. Dreyer stated the crown jewel of the EDIC is being tarnished by the issues being reported in the newspaper.
8:32 APPROVAL OF BOARD MEETING MINUTES
MOTION: Lowenstein made a motion to approve the November 8, 2022 Public Session Board Meeting Minutes. Patterson 2nd the motion. Merryman abstained. All others in favor. Motion approved.
MOTION: Patterson made a motion to approve and not release the November 8, 2022 Executive Session Board Meeting Minutes. Lowenstein 2nd the motion. Merryman abstained. All others in favor. Motion approved.
8:34 FINANCE
Kevin Holmes
Holmes referred to the November Balance Sheet, citing it continues to look much like the past statements. Assets are centered in cash; however, this will be reduced by this month’s Solar 2 payments to the Town.
The EDIC Income Statement shows the sale of the Tech Park Lot, which did not occur. Net Income shows a -$12k which is offset by the Solar 2 rent that arrived after the close of the monthly reports. Expenses are a mixed bag including both unexpected and deferred expense. Removing the budgeted FTP lot sale, the EDIC is showing a positive $36k variance to budget
Holmes cited current banking Interest Rates have increased in the EDIC MM account. He researched investment options and reported a 1 Year Certificate of Deposit (CD) with a return rate of 4.7%. He recommends the EDIC Board consider transferring $100k of funds into such a CD.
Holmes reported the CD will be solicited to banks by a brokerage firm and will be held by a financial institution that it is covered FDIC insurance.
MOTION: Patterson made a motion to support moving $100k from the EDIC Money Market (MM) account into a 1 Year CD, a $50k from the EDIC MM account into a 6 Month CD. Lowenstein 2nd. All in favor. Motion approved.
MOTION. Patterson made a motion that Kevin Holmes, Wayne Lingafelter and George Malloy as signatories on the new CD accounts. Lowenstein 2nd. All in favor. Motion approved.
MOTION: Holmes made a motion to approve the December 13th, 2022 warrant in the amount of $52,184.93. Patterson 2nd the motion. All in favor. Motion approved.
8:43 Falmouth Station Update
Wayne Lingafelter
Lingafelter advised that a laser scan was completed on the outside of the Falmouth Station building – the first step in preparing for the masonry restoration. Keenan & Kenny will create the bidding documents from these scans.
Another brick specialist provided an opinion on the Station brick condition and the water infiltration issues. They reported it is unlikely that the water is infiltrating through the brick itself, but believe it is either a roof condition or a window assembly issue. Two water envelope specialists recommended completing a water test on the south side of the building. Lingafelter is waiting for 2 water test proposals to arrive and expects the water testing to take place in January 2023.
The additional exterior security cameras installation is scheduled to take place tomorrow – Dec. 14th. Two Google Nest cameras were previously installed and are working well. There is a 30-day historical recording for each camera. The tenants were notified of the security camera program/installation. One tenant is resisting and may seek legal action.
Misc. Items: The sanding and staining of the front exterior benches has been agreed to with contractor. The carbon monoxide sensors expired and alarms were set off – it took about a week to obtain new alarm sensors, but as of last Friday both were replaced.
8:55 Executive Director’s Report
Wayne Lingafelter
Lingafelter referred to the quarterly matrix report and spoke to project list and the accomplishment level attributed to each one.
Lingafelter referred to the 2023 Budget and presented a PowerPoint of historical data as well as 2023 budget data for Income/Revenue and Sources, Expenses, Falmouth Station Profitability, Cash Position and Net Income.
The board discussed the marketing of the Tech Park lot and its economic and sale viability in 2023. Galasso noted this sale should be a priority goal in 2023.
Lingafelter reported that due to the change in construction costs the Station masonry SOW will likely be 25-30% more than CPC funding and EDIC 2023 budget. The EDIC will either need to obtain additional funding or adjust the SOW to work within the existing approved funding. Patterson suggested reaching out to some local contractors who would be willing to provide a gratis opinion on solutions.
Galasso mentioned major changes to the Solar Program that allows monetizing solar tax credits and EV Charging Station as thoughts for additional Falmouth Station revenue sources.
Lingafelter stated that the challenge to the EDIC Board is identifying the next sustainable source of income to generate an upward trending cash position. Galasso mentioned the additional property adjacent to Solar 1 & 2 which should be investigated as a future income source.
The Board decided to wait until the January board meeting, when the Chair and Vice-Chair will be present, to approve the 2023 EDIC Budget.
9:23 New Business, Agenda Items or Guest Speakers
YMCA in Falmouth - January
9:25 ADJOURNMENT and Move into Executive Session
MOTION: Lowenstein made a motion to ADJOURN the Public Session meeting and move into Executive Session, not to return to the Public Session, to discuss a lease matter as discussing in a public session would be detrimental to the EDIC’s negotiation position. Patterson 2nd. Roll Call: Merryman Aye, Lowenstein Aye, Galasso Aye, Patterson Aye, Holmes Aye. Motion approved.
NEXT MEETING – January 10th, 2023, 8:30am
*Times listed are intended merely for guidance.
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