The URL can be used to link to this page

Home My WebLink About2013-01-28 Board of Selectmen Agenda Packet TOB ARD OFF SELECTMEN ANDOVER 120 MAIN STREET NORTH ANDOVER,MASSACHUSETTS 01845 �'. TEL.(978)688-9510 William F.Gordon,Chairman FAX(978)688-9556 Rosemary Connelly Smedile Donald B.Stewart Richard M.Vaillancourt Tracy M.Watson ISSIONERS BOARD OF SELECTMEN & AGEND LICEANSING COMM MONDAY,JANUARY 28,2013 at 7:00 PM TOWN BALL MEETING ROOM I. CALL TO ORDER II. , PLEDGE OF ALLEGIANCE III. APPROVAL OF MINUTES 7,2013 A. Open Session Minutes as written for January ANNOUNCEMENTS Representative Lyons,and IV COMML)NICATIONS AND ANN A. 2013 Legislative Priorities—Senator Tarr,Senator O Connor Ives,Rors Representative DiZogh° Inde endent Auditors) B. FY2012 Audit Report Powers&Sullivan, LLC( p ne Savage—Finance Director C. FY2013 Six-Month Fm&Development nt o Former Bradstreet School Property' D. Proposal for'Purchase Input Meeting—January 30,2013 E. Stevens Pond Public F. ESCO Project V. CONSENT ITEMS Department—Stella McClintock($50.00) A. Acceptance of Donation to Police D 14 Foot Mirro Craft Aluminum Boat B. Fire Department Request to Surplus Surplus Equipment Re uest to Sure e-Maplewood Reserve C Information Technology q D. Affordable Housing Unit Resale—I Trust Fundy Stephen L.Bernard,Esqp E Appointment to Affordable Housing q permission sap from Town trees F. Appointment to Board of Assessors G. Paul Boulanger&Kathleen Gallagher re uest ermission to to p&harvest map -Day Wine Malt License—Spectrum Adult Day Health Program, 1820 Turnpike St. VI. LICENSING COMMISSIONERS S i A. Request for One D y VII. OLD BUSINESS improvement Plan A. FY2014-2018 Capital Imp VIII. NEW BUSINESS IX PUBLIC COMMENT X TOWN MANAGER'S REPORT A. Capital Project Status Report B. position/Vacancy Log XI. ADJOURNMENT JANUARY 7, 2U1 MINUTES BOARD OF SELECTMEN CALL TO ORDER. Chairman William Gordon called the : at Town Hall meeting to order at 700.PM Meeting Room. Clerk; in were present:William F. Gordon Chairman;ton andaAnd Andrew Maylor,Town ATTENDANCE: The following Donald Stewart,Tracy Rosemary Smedile, Licensing Manager and Ray Santilli, Assistant Town Manager. PLEDGE OF ALLEGIANCE en Session Minutes seconded by Tracy Watson, to approve the Op APPROVAL OF MINUTES: as Watson Vote approved 5-0. Richard Vaillancourt made a MOTION, 2012, and Executive Session Minutes of December 17, rove the Open Session Donald,Stewart,to app roved 5-0. Richard Vaillancourt made a MOTION, seconded by 2012 as written. Vote app Minutes and Executive Session Minutes of December 27�C COMMENT COMMUNICATIONS ANNOUNCEMENTS AND P,UB�herself to the Board. Ms. DiZoglio shared Representative Diana DiZoglio stopped by to introduce h information and the deadne for filing bills to the Legislature. li A reement between Towns of Andover, and North Andover—:Shared Use of Munici al Equip ment Se_ rv_ ices lement each other for a variety of agreement to supp reviousl accepting the"Public Works Municipal Aid The Towns of Andover and North have executed an y9 Public Works services. This was based on p Agreement" (MGL c40, § of the Police De artment -Nathan Norman visit meeting and informed the y resent at the Chief Gallagher, Detective Cronin and Detective Dale were p Board of the Visit to Nathan Norman. New England and northeast artment, along with police officers from many The North Andover Police Dep s a o participated in an effort to provide an enormous collVirginia.c The police del a terminally ill 6-year-old boy from Rustburg, police artments, several 9 p Christmas cards and gifts to Nathan Norman, police brain and spinal carncer, had a wish to receive off cers and over 100 100 p young boy, suffering from More than 250 p to visit Nathan and deliver the officers and fir efig hseveral officers from North Andover, made the j ourney vehicles, including to Virginia for cards and gifts. olice caravan traveling The Board of Selectmen presented Chief Gallagher a picture of the p the visit. and provided a short presentation of Commonwealth Commonwealth Citizens Connect Grant t the wit me ting f Boston communities to participate in the it Matt Killen, IT Director was present The Co r Boston,through a Commonwealth lica ons that work a�os unity Citizens Connect Grant. North Andover was selected as one of theof app trash grant with the city of Boston. City the development of a suite otholes, tree issuesh the u e of a innovation Challenge Grant, is supp ort basic problems, such as p departments throug broken street lights directly to the appropriate local government municipalities that allows individuals to rep pickup, mobile app. Agreement with the public A roved Chan es to Town's Em to ee Health Insurance Pro rs Employee Health Insurance program. Andrew Maylor announced that anges to the Town's an Ag Town Manager for approved Employee Committee (PEC) I Board of Selectmen Minutes active employees and retirees)will bill be erin s through Blue Cross/Blue Shield, with no increases to the monthly rates, The current health plan off calendar year 2013: All subscnberge as of January 1, 2014. The Town will be maintained through GIC coverag transferred to the Group Insurance COMMIE o peon ( ) n insurance at a lower cost to the e provide a health fair and information sessions in the fall o partnering with Group Ben qua he ears. 2013 for all emp Y well as the community. The savings will be significant over the next three y to ees and retirees. This will provide q Y employees, retirees as a winter ice skating rink by flooding Drummond Field Announcement suggested providing teat place to skate. Staff Chairman William Gordon lighting at night and it would be a g during the winter months. There is already 9 will discuss the possibilities. CONSENT ITEMS: tance of Donations to Fire Department Acce 1 000 to the MOTION, seconded by Donald Stewart that the North Andover Board of Richard Vaillancourt made a M a donation from Schneider Electric USA in the amount of$ , Selectmen hereby votes to accept roved 0. North Andover Fire Department for general use. Vote app 5 d b Donald Stewart that the North Andover amoudnt of Richard Vaiilancourt made, MOTION, seconded Y or eneral use. Vote approved 5-0. Selectmen hereby votes to accept a donation ent fro g Schneider Electric Buildings, Department$1,000 to the North Andover Fire Dep MOTION, seconded by Donald Stewart that the North of her husband d Richard Vaillancourt made a MO of t a donation from Elizabeth Armstrong, in memory ort of the Department in supp Selectmen hereby votes to accept William Armstrong, in the amount of$50ovedh5-0.orth Andover Fire Emergency Response Team. Vote app Acce tance of Donations to Police De artment d Stewart that the North Andover Board of to the Donal Richard Vaillancourt made a MOTION, seconded by roved Electric votes to accept a donation from Sc hader Electric USA m the amount o Selectmen hereby artment for general use. Vote pp of North Andover Police Dep MOTION, seconded by Tracy WatsMariaaRosatlin he amooun of$1100 to the Rosemary Smedile made a roved 5-0. Selectmen hereby votes to accept a doenelrral fuse. Vote app North Andover Police Department for g Waive Sign Permit A lication Fee for Stevens Estate Donald Stewart made a he sign permit application fee in the amou MOTION, seconded by Tracy Watson that the North And he new sign at the Selectmen oard of otes to waive tnt of$58.50 for hereby v roved 5-0. Stevens Estate. Vote app Re uest to Sur lus Fire De artment 2001 Utility Trailer ac Watson that the North Andover De artment roved 5-0. rove the request of Fire dated Meinikas Vote approved Richard Vailla eb uvotesdto appOTION, seconded y Tracy Selectmen hereby per his memo to the Town Manager 2001 Utility Trailer p of the North ' LICENSING COMMISSIONERS: Richard Vaillancourt, to open a meeting Tracy Watson made a MOTION, seconded by Andover Licensing Commission. Vote approved 5-0, tualler and Entertainment Licenses—House of Pizza 133 Main Street electmen, acting as Common Vic Stewart made a MOTION, seconded by William Gordon,that the Board o Donald S s the Common Victualler and Entertainment Licenses for House of Licensing Commissioners, approve Pizza, 133 Main Street. Vote app roved 5-0. I �I I Board of Selectmen Minutes Common Victualler and Entertainment Licenses—MBM EnerqV Grol 11D Inc dba North Andover Racewa 1503 Osgood Street Stewart made a MOTION, seconded by Tracy Watson, that the Board of Selectmen, acting as Donald Stew roves the Common Victualler and Entertainment Licenses for MBM Energy Licensing Commissioners, app 1503 Osgood Street. Vote approved Group, Inc (dba North Andover Raceway e of Mana er—North Andover Coun try Club 500 Great Pond Road d of Selectmen, acting as Tracy Watson,that the Boar Club to Donald Stewart made a MOTION,oves the Chabge of Manager for the North Andover Country Licensing Commissioners, approves 5-0. Stephen J. Kohr. Vote app One-Dav Wine & Malt License—Requested b I Merrimack College urt that the Board of Selectmen acting Richard Vaillanc per M.G.L. chap. 138 Donald Stewart made a MOTION, seconded by wine and malt license rant a one day Rogers Center, McCoy Gallery on January as the Licensing Commissioners, hereby Reception at the Rog sec. 14 to Merrimack College for an open roved do 27, 2013,from 2:00—4:00 PM. Vote app Possib►e Liquor Violation Take no action as applicant's liquor license has expired and he did not renew liceneeting of the North William Gordon made a MOTION, seconded by Richard Vaillancourt, to close a m Andover Licensing Commission. Vote approved 5-0. OLD BUSINESS: p improvement Plans FY2014-2018 Ca ital Im ro for expanded Plan etc. A healthy CIP includes ail Town Manager Andrew May anded on what the rounds,Board will fields,future healthy mp regarding open and recreational space h pace. p y the Town's assets and up keep TOWN MANAGER'S REPORT: ro ects. Capital Project Status Report p on-going capital and major p 1 The Town Manager provided a report on various on-g 9 p PositionNacancy Loq Cathy Darby provided a report outlining the status of various recruitments that Human Resources Director are ongoing or recently completed ADJOURNMENT: at 8:17 p.m. Vote Donald Stewart made a MOTION, seconded by Tracy Watson, to adjourn the meeting approved 5-0. Adele J. Johnson Administrative Secretary Richard Vaillancourt, Clerk of the Board I i I TOWN OF NORTH ANDOVER, MASSACHUSETTS MANAGEMENT LETTER JUNE 30, 2012 I I i ICI Powers & Sullivan, LLG 1� Certified Public AeCOLMU111tS 100 Quannapowitt Parkway itme .101 W'aliefidd,NIA 01,W) T.781-914-1700 F. 7h1-91.4-1761 To the Honorable Board of Selectmen Town of North Andover, Massachusetts: In planning and performing our audit of the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of North Andover, Massachusetts' (the"Town") as of and for the year ended June 30, 2012, in accordance with auditing standards generally accepted in the United States of America, we considered the Town's internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control. However, during our audit we became aware of other matters that are opportunities for strengthening internal controls and enhancing operating efficiency. The memorandum that accompanies this letter summarizes our comments and suggestions concerning those matters. We will review the status of these comments during our next audit engagement. We have already discussed these comments and suggestions with various Town personnel, and will be pleased to discuss them in further detail at your convenience,to perform any additional study of these matters, or to assist you in implementing the recommendations. This communication is intended solely for the information and use of management of the Town of North Andover, Massachusetts, and is not intended to be and should not be used by anyone other than these specified parties. The Town of North Andover's written response to the matters identified in our audit has not been subjected to the audit procedures applied in the audit of the financial statements and, accordingly,we express no opinion on it. December 14, 2012 �I ICI I j TOWN OF NORTH ANDOVER, MASSACHUSETTS MANAGEMENT LETTER JUNE 30,2012 i, TABLE OF CONTENTS PAGE i PRIORYEAR COMMENTS................................................................................................................................1 PerformanceBonds..........................................................................................................................................2 Treasurer's Financial Policies and Procedures Manual ..................................................................................2 BankDeposit Slips...........................................................................................................................................2 Timeliness of School Department Turnovers...................................................................................................3 Auditof Student Activity Funds........................................................................................................................3 Conduct Periodic Inventory of Fixed Assets....................................................................................................3 AmbulanceReceivables..................................................................................................................................4 PreschoolRevolving Funds.............................................................................................................................4 Treasurer/Collector's Office—Old Outstanding Checks..................................................................................5 Integration of Accounts Receivable Software..................................................................................................6 CURRENTYEAR COMMENTS........................................................................................:................................. Library Trust Fund Bank Accounts...................................................................................................................8 Segregation of Duties-Ability to Add, Delete or Modify Payroll and Vendor Master Files.............................8 Consider Centralizing the Collection of Permits, Fees and Other Receipts....................................................9 Enhance controls for Over-the-Counter Collections........................................................................................9 INFORNMATIONALCOMMENT...................................................................................................................... 11 Future Government Accounting Standards Board (GASB) Statements for Pensions and OPEB................. 12 III �I PRIOR YEAR COMMENTS i i Performance Bonds Prior Year Comment The prior year management letter identified that the Treasurer/Collector maintains performance bond deposits, totaling approximately$3,700,000 for various Highway Department, Planning Board and Conservation Commission purposes. These deposits are escrow accounts that must be returned to the original owners upon satisfactory completion of each individual project. We recommended that procedures be put in place to reconcile the bank balances to the departmental records on a monthly basis. At the end of fiscal 2011, all but four of the Planning department performance bonds were reconciled between the Treasurer/Collector's balances and the Planning department balances. Current Status The four remaining Planning department performance bonds were reconciled in fiscal 2012 and procedures have been put in place to reconcile with the applicable departments on a monthly basis. Treasurer/Collector's Financial Policies and Procedures Manual Prior Year Comment The prior year management letter indicated that the preparation of a formal policy and procedures manual would improve and standardize the Treasurer/Collector's financial policies and procedures. It was recommended that management develop and implement a formal financial policies and procedures manual. Current Status The Treasurer/Collector has substantially completed a financial policies and procedures manual for the Treasurer/Collector functions. Bank Deposit Slips Prior Year Comment The prior year management letter recommended that when cash receipts are recorded by the Treasurer's office, that all supporting documentation be attached to the batch to substantiate what was recorded. This should include, at a minimum, the departmental turnover sheet, a copy of the remittance advice, and the corresponding deposit slip. While conducting our testing of cash receipts, we noted that the Treasurer's office did not file the deposit slip along with the other supporting documentation for the revenue that is recorded. In a sample of 10 cash transactions, we noted three instances where the Treasurer could not locate the applicable deposit slips. Current Status i Deposit slips are now being filed with the other supporting documentation for deposits. No similar matters were noted during our current year transaction testing. I 2 I I Timeliness of School Department Turnovers Prior Year Comment The prior year management letter indicated instances in which receipts were being held by the school department for more than two months prior to being turned over to the Treasurer's office. For instance, in July,the Treasurer was provided with over 300 checks that were received in April and May, that totaled approximately$73,000,from Community Programs. We recommended that all receipts be turned over to the Treasurer's office, on a timely basis, so that the funds may be deposited into an appropriate bank account. Depositing cash receipts regularly reduces the risk of the funds being misplaced, stolen, or being returned by the bank due to insufficient funds. Current Status No similar instances were noted during the current year audit. School deposits were made on a more consistent and timelier basis. Audit of Student Activity Funds Prior Year Comment The prior year management letter indicated that the Massachusetts Association of School Business Officials (MASBO) published a student activity accounts manual, in May of 2007, to assist school districts with the operation and management of student activity accounts under the provisions of Massachusetts General Law (MGL), Chapter 71, Section 47, as amended by Chapter 66 of the Acts of 1996. To comply with the MGL, the MASBO recommends that annual audits of the student activity funds be performed. The audit may be an internal audit conducted by the school business administrator, if so approved by the School Committee. However, at least one time every three years, the audit should be performed by an independent audit firm. Current Status An agreed upon procedures engagement was completed in fiscal 2012 that satisfied the MGL requirement to have the student activity funds audited. Conduct a Periodic Inventory of Fixed Assets Prior Year Comment The prior year management letter indicated that the Town has a significant investment in property and equipment and we recommended that controls be strengthened in this area. The Town's Charter requires annual physical counts of such property and equipment and we noted that the physical counts were not being performed in accordance with the Charter. We believe that annual physical counts will assist in planning for capital expenditures, help determine accurate amounts and values of insurable assets, and will help detect the loss or unauthorized use of valuable Town property. 3 Current Status The information technology department has implemented an asset tracking system and has tagged and inventoried all school and municipal fixed assets over$500. I Ambulance Receivables Prior Year Comment The prior year management letter indicated that the Town's ambulance receivable totaled approximately $800,000 at fiscal year-end. Of the amounts outstanding, the Town's third party billing agency had estimated approximately$500,000 to be uncollectible, which the Town appropriately reflected in the financial statements as an allowance for uncollectible accounts. We recommended that the Town develop a policy requiring uncollectible accounts to be written-off on at least an annual basis. Current Status The Town has developed a policy that defines the process for the collection of delinquent ambulance receivables and the write-off of uncollectible accounts. Subsequent to year-end, the Town wrote-off$326,000 of uncollectible receivables and sent$282,000 of receivables to a collection agency. Preschool Revolving Funds Prior Year Comment The prior year management letter indicated that expenditures were not being allocated to the preschool program using a consistent and rational methodology. It was recommended that policies and procedures be adopted that would result in expenditures being charged to the program, on an annual basis, using a consistent and rational methodology. Current Status The school is in the process of developing policies and procedures to ensure that expenditures are charged to the preschool and kindergarten revolving funds using a consistent and rational methodology and that the expenditures charged to the program are in line with the tuition being charged to participate in the programs. Management's Response The North Andover School Department will set tuition rates for Full Day Kindergarten and Preschool within the allowable limit set by the Department of Education and the State of Massachusetts. The funds generated by these tuitions will be used strictly for the use of the specific program for which they are paid. Expenses eligible include staff salaries, administration, facility costs, contracted services, and supplies and materials. If annual tuition revenue becomes greater than annual expenses then tuitions will be adjusted to correct this. 4 Treasurer/Collector's Office—Old Outstanding Checks Prior Year Comment The prior year management letter indicated that the vendor and payroll outstanding checklists included numerous checks greater than three months old. Typically, checks greater than three months old reflect checks that have been voided, lost, misplaced or stolen. It was recommended that the Treasurer/Collector implement monthly procedures to investigate and resolve outstanding checks greater than three months old. To do so, the stale checks should be reclassified to tailings and removed from the outstanding check lists. For all uncashed checks greater than three years old, the Treasurer/Collector should follow the Massachusetts abandoned property law(MGL Chapter 200A, Section 9A)to bring them back into fund balance as miscellaneous revenue. Current Status The Treasurer/Collector is in the process of completing abandoned property procedures such as sending letters to last known addresses and advertising on the web. However, no checks were brought into tailings during 2012. Continuing Recommendation We continue to recommend that the Treasurer/Collector adopt policies and procedures that require outstanding checks greater than three months old to be removed from the outstanding check lists and be recorded in the tailings account on a timelier basis. Management's Response We have prepared a listing of outstanding A/P checks greater than one year old. There are only 36 items on the list—as we've been keeping up with sending letters to anyone with an outstanding check. Rather than just put these into tailings, we've decided to research each check with the department that requested it. If we determine that the address was incorrect, we'll send another letter. We selected a group over one year old so that we could follow the abandoned property laws, not just write it off to tailings and forget about it. After we've searched for new addresses,we'll post the checks on our website for 60 days. After 60 days, any checks that are less than $100 will be closed to the general fund. Any unclaimed checks over$100 will go to the Accountant to be placed into tailings. We will then advertise these checks in the newspaper and close them out after one year. We will continue to work on a quarterly basis to keep up with any checks still outstanding on our bank statements that are over 90 days old. IIII I 5 i I �I Integration of Accounts Receivable Software Prior Year Comment The prior year management letter indicated that the Town should consider eliminating the use of a stand-alone accounts receivable system and shift toward an integrated system. An integrated system would provide greater efficiencies as well as real-time, up-to-date data for important management decisions. We recommended that the Town perform a review of the current accounting system and consider implementing an integrated system. Current Status An appropriation was approved, at the May, 2010 Annual Town Meeting, for the Town to install Unifund's RevenueSense software,which was designed to integrate with BudgetSense. Subsequently, RevenueSense was acquired by Govern and is no longer available as an integrated solution for the BudgetSense accounting system. The Town is currently exploring an option to export data from the Govern system into a spreadsheet that can be imported into BudgetSense. The Town believes that this can be a viable solution that will eliminate duplication of effort that is necessary with the current system. Continuing Recommendation We continue to recommend that the Town consider implementation of an integrated accounts receivable software solution or a viable alternative such as that mentioned above. Management's Response Govern has assisted us in creating a report that allows us to export our deposits out of Govern (into Excel) and import them into Budget Sense. We are in the testing stages at this time. We will go live as soon as both the Treasurer Collector&Accountant are confident everything is accurate. I, I I' i 6 I CURRENT YEAR COMMENTS i 7 Library Trust Fund Bank Accounts Comment The Stevens Memorial Library Trustees appropriately have custody of three checking accounts and one investment account, which totaled approximately$488,000 at fiscal year-end. These accounts are used to account for the library trust funds and are listed under the Town's tax identification number. The Treasurer does not currently receive bank statements for these accounts and the balances are not recorded on the general ledger. While it is allowable under the MGL for the Library Trustees to have custody of the library trust funds and to make investing and other financial decisions with regards to the funds, we believe that the Treasurer should receive and maintain original copies of the bank statements for all accounts that are listed under the Town's tax identification number. Additionally, all bank accounts in the Treasurer's custody should be reported on the Town's general ledger. Recommendation We recommend that the Treasurer receive and maintain original copies of the library bank statements and that the balances be recorded on the Town's general ledger and be updated on a quarterly basis. Management's Response The Town will comply with recording the Library Trust Fund Bank accounts on their ledger. Journal Entry has been completed and will start making monthly reconciliations with the bank statements and the general ledger. Segregation of Duties-Ability to Add, Delete or Modify Payroll and Vendor Master Files Comment The individuals responsible for processing payroll and accounts payable also have the ability to add, delete and modify employee records included in the payroll and accounts payable master files and there is no system in place to monitor, review or approve changes to the master files. Having these permissions would allow an individual to create a fictitious employee or vendor and to process a check for payment to the fictitious individual or entity through the warrant process. Recommendation We recommend that the Town consider segregating these functions or, as an alternative, having someone perform a role that would include monitoring, reviewing and approving all changes to the payroll and accounts payable master files. Management's Response We have implemented a process where a bi-weekly change log for the payroll positions is printed from the Payroll system by user and forwarded by email to the Towns HR Director and the School Dept. Business Manager to be reviewed for changes made in the prior two weeks. After the reports are reviewed for accuracy an email is sent to the payroll coordinator indicating that the prior changes where item that had been authorized by HR. This email is then filed with the bi-weekly payroll. Each PDF report is kept in a file on the town's computer system under the Accounting Shared file on the"S" Drive. I 8 Consider Centralizing the Collection of Permits, Fees and Other Receipts Comment Strong cash controls are a fundamental element of a financial accounting system. Proper cash handling procedures ensure that money is secure and accurately received, recorded and deposited. Upon receipt of payment, a pre-numbered receipt should be issued to the customer and a log should be maintained documenting key elements of the transaction. Cash should then be held in a secure place, like a locked cash register or safe, until it is turned over to the Treasurer's office or deposited directly at the bank. The Town has several departments in various locations that handle money. And while not all of it is cash there is always a risk that payments could be lost or misappropriated. As an alternative to ensuring that proper procedures exist in each of these departments,we recommend that the Town consider centralizing the collection of all permits,fees and other charges through a single office in town hall. In this way, all payments for goods and services can be managed by one office that is equipped to receive record and deposit funds. For the town this would be the office of Treasurer/Collector. Recommendation We recommend that the Town explore and act upon opportunities to centralize the collection and reporting of permits, fees and other receipts. Fewer locations and fewer employees collecting cash reduces opportunities for loss or theft to occur and provides better accountability over cash collections. To the extent practical and consistent with law, the cash collection function should be centralized in the office of the Treasurer/Collector. i Management's Response We are in the process of centralizing cash receipt collection for all departments in Town Hall. We have purchased a receipt printer which will be used at the Treasurers counter that integrates with Govern, once we are satisfied that everything is posting correctly, we will take all cash receipts for Town Hall at the Treasurers counter. A two part receipt will print out,which the resident can then take the receipt to the department as proof of payment. I Enhance Controls for Over-the-Counter Collections Comment As a whole,we found the process for accepting and receiving payments that come over-the-counter in the collector's office to have good internal controls. For example, we noted that anyone who makes an over the counter payment is given a receipt whether it be for a cash or check payment; and that the Town utilizes a check processing machine that scans checks at the counter for electronic deposit directly into a Town bank account. However,we did see an opportunity to improve internal controls:we noted that more than one clerk has access to the cash drawer. Ideally, no more than one person should work from the same cash drawer. Minimally, each person collecting funds should have their own lockable cash drawers or method to establish accountability. Each drawer should be separately reconciled to the receipts recorded for that drawer for that day and, when opened the following day, verify that the opening amount agrees to the previous day's closing amount. 9 I I i Recommendation We recommend that separate cash drawers be used for over-the-counter collections and that opening and closing procedures be established to assure that all cash draw funds are accounted for. Management's Response We are in the process of having locked cash draws installed in the Treasurer Collectors office which would allow each individual that handles cash to have their own cash draw which would be reconciled daily. I I I 10 i i I INFORMATIONAL COMMENT 11 Future Government Accounting Standards Board (GASB)Statements for Pensions and OPEB Comment The GASB has issued new pronouncements that will significantly affect the accounting and reporting requirements for Pensions and Other Postemployment Benefits (OPEB). These new standards will start to phase in during fiscal year 2013 and will substantially impact your financial statements and will also affect the requirements for accumulating the necessary data to meet the reporting requirements. The new standards that have been issued and their effective dates are as follows: • The GASB issued Statement#63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, which is required to be implemented in fiscal year 2013. • The GASB issued Statement#65, Items Previously Reported as Assets and Liabilities, which is required to be implemented in fiscal year 2014. • The GASB issued Statement#67, Financial Reporting for Pension Plans, an amendment of GASB Statement No. 25, which is required to be implemented in fiscal year 2014. • The GASB issued Statement#68,Accounting and Financial Reporting for Pensions, an amendment of GASB Statement No. 27, which is required to be implemented in fiscal year 2015. The GASB is expected to issue additional standards following#67 &#68 for Pensions,which will similarly affect accounting and financial reporting for OPEB Plans. The GASB is encouraging earlier application of these standards.To briefly summarize these new standards— ➢ GASB#63 and GASB#65 will require reporting each of the financial position elements in a separate section in the statements of financial position. These elements are Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position; where assets+deferred inflows—liabilities—deferred inflows = net position. These new requirements will affect certain aspects of the financial statements currently and they will pave the way for the new reporting requirements of the new Pension and OPEB standards. ➢ GASB#67 and#68 will substantially change the reporting for pension liabilities and expenses. Changes in pension liability will be immediately recognized as pension expense or reported as deferred outflows/inflows of resources depending on the nature of the changes. Substantial changes to methods and assumptions used to determine actuarial information for GAAP reporting purposes will be required. Current actuarial methods may continue to be used to determine funding amounts. Employers will report in their financial statements a net pension liability(asset) determined annually as of the fiscal year end. Net pension liability(asset) equals the total pension liability for the plan net of the plan net position. Pension liability is the actuarial present value of projected benefits attributed to past service, and plan net position is the accumulated plan assets net of any financial statement liabilities of the plan. The Town should expect to record significant pension and OPEB liabilities in the future. Recommendation We recommend that management begin to study and evaluate these changes for financial statement reporting and disclosure purposes, and to formulate plans to meet with your actuaries and financial advisers as more information becomes available. You may want to consider how and when this information should be communicated to your constituents and other financial statement users. 12 I TOWN OF NORTH ANDOVER, MASSACHUSETTS REPORTS ON FEDERAL AWARD PROGRAMS FISCAL YEAR ENDED JUNE 30, 2012 i I TOWN OF NORTH ANDOVER, MASSACHUSETTS REPORTS ON FEDERAL AWARD PROGRAMS FISCAL YEAR ENDED JUNE 30, 2012 TABLE OF CONTENTS PAGE Report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with Government Auditing Standards. 1 Report on compliance with requirements that could have a direct and material effect on each major program and on internal control over compliance in accordance with OMB Circular A-133 3 Schedule of expenditures of federal awards 5 Notes to schedule of expenditures of federal awards 6 Schedule of findings and questioned costs 7 I �I �I I Powers & Sullivan, LLC 1 Certified Public Accountants REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING lop&annapowitt Parkway AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT sulte 101 OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH Wnlwfi.eld,MA 01880 GOVERNMENT AUDITING STANDARDS r'781-914-1700 F.781-914-1701 www.powL,rsttndsulliv,t n.coni To the Honorable Board of Selectmen Town of North Andover, Massachusetts We have audited the financial statements of the governmental activities,the business-type activities, each major fund, and the aggregate remaining fund information of the Town of North Andover, Massachusetts, as of and for the fiscal year ended June 30, 2012,which collectively comprise the Town of North Andover, Massachusetts' basic financial statements and have issued our report thereon dated December 14,2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. I Internal Control Over Financial Reportinq In planning and performing our audit, we considered the Town of North Andover, Massachusetts' internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town of North Andover, Massachusetts' internal control over financial reporting. Accordingly,we do not express an opinion on the effectiveness of the Town of North Andover, Massachusetts' internal control over financial reporting. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions,to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected in a timely basis, Our consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that might be deficiencies,significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider material weaknesses, as defined above. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town of North Andover, Massachusetts'financial statements are free of material misstatement,we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly,we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. 1 I I II �I We noted certain other matters that we reported to management of the Town of North Andover, Massachusetts in a separate letter dated December 14,2012. This report is intended solely for the information and use of management, the Board of Selectmen, others within the entity, and federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. December 14, 2012 IIII I' I ICI 2 II Powers & Sullivan., LLC 1 Certified Public Accountants REPORT ON COMPLIANCE WITH REQUIREMENTS THAT t""Quannapowlit Parkway COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH suit"101 MAJOR PROGRAM AND ON INTERNAL CONTROL OVER \Yakeflcld,NIA 01880 COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 T.7s1-914-1700 F.781-914-1701 ww%,,,.}owcrsandsullivnn.cont To the Honorable Board of Selectmen Town of North Andover, Massachusetts Compliance We have audited the compliance of the Town of North Andover, Massachusetts,with the types of compliance requirements described in the U.S. Office of Management and Budget(OMB) Circular A-133 Compliance Supplement that could have a direct and material effect on each of the Town's major federal programs for the fiscal year ended June 30,2012. The Town of North Andover, Massachusetts' major federal programs are identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major federal programs is the responsibility of the Town of North Andover, Massachusetts' management. Our responsibility is to express an opinion on the Town of North Andover, Massachusetts' compliance based on our audit. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America;the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Town of North Andover, Massachusetts' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of the Town of North Andover, Massachusetts' compliance with those requirements. In our opinion,the Town of North Andover, Massachusetts, complied, in all material respects, with the requirements referred to above that could have a direct and material effect on each of its major federal programs for the fiscal year ended June 30, 2012. Internal Control Over Compliance Management of the Town of North Andover, Massachusetts is responsible for establishing and maintaining effective internal control over compliance with the requirements of laws, regulations, contracts, and grants applicable to federal programs. In planning and performing our audit,we considered the Town of North Andover, Massachusetts' internal control over compliance with the requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly,we do not express an opinion on the effectiveness of the Town of North Andover, Massachusetts' internal control over compliance. 3 A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, detect, and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. Our consideration of the internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. Schedule of Expenditures of Federal Awards We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of North Andover, Massachusetts as of and for the fiscal year ended June 30, 2012, and have issued our report thereon dated December 14,2012. Our audit was performed for the purpose of forming our opinions on the financial statements that collectively comprise the Town of North Andover, Massachusetts', basic financial statements. The accompanying schedule of expenditures of federal.awards is presented for purposes of additional analysis as required by OMB Circular A- 133 and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. This report is intended solely for the information and use of management, the Board of Selectmen, others within the entity, and federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. December 14, 2012 I I i 4 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE FISCAL YEAR ENDED JUNE 30, 2012 Federal CFDA Federal Grantor/Program Title Number Expenditures U.S. DEPARTMENT OF AGRICULTURE: Passed through Massachusetts Department of Elementa y and Secondary Education: Non-Cash Assistance(Commodities): National School Lunch Program 10.555 $ 93,577 Cash Assistance: School Breakfast Program 10.553 39,938 National School Lunch Program 10.555 314,330 TOTAL AGRICULTURE 447,845 U.S. DEPARTMENT OF EDUCATION: Passed through Massachusetts Department of Elementary and Secondary Education: Title I Grants to Local Educational Agencies 84.010 328,310 Special Education Grants to States 84.027 1,053,664 Handicapped-State Grants 84.027A 32,850 Carol M.White Physical Education Program 84.215F 88,294 Improving Teacher Quality State Grants 84.367 62,842 ARRA-Special Education-Grants to States 84.391 11,354 ARRA-State Fiscal Stabilization Fund-Education State Grants 84.394 5,374 ARRA-Race to the Top 84.395 57,674 Education Jobs Grant 84.410 464,873 Passed through Massachusetts Department of Early Education and Care: Special Education-Preschool Grants 84.173 23,314 TOTAL EDUCATION 2,128,549 SOCIAL SECURTIY ADMINISTRATION: Passed through Massachusetts Rehabilitation Commission: Social Security Disability Insurance 96.001 195 U.S. DEPARTMENT OF HOMELAND SECURITY: Passed through the State Office of Emergency Management: Public Assistance Grants 97.036 19,408 TOTAL $ 2,595,997 See notes to schedule of expenditures of federal awards. Town of North Andover,Massachusetts 5 Reports on Federal Award Programs Notes to Schedule of Expenditures of Federal Awards Fiscal Year Ended June 30. 2012 Note 1 -Definition of Reporting Entity The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Town of North Andover, Massachusetts. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies is included on the schedule. Note 2-Significant Accounting Policies The accounting and reporting policies of the Town of North Andover, Massachusetts, are set forth below: (a) Basis of Presentation-The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. Accordingly, expenditures are recognized when the liability is incurred. (b) Cash Assistance-School Breakfast and Lunch Program- Program expenditures represent federal reimbursement for meals provided during the fiscal year. (c) Non-Cash Assistance(Commodities)—School Lunch Program—Program expenditures represent the value of donated foods received during the fiscal year. (d) Public Assistance Grants—Program expenditures represent federal reimbursement received during the fiscal year. Note 3—Program Clusters In accordance with Subpart A§_105 of OMB Circular No.A-133,Audits of States, Local Governments and Non Profit Organizations, certain programs have been clustered in determining major programs. The following represents the clustered programs: CFDA Name of Cluster/Program Number Child Nutrition Cluster School Breakfast Program 10.553 National School Lunch Program 10.555 Special Education Cluster Special Education Grants to States 84.027 Handicapped -State Grants 84.027A Special Education Preschool Grants 84.173 ARRA-Special Education-Grants to States 84.391 Town of North Andover,Massachusetts 6 Reports on Federal Award Programs Schedule of Findings and Questioned Costs Fiscal Year Ended June 30. 2012 A. Summary of Auditors' Results i 1. The auditors'report expresses an unqualified opinion on the financial statements of the Town of North Andover, Massachusetts. 2. No significant deficiencies relating to the audit of the financial statements are reported in the Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. 3. No instances of noncompliance material to the financial statements of the Town of North Andover, Massachusetts,were disclosed during the audit. 4. No significant deficiencies relating to the audit of the major federal award programs is reported in the Report on Compliance with Requirements that Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133. 5. The auditors' report on compliance for the major federal award programs for the Town of North Andover, Massachusetts, expresses an unqualified opinion. 6. No audit findings were required to be reported in accordance with Section 510(a)of OMB Circular A-133. 7. The programs tested as major programs include: CFDA Program Title Number School Breakfast Program 10.553 National School Lunch Program 10.555 Education Jobs Fund 84.410 8. The threshold for distinguishing Types A and B programs was$300,000. 9. The Town of North Andover, Massachusetts was determined to be a low-risk auditee. B. Findings-Financial Statements Audit None. C. Finding and Questioned Costs—Major Federal Award Programs None. D. Prior Fiscal Year Audit Findings and Questioned Costs None. IIII ill Town of North Andover,Massachusetts 7 Reports on Federal Award Programs i TOWN OF NORTH ANDOVER,MASSACHUSETTS OFFICE OF TOWN ACCOUNTANT 120.MAIN STREET,01845 S _t LgveM.Savage Telephone(978)6M9523 BuilgetDirertor/TotvnAccountant C11101savade rtamofiiortliandover.com .d MEMORANDUIVi. -j To:. Andrew Maylor,Town Manager From: Lyzza:M.Savage,Finance Director/Town-Accountant Subject: Budget Status Reports ITY 2013 Date; January 22,2013 Enclosed please:find the budget status reports for.revenue and expenses:through December 31,2012. Also included are the fund balances for all 9pecial.Revenue and Capital Projects for your review. The cash balance report from.the.Treasurer's office is attached along with any notes reflecting any reconciling'itexns, If you have any comments or concerns,please do not hesitate to call. General Fund I Revenuer.. • Property.Tax Revenue: collections are at 49%which is slightly up from this same time last year.which was 49,3 0/,): • The Motor Vehicle Excise Tax:collections atthi's point in the fiscal year are 12.2%e collected which is.up1%from.this same time:iastyear.It is still too early in the year to mdte:any predictions..It will be more apparent come.February when the.main commitment is Billed. I will keep you.posted as more information becomes available. « Ambulance Services:collections are still running on track although slightly down from this same time last year I see no issues with.meeting budget at this time. • Building Inspection Fees:_.although the collections are up substantially from this same time last year there is still no indication that the collections will continue at- I i I is largely due to an anomaly that is being driven this rate. I stated last month this, g. y Y from several.large development.projects in Tov-i. Board of Appeals: receipts are up$om last year also due to an anomaly. There where filing fees received for a 40B projwt that.generate4 the.one time.increase. • Interest Income:is continuing to track on target and projections indicate that we should have.a.small surplus in this line item. Collections at this point are 62.4% which is.up 3%compared to last year's.59.4%. • When Motor Vehicle Excise Tax-is.factored out of Local Receipts it is tracking.at 56%of budget. Although some revenues are still not reflecting any collections at this time in the i fiscal year,:this is.nQrm4t..,some revenues are-collected-at specific times within the fiscal year and are not typically collected on amonthly basis.At this point-in the fiscal year all revenues are tracking.on-target and f-expect to meet budget with a potential surplus. S { Expenses: • All departmental budgets are running at approximately 50%.of target at this point in the fiscal year which is right on track. It has come to my attention-that we potentially have several retirements within the Police Department that will occur in this fiscal year.With the limited snowfall we have had to date and the potential for_some other surpluses I anticipate that we will be.ableAo absorb the related I buyout costs within the General Fund budget. With the.signing of the PEC j Agreement for the health insurance changes work needs to be completed to confirm the full impact on the FYI 3.As more information becomes:.available I will update you as needed. Other than what I'nientioned above,I see no additional areas of concern at this time. Enter prise Funds: Water. /Sewer: • Water revenue collections are at 55% which is up 5%0, or$246,475, compared to last-year with expenditures running at 37%which:isJn line with:the 36.6%forthe same period last year.. • Sewer:revenue collections are at 49.2%,up 7%°or,$211,735 compared to last year at this time..Expenditures are running at 3%5%:up by.$27;157 compared:to last year at this time. Based on normal operations this is not unusual for this time in the fiscal year: At this time I do-not see.any areas of concern.I will advise of any changes. Stevens Estate: • Stevens Estate collections are.at 80.8%which is.up 28.4%or$49,489 compared to last year with expenditures:running at 64..8%,up 22.6% or $38,998.The Estate.continues to show monthly profits with an -acculnulative profit to date of$42,773,Having said that,based on my projections through the balance of the year the Estate will need to generate an additional $3 5;000 in revenue in order lo bteakeven.I will-continue to monitor the montlily reports closely and update y6-Li as needed. I hope.the above information is helpU,and.if you ljave,-any question.;-:oT concerns,.please do not hesitateto,contact me. TOWN OF NORTH ANDOVER- GENERAL FUND REVENUES FOR PERIOD ENDING 12101112 THROUGH 12131112 Fiscal Year: 20122013 FYI 3 MTD FY13 Year To Date, Budget Budget Balance FY12 Year To Date 1211/12-12131112 :07/01/12=12131/12 07101111-12131/11 REVENUES PROPERTY TAXES Personal Property Tax-(+) $426.14 $.1,102,342.37 $1,103,064,56 50.0%, $1,140,445.47 40.0% Real Estate Tax(+) $465,152.79 $28,941,392.59 $59,229,172.40 $30;287;779.81 48..9"/b $28,0091'133.91 48.0% Tax Title(+) $3,141.65 $74,942.13 $0.00 ($74,942-13) 0.0% $102,896.-94 0.0%� Sub-total.PROPERTY TAXES $469,720.58 $30,118,677.09 $61,434,579.33- $31,3151902247 49.0% $29,152,476.32 48,.3% LOCAL RECEIPTS 26/. Motor Veheile Excise H $65,623.52 $438,034.43 $3,600,000.00 $3,1.61,965.57 12.2% $392,_P54.36 11.__ Jet Fuel(+) $15,000-00 $4 $10,181.90 _818.10 67.9% $8,637,57 53.4% Meals Tax(+) $117,370.62 $230,767.56 $350,000.00. $119,232.44 65.9%0 0..00 0.0% Penaltles1l ritetest Prop Tax(+) $13,.880.67 $65,523.11 $112,000...0 1 0 t45,476.8,9 59,40/6 $50,616.78 50,6% Penalties/Interest Motor. Veh(+) $1,434.20 $9,105.71 $231-Q00.00. $13,894.29 39.6% $8,790,14 38.0% Penalties/Interest Tax Title(+) $255.55 $29,441.12 $46,000.00 t.16,558.88 64.0% $16,818,08 36.6% Over/Under(+) $49.09 $259.70 $0.00 '($259.70) 0.0% $318.04 0.0% Lien Certificate(t) $3,425,00 $25,680.00 $41,000.00 $15,320.,Qp 62.6% $19'9.20.00 48..6% Tt4,63 Treasures Demand Fee(+) $4,525.00 $37,194.58 $112.,000:00 $74,805.42 33.2% $37;483:44 A4 37.6% Payment in Lieu of Taxes.(-i) $0_00 $0.00 .$. 30,000.00 $30,000.00 0-0% $0.00 0.0% Wheelabrator Annual Payrnent(+) $23,479.00 $140,874.00 $282,244.-50 $141,370.50 40.9% $137,154.00 49.20/6 Wheelabrator Host Fee $127,609.33 $772,839.89 $1,542,675.60 $76.9;835:'11 80.10A $765,539.61 51.0% Ambulance Sevices $77.,252.61 $474,545.55 $900,000.00 $425,464.45 52.7% $492,050.50 54.7% $43;481:.00 3.4%. 9% � %. $1,650.00 3.7 Dog Fees $100.00 $1,519.00 $45,000:00 Town Clerk Fees $960.00 $10,612.00 $26,000.00 $15,388,00 40.8% $12,272:.00 47.2% Extended Polling Hours $uo $4,368'00 $4,000.00 ($368.00) 109,2% $0,00 0-0% Cable Fees $0.00 $0.00 $5,000.00 $5,000,00 0,0% $0.00 0.0% Clerk Violation Fees $100,00 Mom $2,100.00 $1,400.00 33.3%0/a $1,200.00 57.1% Passports. $800.00 $7,080..00 $19,000.00 $11,920,00 37.,3% $7,5,;25.00 39.6% Clerk Application Fees $0.00 $.100.00 $1,000.'00 $900.00 10.0% $100.00 10.0% Conservation Fees $82..0.0 $684:90 $1,000.00 $315-10 68.5% $311.00 .31.1% Planning Board Fees -$900.00 $8,389.68 $24,000.00 $15,610,32 35.0% $21,816.30 87.2% Police Fees(+) $630.00 $1,570..00- $3,000.00 $1,430.00 52.36/6 $1,1.8.8.00 38,9% Building Inspection Fees $25,,524.00 $430,771.61 $660,000.00 $169,228.39 8.39 71.8% $346)931.28 58.4% Plumbing Inspection Fees(+) $2,901.57 $76,659.$5 $5.9,060.00 ($17,059.$5) 129;9% $36,797.06 614% Electrical Inspection Fees(+) $7,766.94 $97,653.50 $8611.000.00 ($11,653.50) 113.651b $48,894.42 56,9% Weights.and Measureres $1,464.00 $3,700= $1,460= 5018.0/0 $732.00 1.9.80/p Recycling Fees $1,558.54 $10,028.26 $77,000-00 $66,973.74 13.09/p $26,058.54 34.60% School Medicaid Reimbursment.(+) $26,123.01 $50,47037 $150,000-00 $99,529,63 33,6% $22j092,96 14V7% TOWN OF NORTH ANDOVER- GENERAL FUND REVENUES FOR PEM.OD ENDING 12/01/12 THROUGH 12131112 Fiscal Year: 2012-2013 'FY13 MTD FY13 Year To Date Budget Budget balance FY12 Year To Date .07101112-12131112 12131111 REVENUES School Misc $0.00 $419.66 $0J00 ($419-66) 0.0% '$251..68 0.0% Library Fines $452.93 $1,154.04 $4,000..00 $2'.M.96 28.9% $4,626.94 40.2% Bathing Beach Receipts $0.00 ($10,144.0) $31,00.0,00 $47:144.00 -5'2"1% $16,207.00 52.3% Rental Income(Thrift'Shop,Credit $955.00 $5,150.00 $111580.00 $6,430.00- 44.5% $5,790:00 50.0% Cell Tower Lease $12,003.92 $47,707.30 $85,000-60, $37,29210 561% $43,404.16 51.1% Assessors Receipts.(+) $232,00 s915-00 $1,700.00 $:785t00 5.3,8% $756,00 16.1% Misc Departmental Receipts $8.4.24 $7,417A. $.0,00 ($7,417.48) 0.0046 $10,042.55 O.d%, Board of Appeals'Receipts(+) $30,100.00 $30,900-.00 $3,000.00 ($27,900.00) 1030.0°/0 $1,000.0 0 33-3% Police 10%Admin Fee $1,616.80 $21,86.0.90 $43,000-00 $21,130.10 50.9% -$20,677.63 48.1% Fire Alarm Box Permit Fee(t) $0.00 $1,000.00 $21,400.00 $20,400.00 $0.00. 0.0% Veterans Benefits(BoxFord)(+) $0.00 $0.00 $11,000,00 $11,000.00 0.0% $0-00 0.09/4 Liquor Licenses(+) $7,300.00 $95,200.00 $91,775.00 ($3,425.00) 103.7010 $92,250.00 100.5% Other Alcohol Licenses(t) $0,00 $750.00 $80.0,00 $50.06 93.8b% $450.00 56.3%, Food Licenses 275 0 $3,700.00 ($2,575.00) 169.,6vo, $3,300.00 89.2% $,325XO $6, .0 Misc Licenses(+) $800;00- $5,725.00 $10,6.00.00 $4,875.00 54.0% $9'e00.00 90_6% License to Carry Firearms(t) $537.50 $3j212.50 $3,000.00 ($212.50), 107,1'% $2,037.5-0 67.9% Fire Permits. $3,865.00 $22i298.00 $40,000.00 $17,702.00 55.7%. $20,5$2:00 51.3% Gas Permits-(t), $2,068,00 $13,.944.76 $1.0,000.00 ($3,944175) 139.4% $7,053.00 70.5% Fishing and Boatling Licenses $0,60 $1,090_00 $5,000,00 $3,910,00 21.813/o $960.00 19.2% Burial Permits(+) $jmoo. $1,575.00 $4,500.00 $2,925,00 35.0% $2,000.00 50.0% Health Dept Fees, $1.4,578.00 $35,698:00 g4000.00 $ ' $18,302.00 66.1'1a $22,161.40 40.9% Parking Fines.(+) $i $8,044:20 $16,000.00 $7,955.80 50.310� $7,084.80 44,3% Court Fines. $5:1355-00. $41*,472.50 $78,000.00 $36,527,50 53.21%' $35,870.00 45.0% False AlarmFipds-(+) $uo $32+5.00 $6,000.00 $5,67E:bb 5.4% $1225= 2.1% Interest income(+) .$11-1509.44. $62-1387.41 $100,000-00 $37,612.59 62.4% $60,00I,61 55.4% Sub-total',LOCAL RECEIPTS $597,+048.98 $3,336,688.*.96 $8,794,774.50 $5,458,085,54 37.9% $2,824,066.35. 34.1% MISC.NON RECURRING Misc Non Recurring-Intergovernmental $0.00 $9 _58.12 $0,00 ($958.12) 0.0% $1,054.94 100X% Misc Non Recurring-Hopkinto n Bill $0.00 .4 66.06 $6.00 ($466.06). GO% $4,930,43 0.0% Misc Non Recurring :Deipartm'Ontal $0'.00 t29'231.00 $0.00 ($29,331.00) 0.0 $433,042.67 1880% Misc Non Recurring-Mddic*e Part D. $7,272.26 $$4,346.62 $95,000.00 $60;888.38 36.2-'% .$53,562'.08 55.0% Sub-total•:MISC NON $6.5'101.x $95,000.00 $29,899.20 68.5% $492,59.0.12 150Z% STATE AID Exemptiom,Vets,Blind lind ASurviving Spot $18,574.00 $73,484.00 $65,566,00 ($7,918.00) 112A% $65,566,00 94.6% State Owned Land $0.00 $103,101,00 $19$111 OILOO $0.'00 100.011/0 $193,,040.00 100.0% TOWN OF NORTH ANDOVER- GENERAL FUND REVENUES FOR PERIOD ENDING 1'2/01/12 THROUGH*12/31/12 Fiscal Year: 201.2-2013 FY1.3 MTD FY13 Year To Date Bud et Budget Balance FYI 2 Yetif To Date .4211/12-121MA2. 07101/12-1:2131112 07101111-12131111 REVENUES Votefens Benefits(t} $0.00 $152,203.00 $219,144.00 $66,941.00 69.5% $105,346.00 77-0% Unrestdptedl General Government Aid $433,351.00 $866,701,00 $1,733,403,00 $866,702.00 50.,0%o $804,035.00 50.0% Chapter 70 $1,702,058.00 $3,404,118.00 $6,808,233.00 $3,404,117.00 5010% $3,062,370,00 50.0% Charter Tuition Assessment Reimb $5,366.00 s.5,366.00 $4,036.00 ($1;330:00) 133.0% $1,070.00 16.6% School Building Assistance. $no :$41.2,'131.00 $412,120.00 $0.00. 100.0% $412,131.00 1-00.0% Stilb-totall:STATE AID $2,150,349.00 $5,107,1021.00 $9,435.1614.00 $4,328,512,00 54.1% $4,543,568.00 54.31.14. TRANSFEWOTH-eR REVENUE SOURCES. Transfer fromSewer $44,145,21 $264;871.86 $529j743.76 $264,871;90 50.0% $235,777.02 50.0% Transfer from Water,(+) $973,785.68 $747j571,31 $973'785.65 -50.0% $352,861.02 50.0% Transfer from Stevens Estate(+) $.3,871.67 $23-,230,02 $46;460,00 $23:229M ,50.0%. $23,230.02 50.0% Transfer from:Special'Revenue(+) $100 $64,200.00 $54,200.00 $0.00 100.0% $105,700,00 100,0% Transfer'-from-GL9D- (+.) $0.00 KOO $137,889,1-5 $137,889.15 0.0% $0.,00 0.0% Sub=total:TRANSFF-RIOTHER REVENUE $110,314:59 $726-087,54 $1,525,864.22 $799,776.68 47.6% $717,568.06- 49.0% Total:REVENUES $3.,343,705A1 $39,363,657.39 $81,285,832;05. $41,932,174.66 48.4% $37,930,25835 47.9% NET ADDITION DEFICIT $3,343,706-41 $39,363,657.39 $81,285,832.05. $41,932,174.66 48A% $37,930,258.86. 47.9% TOWN OF NORTH ANDOVER-GENERAL FUND 0 EXPENDITURES FOR PERIOD ENDING 1210-1112 THROUGH 12131112 Fiscal Year: 2012-2013 FY13 IV Tr) PY1 3 Year To Date Bij&iet Budget Balance FYI 2 Year To Date 1211/12-12!31(12 QW0111-Z-121MM 07101111-12/31/11 EXPENSES. GENERAL GOVERNMENT Town Moderator $O.QO $0.00 $825.00 $8,25.00 0.0% $270.00 32.7% Town Manager(+.) $26,300110 $153,938.16 $315,948:40 $162,005:24 48.7% $146,170.96 48.0% Finance Committee $0.00 $326.00 .$795.00 $469.00 41.0% $326.00 41.0% Assistant Town Manager H $3,71.9.95 $24,55724 $49,55$.10 $24,998-A6 419.6% $23,744.48 49.10% Human Resources $5,862.10 $39;989.69 $8,1"38100 $41,393.31 49.1% $38,455,96 418;14% Town Accountant $106,796.42 $218,534.65 $111,739.23 48.9% $9.9-072,84 4.6.5% Assessors $24,99624 $186,229.0.8 $309,143,.03 $122,913.10 60.2% $115'662.09 88.0% Treasurer/Collector $16,�3,58.71. MMKf.2 $297,656.90 $134,192.78 54.9% $115,918.84 39.1% Legal $9,194.11 $28,.9.89.89 $185,000..0.0 $156.01.0.11 157% $36,01-2.50' 18.0% Town Clerk $27,071,55 $154;706.20 $3:34,937,03 $180,230.74 46.2% $110,336.79 35.66/4 Community Development(+) $15,504.90; $100,530:44 $222199.03 $121,668.59 45.2% $100,118:22 50,30/o Planning $8,Z16.06 $52;273.8.5 $1.10,205.18 $57j631.30, 47.4.94. $49,557.35 45.8% Conservation $6,151.65 $41,4573*7 $85,937.65 $44,480.31 48.2% $39,990.78 47.7% Board of Appeals(+) $2,630.85 $17,141.98. $34,763.,00.. $17,621.02' 49.3% $15,925.29 48,10% Aub-total:GENERAL GOVERNMENT $161,805,33 $1,070,400.41 $2,246,879,00. $1,176,478.59 47.6% $891,616.63 40.9% PUBLIC SAFETY Police $298,360.43 $2J85,093.24 $4,4.03,4a1.62 $2,218,338.38 49,6% $2,041,981.11 48.51/10 Fire(+) $391,683.17 $2,293*,843.53 $4,4.37j921.03 $2,144,977.55 51,7% $2,200,273.20 50,7% Public-Safety Reserve $'Q.QO $0.00 $144,573.40 $,144,57.3.40 0.0% $ 0.00 0.0% Inspection Services $19,188.516 $119i834.717 $252,897.80 $183,063.03 47-4% $1.18,626;1.8 51.-0% Emergency Management $2,837.13 $5,556.72 $21,475.28 $15,918.56 26.0% $4,6+55.83 21.81/14 Sub-total PUBLIC SAFETY $712,074.29 $4,604,328,261 $9;260,299.18 $4,655,970.92 49.7% $4,364,942.32 49.0%. EDUCATION Ffanklin School(t) $334,359.27 $1,581,172.37 7 $4,673,+.13.9.81 $2,491j967+.44 zs,.e% $1,721,55:9.50 48.,2% Systemwide $556,619.37 $1,715,478.51 $51.821,224.1.2 $2,105,745.61 44.0%. $3,295,762.19 39-M/0 High School $639,161.16 $3,449,41Z46' $8,+768,8,03,94 $5,319,391,49 39:3%- $567,758.61. 61.9% Central Office $77,666.99 $561j578.11 $1,101,,038'65 $539,462.54 51.0% s2,476,988.14 38,4% Middle. $.491,205-28 491,,025A8 $q,5.47,557.42 $4,056,531.94 38.0% $8154,9+09;10 38.06%- + school Atkinson School $179,1805 $868278,62 $2,259,9Z2.74 $1-1391,654.12 38.40/a $1,439,890.38 37.2% Kittridq9 School $136,7198.20 $668,774.92 $1,714,530.30 $1,045;755.38 39.0% $639,780.80 38.7% Thomson School $152,803.62 $759,513645 $1;972,186.46 $1,212,650.3"1 38,5% $730,281.38 39.61)/6 TOWN OF NORTH ANDOVER:GENERAL FUND EXPENDITURES FOR PERIOD ENDING 12/01/12 THROUGH 92/31/12 Fiscal Year: 2012-2013 FY13 MTD. FY13 Year To Date Budget Budget Salance FY12 Year To Date 1211112»12131112 07101112-12131112 07101!11-1 2131111 EXPENSES Sargent School(+) $279,040.62 $1,344,930.70 $3,510,857.98 $2,165,927.28 38.3% $1,256,680.88 37.8% All Elementary(+) $24,157:95 $113,700.25 $247,905.51 $134,205.26 45.9% $241,483.99 64,2%0 Out of District(+} $317,642.17 $1,581.,795.87 $4,266,764.07 $2;684,968.20 371% _ $1;554,456.92 37.6% Sub-total:EDUCATION $3,188,674.58 $15,135,681.43 $38,283,941.00 $231148,259.57 39.5% $14,749,545.89 39.9% PUBLIC WORKS Adrninistration(+) $27;534:35 $194,383.99 $408,146.71 $213,762.72 47..6% $196,353.62 49.3% Solid Waste.(Trash)Collections(+) $205,442.96 $525,164.34 $1,268,138.00 $742,973.66 4.1.4% $508,742.58 41.1% Streets and Sidewalks(+) $50,331.06 $334,979.85 $789,718.00 $454;738.15 42.40% $297,440.02 34:3% Structures and Grounds(+) $43;703.37 $242;505.27 $533,651-.24 $291;145,97 45.4 610 $206,123.00 39.1% Fleet Maintenance(+) $61-,229.74 $132,231.97 $268,716.00 $136,484.03 49.2% $93,923,40 38.1% Snow and Ice(+) $10,397.71 $19,334.95 $752,448.00 $733,113,05 2.6% $156,926.19 22.6% Sub-total:PUBLIC WORK$ $398,639.19 $1,448,600.37 $4,020,817.95 $2,572,217.58 36.0°10 $1-,459,468.81 36.7% HEALTH AND HUMAN SERVICES Health.(+) $15,512.30 $93,560.62 $203,845.00 $11,0,284.38 45.9% $98,145,57 45.5% Elder Services(+) $17,843.09 $114,920,74 .$249,369.10 $134,448.36 46.i% $115,401:41 47.5% Youth Services(+) $15,917.33 $128,307.27 $257,141.88 $128,834.61 49.9% $1.27,296.15 513% Veterans Services(+) $27,877.21 $168,293.91 $371,369.30 $203,075.39 45.3% $169,13,9.26 50.1% Sub=total:HEALTH AND HUMAN SERVICE $77,149.93 $545,082.54 $1,081,725.28 $576,642.74 46.7% $509;982.33 49.1% CULTURE AND RECREATION Library(+) $56;536.05 $449,844:11 $852,230.00 . $402,38539 52.8% $445,757.12 53.8% Sub•t6tal:CULTURE AND RECREATION $56,536.05 $'449;844.11 $852,230.00 $402;385.89 52. 8% $445,757.12 53.6% SUPPORT SERVICES Purchasing(+) $3,696.05 $24;247.56 $49,016,57 $24,769.01 49.5% $24,652.48 50.4% Auditing(+) $0.00 $38,000.00 $57,000.00 $19,000.00 66.7% $38,000.00 63.3% Informaton Technology(t) $49,701.33 $393,083.50 $922,585.58 $$29;502.08 42.6% $457,417.92 49.5% Facilities(+) $6,586.00 $42,996.88 $97,238,75 $54;241.87 44.2% $30,03052 30.0% Sub-total:SUPPORT StkVICES $59,.&83.3.8 $498,327.94 $1;125,840,90 $627,512.96 44:3% $550;100.92 48,6%0 0EBT.SERVICE Included-Principal-LT(+) $1,380.01 $1,473,350.01 $3,814,474.00 $2,341;123.99 38,6% $1;364,856.00 53.2% Included=Interest-LT(+) $7,884.56 $394;615;88 $636,633.10 $242;017:22 62.0% $281:,967.01 52.1% Excluded-Principal-LT(+) $0,00 $1,399,856:00 $1.,399,856.00 $0.00 100.0% $1,472,323.00 42.9% TOWN. OF NORTH ANDOVER-GENERAL FUND EXPENDITURES FOR PERIOD ENDING 12/01112 THROUGH 12/31112 Fiscal Year: 2012-2013 FYI 3 MT*r) FMYear-To Mite Bud et Budget Balance FYI 2 Year To Date 12MI1,242131112 07101/12-12/31112 07101111-12131%11 EXPENSES Excluded-Interest-LT $o.b.b.. $183,230.76 $440;710.33 $257,479.54 41.6% $360,739-39 51.1% Subtotal:DEBT SERVICE RVICE $9,264.57 $3,451,052:68 $6;291,673.43 $2,840,620-75, 54-9% $3,479,885'.40 48.0% EMPLOYEE BENEFITS Retirement Assessment $0.00 $3,186j9.902+1 $3;1 86,990,21 $0,00 100.0% $3,002,373.72, 100.0% Workers 6offipentatidi t0-0,0 $240,022,$9 $308,70,1.79 $63'.078.90 79.2% $246,745.30 98.7% Unemployment $10,979.53 $29,992.8+6 $200,000.00 $170,007.14 15.0% $47,171.47 34.5% Oroup insurance' $895,507,00 $5,373,402.00 $10,746,8.04.QO $5;373,402:00 50.0% $.5,034,333.92 50,1% Payroll Taxes-Medicare $47,228:75 $292,036.62 $+600,000.00 $301,563.38 48,70/6 48,4% Police and Fire Accident Ins(4-) $1,012,46 $34,640.28. $90j'000.00 $58,359:72. 38.5% $62,47.2.77 55+.2% Sub-total.EMPLOYEE BENEFITS $964787.74 S9,157,684.86 $1r5,127,496.00 $6,969,811,14 60.5% $8,683,70231 61.4%, LIABILITY INSURANCE 7- 89.4% Liability Insurance $0-00 $290,449.30 $837,15&60 $46j7`04.30 36111/o $269,18(5.46 Sub-total:LIABILITY INSURANCE + $0-100 $290,449.30 $337,153.60 $46,704,30 86.1% $269,186.46 89.4% CAPITAL.AND RESERVES Capital Stabilization $0.00 $25,000.00 $2$,000.00 $0.00 100.0% 0.00 0.0% Stabilization Fund %00 $215,000.00 1p25,000.00 -$0.00 1:0010% $ . 0.00 0.0% Sub-total:CAPITAL AND RESERVES $0.00 $250,000.00 $250,000.00 %.00- 100,0% $ 0.00 0.0%: STATE CHARGES Mosquito Control $221-840.00 $45,080.00 $901,159.00 $45,079.00 50,0016 $42,926.00 50.0% Essex County Agriculture Tech $18,71300 $37;426.00 $74,850.00 $37,424.00 50.0% $24,644..00 50,0% Retired Municipal Teachers $3+29,109,00 $658,218.00 $113.16,435.00 $658,217.00 50.0% $702,+759.00 50.0% Air Pollution Control $2,205:*.00 $4,410.00 $8,846.00 $4,439.00• 40-8-% $4,242,00 50.0% Regional Transit Authorities $46 076.'00 $92,153.00 $1d4,305.00 $92,152.00 50.60/,j $86332,00 50.0% WV Non Renewal$umharde $ ,320.00 s8,640.00 $19,800,00 $11,160.66 43.60/b $10,040.00 48.6% $4 10.4% School Choice Assessment 667,00 $4,667,.'00 $22i802,00 $17,635.00 20.9% $6,667100 Charter School Assessment $21',3.81-00. + $21,38+1..00 $49,937,00 $28,556.Q0 42.8% $13,450.00 19.2% Sub-total cSTATE CHARGES $449,01100 $871,975,00 $1,766,037.00 $894,662.00 494% $890,959700 47.4% OTHER NON DEPARTMENTAL Regional School $62,937.00 $125,874.00 $250,168.00 $124,294:00 50.3% $121,977.00 50.0%School Building -$0.00 $900-00 $900.00 0,00/0 $1$0'.40 20.0% Sub-total,OTHER NON $02,037.*00 $125,874.00 $251,068.00 $126"194.00 5110/6 $1221-157.40 49.9% DEPARTMENTAL Total:EXPENSES $6,130;763.06 .$37,859,300-90 $50,895,761.34 $43,036,460,44 45.8% $36,417-,304.65- 462% NET ADDITION DEFICIT $9,130,763.06' $17,859,300.90 $80 895" $43,03SA60..44 46.80/6 $36,417,304.65: 46.26% TOWN OF NORTH ANDOVER-WATER .ENTERPRISE FUND OPERATING STATEMENT WITH BUDGET FOR PERIOD 12101112 THROUGH 12/31112 Fiscal Year: 2012 7,2013 FY1.3 MTD FY13 Year Ta.Date FYI Year To Date 1211112-1 2131!1.2 07/01/12-42131112 Budget Budget Balance 07101111--12131111, REVENUES - REVENUE Intetbst1Penalties(+) $1,437.65 $13,637.41 $20,000.00 $6,36259 68.2% $11,284.72 51,3%o User Cha'r�es(+} $413,953:15 $2,732,974,05 $4,552,51 6.08 $1,819;542:03 60.0% $2,531;490:91 55.6% Water Hookups(+} $'3,000:Op $291-000.00_ $40,000.00 $11,0.00M 72.5% $26,000.00 68,4% Other Fees'(+) $45,956.26 $233,790.26 $500,000.00 $266,209.74 46.8% $193,038:51 38.6% Misc Departmental Revenue(+) $50.00 $5,576.441 $0.00 ($5,576.4.1) 0.0%° $8,025.00 83.6% Interest Income(t) $11286.99 $4,965.31 $7 000,00 $2,034.69 70,9% $3,629.58 66.0% Sub-total:REVENUE $465044:05 $3,019,943.44 $5,119,516.08. $2,099,572.64 59.0% $2,773,468.72 54.10° Total:REVENUES $4650684.05 $3019;943.44 $5,119;516.08 $2;099,672:64 $2,773,468.72 EXPEN91=S SALARIES Salaries(-) $46,509.11 $325,791,12 $71`8,903.00 $393,111.88 45.3% $304;911.95 46.2% Subttotal:SALARIES ($46,509.11) ($325,791.12) ($718,903.OD) ($393',111:88) 45.3% ($304;911.95) 46.29/6 EXPENDITURES Expehses(-) $72,472.60 $387,847.28 $1.,454,71.8.50 $1,066;871.22 26.7%° $393,719.77 26.9% Sub-total:EXPENDITURES ($72,472,60) ($387,847,28) ($1.,454,718;50) ($1066;871<22) 26.7% ($393 719.77) 26.9% DEBT SERVICE Long Term Principal(-) $0.00 $399,729.26 $1,642;053.17 $1,242,323.91 24.3% $404,429.26 23.8% Long Term Interest(-} $31,369.37 $112,728.13 $220,165.38 $107,437.25 51.2% $129,333.33 50.1% MWPAT Principal(-) $0.00 $246;525.00 $246;525,00 $0.00 100.0% $241,643.00 97.2% 1VWPAT Interest(-) $0.00 $46;022.64 $89,580..03 $43,557.39 51.4% $48,439.07 51.3% Sub total;DEBT SERVICE ($31.,369:37) ($805;005,03) ($2,19B,323.58) ($1;393,318.55) 36.6% ($823844.66) 35.8%° INTERFUND TRANSFERS Transfer to General Fund-Indirect Cost $62,297.61. . .$373;7$5:66 $747,571.00 $373,785.34 50.0% $352,861:02 50:0% Subtotal:INTERFUND TRANSFERS ($62,297.61) ($373,785:66) ($747.;571.00) ($373,785.34) 50.0% ($352,861.02) 50.0%° Total:EXPENSES ($212,648:69) (.$1,892,429:09) ($5,119,516.08) ($3,227,086.99) 37.0% ($1,875,337.40) 36,6% NET ADDITION DEFICIT $253 005'36 $1,127,514.35 $0:00 ($1;127,514.35} $$98,131.32 TOWN OF NORTH ANDOVER-SEWER ENTERPRISE FUND OPERATING STATEMENT WITH BUDGET FOR PERIOD 1,2101112 THROUGH 12131,112 Fiscal Year: 2012-2013 FY13 MTD. FY1 3 Year To Date FY42 Year To Date 1211112-12131112 07-101112-12131119 Budget Budget Balance 07161111-12/31/11 7161111-1*2j34111. REVENUES REVENUE IntprestlPenalties(t) $1,516,90 $15,772-.22 $22,66.0,00 $6,227.78 71.7% $11,855.38 47.6% User Charges $415,163.63 $2,323,146-30 $4,482,403.48 $2,1%257.18 51.8% $2,113,885.56 43.0% Sewer Hookups(4-) $3,557.010 0 $38,013.00 $65;000..00 $26,9.87,00 5.8.5. % $37,469X 55-.1% Other Fees(+) $4,323.45 $15"389.98 M01000.60 $204,610.02 5.1% $15,124.25 8.4% Rental IncomeO $0.00 $4,320.00 $0.00 ($4,320.00), 0.0% $7,200,00 0.0% interost lncomei(+) .$670.08 $2,627-90 $3',900.00 $1,272.10 67A% $1,956.13 61.56/6 Sub-total:REVENUE $425,240.06 $2,399,269.40 $4,873,303.48 $2,474,034'.08, 49.20/6 $2,18.7,534.31 42.2% Total:REVENUES $416,240.06 $2,399,269.40 $4,673,803.48.. .$2,474,034.08 $2,187.,534-31 EXPENSES SALARIES Salaries $37,421.49 $252,884.74 $509,732.00 $256,847.26 49:6% $205,456.00 49.9% Sub-total:SALARIES ($37;421.49) ($252,884.74) ($509;732-00) ($256,847.20) 49.6% ($295,456.00) 49.9% EXPENDITURES, Expenses(-) $15,,204,61 $92,655.08 $289,675.00.- $1.9.7.101.9.92 32.0% $1115,232M 39.1% Legal Settelments $0,00 $ 0.00 $ 0.00 $ 0.00 0,0% $56,000.00 100.0% Sewer Assessments $0.00 $807,600-00 $1,541,246.70, -$733,746.70 52.4% $724,207.18 42.0% Sub-total:EXPENDITURES ($15,204.61) ($900,155.08) ($1-1830,921,7Q) ($930,766,62) 49.2% ($895,440,11) 43.1% DEBT SERVICE Long Term Principal $0.00. $118,444.74 $1,23.11,1964...83 9-6% $118,744.74 9.8% MWPAT Principal t-). $0.00 $21.2,285.65 $378,690'45 $166-704.80 56.00/a $209,277.11 56.9% Long Term Interest $42,261.68 $166,830.57 $331,899.24 $165,059,67 50.30/o $185,553.60 50.3% MWPAT Interest(-) $6.00. $7i*681.93 $57,566.26 50,478.33. 1,2.811/a $9,463.02. 12.9% Sub-total':DEBT SERVICE ($4.2,261,68) ($504,642.89) '($2,10-00,405.78.) ($1,495J62.89) 25,2% ($523,038.47) 25.6.94* INTERFUNP TRANSFERS Transfer to General Fund'-Indirect Cost $44,145.31 $264,871,86 $529,744.00 $264,872.14 50.00!0 $235,777.02 50..0% Sub-total-1 INTERFUND TRANSFERS ($44,145.31) ($264,871-.86) ($529,744.00) ($264,872.14) 50.0°(o ($235,777.02) 50.0% Total:EXPENSES ($139,033,09) ($1,922,554.57) ($4,870,803.48) ($2,948,248.91) 3915% ($1,949,711.60) 37.6% NET ADDITION DEFICIT .$285,206.97 $476,,714.83-- $2,500.00 ($474;214.83.) $237,822.71 TOWN OF NORTH ANDOVER-STEVENS ESTATE ENTERPRISE FUND OPERATING STATEMENT WITH BUDGET FOR PERIOD 12101/12 THROUGH 12131/12 Fiscal Year: 201.2-2013 FY13 MTD FY1.3 Year To"Date FYI Yaar To Date" 121111 2-1 213111.2 07101.112-12f31112 Budget Budget Balance 07101/11-12'!31117 REVENUES REVENUE Stevens Estate Receipts(+) $9;670.34 $215,389.31 $266,928.00 $51,538.69 80.7% $166,009.18 MAO* Interest Income(+) :$37.79 $238.34 $0.00 ($238.34) 0.0.% $129.74 0.0%a Sub=total REVENUE $9,708.13 $215,627.65 $266,928.01) $51300:35 80.8% "$166,138.92 52.40/6 Total:REVENUES $9,70813 .$216,627;66" $266,928.00 $57;300.35 "$166,138.92 EXPENSES SALARIES Salaries'(-) $7,023.83 $68,904.26" $100,.000.00 $91,095.74 68.9% $47,723.07 44.6% Sub-total:SALARIES ($7,023:83) ($68,904.26) ($100,000.00) ($31,09574) 68.9% ($47,723.07) 44.6°% EXPENDITURES Expenses(q) "$8,859.85 $80,72010 $t40.,468.00 $39;747.80 "67.0% $62,903.62 38.5oIo Sub total:EXPENDITURES ($8,859.85) ($80,720.20) ($120068.00) ($39,747;80) '67.0% ($62,903.62) 38.50/6 INTERFUND TRANSFERS Transfer to General Fund-Indirect Cost $3,871.67 $23,230.02 $46,460.00 $23,229.98 50.0% $23,230.02 50.06/6 Sub-total:INTERFUND TRANSFERS ($3,871.67) ($23;230.02) ($46,460_00) ($23,22$.98) 50:0% ($23,230.02) 50.0% Total.EXPENSES ($19,755.35) ($1-72,854.48) ($266,928.00) ($94;073.52) 6:4.8% ($133,856.71) 42.2%0 NET ADDITION DEFICIT ($10,047:22) $42,773.17 $0.00 $32;282.21 I I I i TOWN OF NORTH ANDOVER SPECIAL REVENUE FUNDS&.TRUST FUNDS.BALANCES as of 12131f12 Month: December Fiscal Year: 20'12 2013 Fiscal Year: 2012 Fund Description Beginning Balance Revenue Expense Transfers Fund Balance MUNCIPAL FUNDSFUNDS 2021502 Police Bullet Proo€Vest $21;200.00 $0.00 $090 $0.00 $2.1,200.00 2021508 Fite Sere Giant $2,165:24 $0.00 ($2007:75) $0.00 :$157,49 2021'509 Pine Hem-not Grant ($288AOj $5,97000 (:65,632.00) $o.QO $0.00 2021515 Osgood/andover Grant $9,48637 $4.88 $0.00 $0.00 $9,491.45 2021517 Elder Service Affairs Grant $4,846.02 $18,707:50 ($20,475.86) $0:00 $3,077.66 2021520 Library State Aid $62,482.50 $11,532.20 (42;250.0[)) $0.00 $7.1,764.70 202[521 NA Arts Council $4,943.7t $0,00 ($3,200.00) $0.00 $1743.71 0 '$0.00 $0,00 $143.91 1 2021532 EriergyE�cicncy Conservation Block'C $'143.88 $0; 3 II 2021533 State 91r Dept Support and Incentive.G ($65,1103.00) $63,200.99 $0.00 $0.00 ($2 4 92 01) 2031921 CPA $5,840,121.75 $1,107,496.81 ($1;546;346$3) $:0.00 $5,401;277.03 2031200 Police Outside Details ($57 35.1'.25) $277,196.00 ($310,979:50) $0.00 ($91 134.75) j 2Q31201 FireQiitsideDetails ($4;539.32) $17;781.34 ($14,747:9'8} $0.00 (91,545,36) 2031202 DPW Recycling Bins $1,579.01 $0.00 $0.00 $OOD $1,579.01 11 2031203 Home Composi'ting Bins $62117 $0.00 $0;00 $0,00 $623.17 2031204 llost-ComnnuiiiYPIamvng $75,059.38 $25,000.00 ($5,535:20) $0:00 $94;524,18 2031265 Host CommunityTrafl is Enforcement -$48,664.41 $9,250.00 ($2,020.00) $0,0.0 $55,894,41 2031207 Hea1t11FoodC6nstJl(ant $80,5$.46 $21,250.00 ($10,785.03) $0.00 $91,753.43 2031208 Health Septic Consultant $14059.44 $5,8..0.00 ($4,760:00) $0.00 $15,099.44 2031209 Bidg 1'0rnttt Pee CsLSD ($28 4-59 63;) $090 $0.00 $0,00 ($2$459;63) 2031210 Field Maintenance. $10,150.35 $1300:00 ($4,641,03) $0:00 $6,809,27 2031211 Health Dept Revovling $1,964.45 $16,530.14 ($9,834.52] $0.00 .$8,656.08 2031213 Youth Services $218;082,19 $108,212.65 '($189,026.40) $0.QO $137268.44. 2031217 Elder S&Viees Revolt'ng $9,091.25 $15,665.00 ($12,382.14) $0.00 $12,374,11 2031219 Board Of Appeals-Postage $0.00 $857,00 ($586.50) $0:00 $270.50. 20.41300 Fire Damage Reimbursement Thirtt She $22,481,02 $0.00 $0.00 $0.00 $2,2;481.02 2041301 Wetlands Filing Fees $45,684.59 $29,828.50 ($29;703.25) $0.00 $45,809.84 204'1302 PoliceliisuranceReinybutsement $0.00 $3,323.15 {$909.00) $0.00 $2;414:15 2041306 DPW Insurance Reimbursements $5455:00 $0.00 $0.00 $0.0.0 $5,455.00 2041308 Appellant Tax Boatd Appeals. $74;393.00 $0.00 $0,00 $000: $74,393.00 2'0'4]309 Jared/1V Sherwood Drive $15,45020 $O,QO $0.00' $O:OQ' $15;450.20: 2041310 GLSD-PubliaSafety $21,62991 $090 $0.00 $0.00 $21,629.91 2041311 Police State 911 Training Grant ($2;553,03]. $4,8.50:42 ($1,476.36) ZOO $82 1.03 2051016 CDAGPrograms $701.29 $0,0.0 $0,00 $0.00 $701.29 2051017 CD13GProgram $19,624:79 $0.00 $0.00 $0:00 $17,624.79 2051018 Pc&mlBomalnvestRehab. $498.05 $0:00 $O.DO $0.00 $498.05 2051500 Osgood Roof&Gutters $16,225.00 $0.00 $O,.UO $0.0 $16,225,.00 2051501 Machine Shop Village $1,666.66 -$0.00 $0.00 $1,646,66 2051507 Fire Tag LEPC $1,267.94 $0.00 $0.00 $0.00 $1,267.94 '2051522 Mass Travel Historical Grant $36,040.77 $0.00 $0.00 $0:00 $36;040.77 2051523 Old Center Common Proiect $300:00 $0.00 ($117,43) $0:00 $182.57 2051603 RimilyCo-Op Donation $338.44 $0.00 $0.00 ::$0:00. $338.44 2051604 Flag l=and $5;164"07 $0.00 $0.00 $0.00 $5;164.07 2051607 Stevens Foundalion.Grant-Half Mile H $I I;6&7.50 $0.00' $0.00. - $0.00 $11;687.50 2051608 Trust For Public Land Grant-Half Mile $10,000,00 $0.00. $0.00 $10,000,00 2051610 Stevens Foundation Grant-.Cullen Prop $5,231.07 $0,00 $0,00 $0.06 $5,231.07 2051611 Town Clerk Census $10,856:51 $0.00 $0.00 $6s00 $10,856.5 t ? 20'51613 Mary Charles Estate Donation $8;50:162. $0:00 ($),200.00) '$0.00 $7;303:62 2051614 Conservation Tree RestSral $3;500:00 $Q.00 $0.00 $0.00 $3,500,00 2051615 Cofturi Dev Marketing Brochure $150:00 $0.00 10.00 $0.00 $150.00 2051616 Police Helmets $693:78 $0:60 $0,00 $O.GG $693.78 2051.618 Student Academy Donation $1;809:81 $0:00 $0.00 $0,0(1 $.1,509.81 2051624 ,gidewafkC009trtretielr $4,632.14 $16,580.00 $0.00 $0.00 $21,312,14 2051627 Foxwood SubdivWon $27,871:13 $0.0.0 $0.00 $0.00 $27,871.13 2051'628 Solid WasteAvisory $7,885,31 $0,00 On $O.Ot1 $7,885.31 205T529 Sewer Mitigation $196,7212 $16,544.00 $0.00 $0.00 $273;265.72 2051630 Elder Services Donations $19,169.44 $3,696:58 (.$1,973.34) $0:00 $21,392.68 2051631 Eider Services Nutrition Donations $1,826.57 $600.00 $0.00 $O.OII $2;426:57 2051633 J Herman Youth Center :$.7 880`.36 $0.00 $0:00 $0.0.0 $7,880.36 2Q51634 Veterans Support The Troops .$10.18 $0.00 $0:00 $0.00 $10.18 2051635 Vietnam Fallen Heroes $298.86 $0.00 ($298.86) $0.00 $0.00 2051637 Elder Services Water Donations $149.65 $420.00 {$286:06) $090 $283.59 2051638 Festival C6miVittee $2(,448.97 .$8,615.00 ($13,360.00) $0.00 $16,703.97 2051640 Recreation Programs. $19,721,64 $2;944.00 ($9,385.00) $0.00 $13,280:4.4 2051641 Schneider Electric Donations $4,2fiS.45 $0.00 ($3,865.00) $0.00 '$400:45 2051642 J Herman Youth Center $312.50 $11,400.00 $0.00 $0.00 $:11,712.50 III TOWN OF NORTH ANDOVER SPECIAL REVENUE FUNDS&TRUST FUNDS BALANCES as toff 12131112 Fiscal Year: 2012.2013 FiscalYear: 2012 Fund Descr€ptiOm Beainnina Balance Revenue Expense Transfers Fund Balance 2051643 Project Lifesaver $1,385.31 $300;00 ($�13-72} $000 $1,594.5.; 2051652 PEG:Grant $35,564.59 $0.00 $0.00 $0.0Q $35,564.59 360Cr.91 $1,500:00 ($1,17D,00) $0,00 $3,93,6,91 2051654 FiraDept Equipment Donations $_ $0.00 $0.00 $31555:17 2051655 Police Dept Donations $3j555.17 $0.00 i 2051656 Merrimack Condo's $15,000.00 $0.00. $0.00 $0.00 $1.5,000.00 i 2051657 New Fields $101,010.00 $50,850,00 $0.00 $0,00 $151.866.00 205165$ Sew Fields Memorial Library Donations $3,372.86 $735.00 ($9226), $0.00 $4.,015.60 $0 205I659 Phyto-Pollution Reduction Project(Tree $25,000.00 .00 ($20:200.00.) $0.00 $4 800:04 2651660 Trash Truck Monitoring Project $7S(100.00 $0'00 $0.00 $0.00 $7$722 0.0 f 2051661 Lt..Col Harold ADushameMemorial ' $0,00 , 60& 4$3,679.01) $,uo $3174848 206.1450 N A Water Conservation Grant Project ($ 12ff;59) $3755 2061451 Surface Water Overflow Engineering St $50 000',00 $4.00 $0.00 $0,00 $50 000.00 f Total Mun€cipatFunds $7,187,280.115 $1,897,1119.27 (52;23Z,609,ts) S0.00. $6,8515691.84 f SCHOOL FUNDS 566.90) $0,00 $0.00. 2012063 Circuit Breaker $0.0,0 $277,566.00 ( 77. 6,266,33 2012140 Grant-Literacy $35,405.01 $8,874.00 (838,:012,68) $0.00 $. 2012241 Grant-Literacy $0.31 $15133:00 ($7,9$7,78) $Q.DO $714553 2012203 Carol M White Physical,Ed Program ($11,564.06) $11,564.06 $0.00 $p_fl0 ($30 376 00) 2012240 Grant=PL 94-142 $23,748.67 $312,60300 ($366,728,04) 2Q12162 Grant-PL 94-142•Early Childhood $2,098.08 $0.00 ($9,833.85) $0.40 ($7,73 ,77) 2012274 Grant-Special Education Frameworks $0.00 $4,178.00 ($322.00) $9,00 $3,856,00 2012305 Grant-Title One $6,850.28 $97,656.00 ($95;553.82) $0.00 $8,952,46 00 ($ 3 244.00) $0.00 $0.00 $0.00 2022143 Grant-Level 3 Targeted Assistanco, $3,244. : 30,00 $0 00• $0.00.. 2022220 Grant-Support Under Performing,Dist $1,876;50 ($1,876.50) 2022290 Grant=DOH-Healltb $407.44 $43,050.00 ($34,61(1.l 1) $0,00 . $:8,841.33 44200 ($7,}42.00) $0.00 $0.0.0 2022625 Grant-Academic Support Service-Sun $0•Q0 $781500 (46,39000) $000 ($2,825.D0) { 2022632' Grant-Academic SupportService-Wit $1,750.00 $1 $Q.QO $0.00 I 2022634 MCC Stars Residencies Grant $5,000.00 $0.00 (55,000.00) 1,782.2 . 202270] Grant-Kindergaden $0.00 $3$400.00 ($37,060.80) $0.00' 2022703, Big Yellow School Bus Grant $ 400 0.00 $ .00 ($220.00) $0.0,0 $209.00 2022704 Grant-Fuel up to Play.60 $77.7:51 $2,900.00 ($723.48) $0.00 .$2;954.03 2032010 Athletic Revolving O.OD. $159,11$100. ($97;864.13) $0.00 $62016.87 '2032011 Cominuuity Programs $179,272.89 $441,797.31 ($513,675.36) $0.00. $107394;84 2032012 All Day Kindergarten $29,35 $327,657.83 ($249;992.14) $0,00 $117,695.41 2032013 Preschool Revolving $489.06 $71,625.40 ($91,458.87) $0.00 C$19,344.41) $1,966.47 $22,574,75 (,'628.896.67) $0:00 ($5,255:45) 2032014 Custodial $01d0_ $20,943.50 2032015 Rental Tees $18,125,00 $2,537:50 ($329.90) 2032016 Paid Busing Transportation. $167.31 $286,6178,50 ($133;52$.97) $0.00 :$153,316.8.4 9. fi z 4;.fl.0 $.42,807:56 2032017 Iusurance.Recovery $36,516.41 $18,603.48 ($1.2,31_,33) $. $9.4440 2,032019 Professional Deveiopmont'1•uition Acct $1,293;40 $0'.40 ($349.90) $0.00. 2032027 High School S.hakespearc(drama Club $1;453.90 $0.00 $.0.00 $0.00 $1;453.99 2032023 Middel School Citizen Donation $443,50 $0.00 $0.00' SOFA $443:50 2032024 Middlc.School After School Program $700.00 $2,340.00 ($114SO.DO) $9.00 $1,530 00 2032025 Bradstreet Citizen Donation $3,233.76 $0.00 $0.00. $0.00 $3,233.76 2032028 Sargent School Wetlands Project $631.91 $0.00 $0.00 $0.00 $631,91 2032029 H&Rt Soho lWetlan $659,00 $0.00 $0.00 $0.00 $65900 2032030 Non Resident Specialn $1,485.93 $1,800.00 $0.00 $0.00 $3,285.93 203233 School-Lost Book $627:25 $O.OD $0,00 $0. 0 Books $00 $627:25 $9 $O:D4 2032035 Unrestricted School Donations $9,219.92 $1,000,00 .00 $10,219.02 2032036 E-Rate Program $478,56 $11,73$.10 $000 $0:00 $12216:66 2032050 School Lunch Program $269986:82 $417587.12 ($500,434;07) $0.00 $187139:87 Total School Tunds 5596,073.28 $2,582,724.55 {'$`2;ST7;7a7:10) $O.Otl $701,050,73 TRUST FUNDS, 70080.86 Conservation Fund $25,045.02 $18.17 $0.00 $0.00 $2.$,063.19 106.49 $0.00 $0.00 MOO $2,106.49 7008087 Law Enforcement Trust-State_ $? 764.70) $0.00 $30,943.46 7008088 Law EnforcententTrust-Federal $31,615.22 $2,092.94 ($`' 1531.15 7008201 Drug Free School Trust $1,5.31.15 $0.00 $000 $0.00 $ 7008202 A Armitage Welfare. $37,133.61 $19.9.0 $0.00 $000 $37,153.51 7008203 'raytor Welfare $766.92 $0.34 $0.00 $0.00 $767 26 7008204 Moses Towne School $9,231.90 $4,78 $0.00 $0;00 $9,236,68 7008205 Sarah Barker $9,788.43 $5,07 $6.00 $0.00 $9,793.50 7008205 Kate SBarker Sgh of $1.,072,06 $0.56 $0.00 $0.00 $1,072.62 7008207 Sewer Pump Trust $46,382.19 $26:78 $0.00 $0.00 $4.6,408.97 $470.22 $0.27 $9.00 $000 $470.49 7008208 Hyman Koker CemetarY TOWN OF NORTH ANDOVER SPECIAL REVENUE FUNDS&TRUST FUNDS BALANCES as of 12131!12 Fiscal Year: 2012=2013 Month¢ December Fiscal Year: 2012 Fund Desbriotion Bedinnina Balance Revenue Expense Transfers Fund Balance 7068109 Flag PokTrust $4,924.2-1 $0.25 $0.00 $0.00 $4,924.46 7008210 HelanCoolidpTruse $2;164:52 :$1:31 $0.00 $0.00 $2,165.83 7008211 x&SStoncWelfare $16;506.53 $1.47 $0.00 $0,00. $16;508:00 7008212 Taylor Fund $28.00 $0.00 $0'.00 $0.00 $78.00 70082.13 S ewer PuiupTrust $10,583.72 $0.00 $0.00 $0,60 $10,583.72 7008214 F1agPcile-Trust $78.95 $0.00 $0.00 $0.00 $18.95 7008215 Stone Income Fund $16,290.93 $7.53 $0.00 $0:00 $16;298:46 8008070 Health nsurakeTrust $1;720,379.71 $7,399,81534 ($6,234,347.24) $0.00 $2,89047.81, 8608685 Sfibilization Find $2,678,267.66 $224,21.9:87 $0.60 $0.00 $2,02 30733 8008086 Affordable Homing'Frus#Fund $1,654,237.27 $J,768,50 $0.00 $0.60 $1,055,505.77 8008087 Capital Stabilization Fund' $0.00 $25,000M, $0.00 $0.00 $25,000.00 Tota!TrastTund's $5,668;654.71 $7,652,503:08 ($f 23 7{111.41)` S0'.00 $7,0841045.85 i Tafrrl ii!l Ftrnrls S13 4S2 Q0S 74 *'12,132 24691 ($10 947467,22) $a:00 $14,636,7N8:42 i I �I II I I 1 j TOWN OF NORTH ANDOVER CAPITAL.PROJECT FUND BALANCES`as of 12131112 Month; December Fiscal Year. 2012-2013 Year: 2012 I I Fund Description Beginning Balance Revenue Expense Fund Balance MUNICIPAL.AND SCHOOL FUNDS j 305.3373 Upgrade Police Radios $16,071.39 $0.00 $0.00 $16;071.39 $18139:75 $0.00 ($402,00} $17,737.75 3053384 Facilities Master Plan $38,531.96 $0 00 ($38;531.96] $0.00 3053385 Police Station Egriijnnent 0.00. $4,200.00 3053386 Revenue Billing System $4.,200.00. $0'00 $. i $0.00 3053387 BodyAnuor Replacement $11,290.00 $.0.00 $11,290.00 3053388 Fire Depattrrtent Radio Equipment $:66,559:06 $0.00 ($8'x75 ) $$4,108 02 3053389 FheTrucks $4,108:02' $0.00 $0 0' 0 3053390 Library-T1VAC heating-Ventilation Sy $96;340.19 $0'.00 ($21'x$0 00 $40,332.15 3053'391 F1re.AlarniBoxcs.and Panels $40;332.15 $0.:00 $0.00 3053392 DefbrilatorReplacement $2.0 .55 $0.00 ($203.35) 3053393 Police Statiaii Parking.Lot and Exterior $122,0044.00 $0:00 ($96:,362.49) $25,641.51 3453394 Internet TelephoaeSystem $41,143.33 .$0.00 ($11,618:33) $29,52500 3053395 School Data Storage and lntergiation $16,.8,21.98 $0.00 ($13;013:22) $3,808.76 3053396 Replace Fire Chiefs Vehicle $0,04 $0:.09 ($29,273:05) ($29.273.05) 3053398. GenerallT $0.00 $0.00 ($2,613.79) ($2.613.79) $383.55 $0.00 $0.00 $383.55 3083361 School FaacilityConstruction p0p $14,707.00) $12,258.02 30$3368 Modular Classrooms-School Cot $26,965.02 $ ( $0.00 308336.9 School IT Network Equipment $1,480.00 $0.00 ($[;480.OQ) 3083370 Fire SprinklerSSst Kittredge.School $7;308.70 $0.00 $0.00 $7 308.70 3083371 Middle School RoofRepalcement $849,242.27 $516,135.00 ($1-,699,603.44) ($3g3.226 17) 3083372 Sargent School Ro6fReplacements $247,425.40 $213;634.00 (:$4 6,356,00) ($25,296,60) 3083373' Atkinson School Window Replacement $367,662.63 $308,113,00 ($ 17,07`l:`12) ($141298.79) 30.93317 Police Station-2009 $4,259.09 $0.00 $0.00 $4,259.09 $0.00 $0.00 ($286.00) ($286.00) 3093318 Design Work-Central Office $1,526.60 :$0.0.0 $00 $1,526.60 3114020 Drainage Improvements 3114026 Drainage,Streets And Sidewalk $66.85 $0.00 $0.00 $1,490.11 3114034 Drainage Tntprgvements 2007 $$650.11 $0'00 $650.57 $0.00 ($'650,57) $0.00 3114037 OId Center Roadway p 00 $10,584.49 3114045 Sidewalk Construction-2009 $12,584.49 $0.00 $ 311.4049 Network Connection Upgrade $'2.,806.32 $000 ($650.40) $2,1$0.32 3114051 Roadway lmpravements-.2011 $9;328•49 $0.00 ($9,3�fi.49) $0.00 3114052 Sidewalk Reconstruution-20'11 $4,419.12 $0.00 $0.00 $4,419.12 $0.00 $8,090.00 3114053 Senicr Center Roof Replacemerit $8,090,0,0 $0.00 -$11,085.06 3114057 Roadway Itnprovements-2012 $31,392.55 $0.00 ($20 307,;40) 3114058 Emergency Generator at DPW Facility $$6,101.00 $0'00 $0.00 $$6,999.99 3114060 Dump True kNvlPlo-,v,:Sander and Basin $6,999.99 $000 31I40b1 Roadways.20I3 $0.00 $.0:00 ($1.91,722.71) ($191,722.71) 3114062 Sidewalk Reconstruction 2013 $0.00 $O:OQ ($22 427.00) ($22.127.0.0) d 3114063 Building Maintenance -$0.00 $0.00 ($5.249:56) ($5 249:50) Total Municipal and Selrool^ $2,083,228.13 $1,037,882;00 ($3,4811594.13) {8360,•184,30) a CHAPTER_90 e ($1,250.00) $0.00 $'0:00 ($I ? 0110) 3105004 MA7486 3105.011 MA5.0913 ($511.708,93) $874,594.10 ($428, 311.75} ($65 R5.58).7 Total G.hapter 90 (${17 958.93) $874,594.10 (5428,730.75) WATER ENTERPRISE FUNl7 6066302 Water Filtration {$11,9(9.70} $0.00 $0,00 ($111 9.19:70) 6066304 Add'1 Water Supply $874.36 $0.00 $0.00 $874.36 Ci0b6335 Water Storage.Tanks $117,925.28 $0.00 $000 $117,925.28 6.066337 Meter Replacement Program $37,267.13 $0..00 f$33,000.64) $4,266.49 6066343 Water Main Rehab-2009 $42,610.02 $0.00 ($2,102,74) $:40,507.28 6066394 FoxwoodBooster Pumping $20,700.80 $0..00 (S6,--N.00) $14,376.80. $0.00 ($81,9.1 6066345 Bear Hill Booster Pump"Station $148,427.11 7.22) $63,509.89 6066346 Rosemont Booster Puinp $336,978.82 $0.00 $0.00 $336,978.82 I i I� TOWN OF NORTH ANDOVER CAPITAL PROJECT FUND BALANCES as of 12131/12 Fiscal Year: 2012-2013 month: December Year: 2012 4 Fund Description. Beginning Balance Revenue Ex ense Fund Balanca f >:37 6066348 MeterRepiacement-201f $382,2.3.1.00 .$0,00 ($14;514.63) '367.;7 6066349 Water System Improvements $421,352:32 $0,00 ($1.24,97 0.f).4} $296,442.28 6066350 1-Ieating Ventilating and Air Conditionin $690,000.00 $0,00 $0.00 $690,000.00 ! 6066351 Valve and Hydrant R-eplacentent and his $163;851.24 $0.00 ($21,466.00) $142,385.24 I 6666352 Water Main Replacement-2013 $000 $0`00 (:$150665.80 F Total,Watea'Enterprise.Fnd $2,350;298,38 $0.00 ($437,901.12) $1,912,397:26 I SEWER ENTERPRISE FUND i 6076202' Gas4 Side:Interceptor $27,424:62: $0:06 $Q:.OQ $27,424.62. j 6076203 Sewer Sys.ExtPliase IVA $5,927.41 $0.00 $0,00, $5,927.41 6:076206 Sewer Sys Eat In Watershed $37,124.72 $0.06 $0:00' $32,124:72 6076208 Sewer Ext Gr.Pond ($69,1$7:34.) $0,00 $0.00 ($69.187:34) 6076209 Angus Pump 51,94500 $0.00 $0.00 $1,945.00 6076212 S6}t%er Gpr 111. $13,283.58 $0.00 $0.00 $13,283.58 6076213 N Main Street Sewer $4,581.40 $0.00 $0.00 $4,581.40 1 6076214 Extending Sewers ($22250:22) $0.00 $0.00- ($22,250.22) 6676215 Pump Station hhp $838.45 $0.00 ($838.45) $0.00 j 6076216 Sewer Sys Improv $12,112.95. $0.00 $0.00 $12,172.95 I 607621$ SeaxerSysExt Ph3C $128;993.07 $0,00 $0,00 $128,993:07 ! 6076219 West Side Swr $117,837.67 $0.00" (:$43,962.00) $73,875.67 6076221 Sewer System Ph 111 $2,439,51 $00 $0.00 $2,439.51 6076222 Sewer System Ext l h IV $900,00 $0100 $0.00 $900:00 6076223 East Side SewerReplacement. $897.94 $0,00 $0.00 "$897:94 i 6076.224 Johnson Circle Pump Station 2 $4,740.00 $0.00 $0.00 $4,740:00 6076225 1 Ton Track $1,597,00 $0:,00 $0.00 $1.,597:00 ! 6076226 New Qomiy Lane Pump Station $19,240.00 $0.00 $0;00 $19,240.00 6076227 Sewer Ext Phase 4D $147,160.47 $0.00 0.00 $147,160.47 6076228 SewerImprov $620.94 $0.00 $9,00. $62094 6076230 Waverly Road Relief Sewer.Main $1,28$,631.39 $0.00 x$350;225:00) $938,4Q6.39 6076232 East Side.Trunk Sewer-2009 $405,3 66.46 $0,00 ($4;869.15) $400,497.31 6076233 Sittton Street Seweflmprovcments $476,442.21 $0,00 (S35;75 1,91) $440,690.30 6076236 Sewer Utility Truck $78,000,00 $0.00. ($72j499001 $5;502,00' 6076237 ReA Pond Sewer Pump Station $0.00 $250,006.00 $0.00 $250;000:00 6076238 School St&Bunkerhill Sewer Replacen: $0.00 $100'000.00 ($�9.�i7ff:3I} $80;321.69 Total Sewer Enterprio Fund $2,684,667.23 $350,0K00 ($527,822,82) $2,506,814,41 STEVENS ESTATE FUND. 6126501 Landscape Phaso III $2,394::09 $0,00 $0,00 $2,""394.09 6126502 Bldg And GroundsImprovemeuts. $11,448.11 $0.00 $0.00 $11,448..11- Total Stevens Estate $13,842.20 $0.00 $0.00 513,842;20 Total AllE'irtrds. $6,619;07701 $2,262;476.10 ($4876049,12) $4,005,503.99 I TOWN OP NORTH ANDOVER DIVISION OF FINANCE 1.20 Main Street North Andover, MA 01845 VtORTy Jennifer Yarid,.CMMT oq� ,r� '�tib 'Telephone: 978 68.89552 3? '' '_ o� Fax: 978 688-9524 raw Treasurer/Collector � :,�' ��SSACHt15�� i TO: Lyne,Savage,Town Aeeountant/BudgetDirector FROM: Jennifer Yarid,.Treasure./Collector DATE: January 22,201.2 SUBJECT: Cash Reconciliation;&Due To/From Transfers All accounts for the month of December have been reconciled. All accounts reconciled balance to.the,penny. All transfers relating to the due to/from balances have been made up to 12/31/12. ' I ' I e FJAN222013 -COUNTING i Town of;forth Andover Cash Balances by FUND Fiscal Year. 2012 20'13 bate Range:07/01/2012 12/31/2012 Increases Decreases Account Number Title Beginning Balance Debits Credits Cash Balance. 106t 001.0.0-0001).DDD0.0.104260.0000.0000,00.00 Cash Unrestricted-Century-Lockbok 10,441.65 15,324,21`7.56 15,324,924.79 9,734:42 tf 1001001.0.0.0000.0000.0.104300.0000.0000.00.00 Cash Unvestriaed..-Bank ofAmerica 1,003,550.60 834,765.29 1;547;122.24 291,193.65 i/ 1001001:0.0:0000.0000.0.104500_DOOD,OOA0.00.00 Cash Unrestricted-T.D.Bank North MoneyMarke 386,090.02 7,777,997.32 7,736,5!"50.92 427,536.92 ;/ 1001001.0.0.0000;0000.0.104600.0000.0000.00.00 Cash Unrestricted-Century Money Market 92$:24 250,471.67 0.00 251;399.91 '1001001.0.0.0000.0000,0,104700A000.0000.00.D0 Cash Unrestricted-;Georgetown Savings 10,8;072.05 23,35 0.00 � 108,095.4.0 f 1001001..0.0.0000.DDDD.b.10480D.0000.0000.00.00 Cash Unrestricted-Ambulance Fund 188,645.48 474,306-97 629,391.55 t 33,560.90 V 1001001.1.D.DO.DD.00DD,D,1.o4DDD.DDp1).DDDU.DD.OD :ash Unrestricted- Mellon#9814 {15,785.86} 3,5570.07 0.00 (12,195.79) 1001001.1.0.0000.0000A.104100.DDDO.00DD.00.00 Cash Unrestricted-Payroll 744,723.53 1.5,991-,100.19 16,189,604,67 746,219.05 of 1001001.1.0.0003.0000.0.105000.0000.000000.00 Cash Unrest*bad-MMDT#11-44166756 (690;978,62) 3,609,606x2$ 4,579,039.81 1,660,412.1 1001001.1.0.0000.0000.0.105400.00000003.00-0O Cash Unrestricted-Riverbank Money Market 2,128,160.99 1264.67 1,5001,743.()9 628,1682.57 1001001.1.O.D0DO.Ob0D.0.105500.00DD.01i00.00.D0 Cash Unrestricted-Riverbank Checking 50,00 0.00 0,00 50.00 1001001.1.0.0000.0000.0.1057000000.00A0.00.flD Cash Unrestricted-Century Sweep 380,000-00 3,190,000.00 3,160,000.00 410,000..00 � 1061001.1.0.001)0.0000_0-10590D.0000.0DOD.00.00 Cash Uniest6 ed-RiverbankCas 0,00 7,080.60 1,094.60 0.00 1001001.1.0.0000.000D.D,1D61D0.0000.0000.00.00 Cash Unrestricted:-TD Banknorth#8245912840 325,796.02 30,339,800.50 29,452,19820 1,213,398.32 ?r' 10014.01.1.0.0000.0000.0.106400.0000.0000.00.00 Cash Unrestricted AlP-Unibank 449;172.88 28,899,615:80 29,384,126,27 (36,337.59). 1OD10D1.1.0.ODDD.ODOO.0.106500.0000.OD0D.DD:01) Cash Unrestricted-Unibank-MMWireTransfen 1',663,900.00 9,963,808.04 9,780,231":59 1,847;476.45-V 1Doloo1.1.0.0000,0000.0.1os7Do.00oD.0000.04.o0 Cash Unrestricted-Century Old AIP 23,934,53 3.98 13,024.71 10,91.3.8.0 .' 7001001..1.0.0000.0000.0.106900.0000-000000.00 Cash Unrestricted-Mt.Washington CD's 11,024,414_$4 62,39.0.73. 0.00 11,086;805.57 1001001.1.0.OOOOAD00.O,iD7000.DDDD_01)OO,DD.00 Cash Unrestricted-Lowell Five Money Market 7;008,$18.77 10 021,31226 ii,34u36-47 51684,494,66.' Total FUND; 1001001 24,739,955.12 125,945,345.78 129,643,684.91 21,041;615.99 2021515.1.4.0410.DDDD.O_iO66000000.0000.00.010 Cash-Unrestricted-Century Bank-Osgood Wig) 99466,63 4.88 0.00 19,471.51 Total FUND: 2021515 19,460.63 4.$8 0.00 19,471.61 2021532:1.O.DOOO.000D.o.106800.OD00.D000.OD.0D Cash Unresttricted:-Century EEC-BG Grant 143,$8 0-03' 0.00 143.91 l` , :•.t`_ "-�"' Total FUND: 2021532 143,88 4:03 0.00 143.91 2032050.2,3.0000.0000.0,1040000000,ODD0.00,00 Cash Unrestricted=.StonehamSchoolLunch (0,01)_ 0.00 0.00 2032050 23.0000.00000.196300,0000,0000.flo.OD Cash-Unrestricted-TD Bank-School LOnch 2867994;12 346;t58_37 446;712.61 1$7,039,88 f Total FUND: 2032030 286,994.11- 346,75$,37 4461.-12.61 187,039.87 6126064.1.0.1237.0000.0.104000.0000.0000.00.00 Cash Unrestricted-Stevens Estate 53',052.94_ 117,50627 101,412.79 169,146.42 IV Total FUND: 6126064 63,035294 117,506:27 101,41279 69,.146.42 7006086.1.0.0400.pp00.D.1D4400<0.0pO0D00.00,00 Cash Unrestricted-ConservationFUnd 25,279.86 13.09 000 25,292.75' Printed: 0.112212013 9:47:37 AM Report: rptGLCashBalances 3.1.16 Page- 1 Town of North Andover Cash Balances by FUND Fiscal Year: 2012-2013 Date Range:0710=012-12/31/2012 Increases Decreases Account Number Title Beginning Balance !Debits Credits Cash Balance Total FUND., 7008086 25,279-66 1.3.06 0.00 25,292.75 7008087.1,4.0210.0000.0.104000.0000.0000,00.00 Cash Unrestricted-Law Trust-,State O_qi 0,00 0.00 0.91 Total FUND. 7008087 0.91 -0.00 0.0.0 0.91 7008088.1.0.0210Gq00.0.104000.0000.0000.00.00 Cash Unnashicted-Law Trust-Federal 31,615.27 1,209,47 1,747.38 :31,077.36 V Total FUND: 7003088 31,61527 1,209.47 1,74728 31,077.36 70O82O2-1.0.0000,000..0.104000.0000.0000.00.00 Cps h Unrestricted A Arviltage Welfare.. 38,431.26 :38,411..:36 19.90 0.00 Total FUND- 7008202 38,41130 19.90 0.00 38,431.26 7008203,1..O,bO00.0000,0.I04000.0000.0000.00.60 Cash Unrestricted-TaylorWelfare 767-67 0.40 -0.00 768.07 Total FUND; 7008203 767Z7 OAO 0.00 768.07 7008204.,I.0.13000.0000.0.104000,0000..0000,.OD.OD Cash Unrestricted-Moses TqWrie School 9,237.46 v- 9,232.68 4.78 0.00 Total FUND: 7008204 9,232.68 4,78 0.00 9,237A6 7008205.1.0.0000.0000-0.I04000.0006.0000-00.00 Cash Unrestricted-Sarah Barker-School 9,805.05 5..07 OM 9,810.12 1/' Total FUND: 7008205 9,805.05 5.07 0.00 9,81012 7008206.1.0.0000.0000.0.104DO0.0000.00.00,00.00 Cash Unrestricted-We Stevens Cemetary 1,071.56 0.56 0.00 1,072.12 V' Total FUND: 7008206 1,071.56 0.56 0.00, 1,072.12 7008207,1.0.0000.0000.0.104000.0000.0000.00.00 Cash Unrestdaed-$ewerPump Trust 61 A44.27 31.02 0.00 Total FUND: 7008207 61;444:27 31.a2 0-00 61,476.09 70*08208.1.0.0000.0000.0.10400Q,OOdO.0000.00.00 Cash Unrestricted=Hyman Koker Cemetery 464.84 0.26 0-00 465:09 ✓ Total FUND: 7008208 464.84 0.*25 0.00. 465.00 7008209.1,.0.0000-OQDO.Q.1040W.0OD0.OGOD.00,00 Cash U.rTrOstricted tFlag Pole Trust 460.'03 025 0,00 .460.28 Total FUND: 7008209 .4.60-03: 0.25 0,00 46018 7008210.1.o.oc)bo.000.().0.10400o.006b.o000.0o.o0 Cash Urire!ftricted--,Helen'CoolldgeTrust 2,513.31 1.31 0.00 2,514.621/ Total FUND- 7008210 2,513,31 1.31. 0.00 2514.62 7DO8211.1.o.b000.001)0.0.10400o.o0oo-c)oo.o.00,00 Cash Unrestricted-.1&SIStone,Welfare 2;860.07 1.47 (wo 2,861.54 V Total FUND: 7003211 2,860.07 1.47 0.'PO 2,861.154 7006115.1.0.()000.0000.0.104000.0000.00o0•bo.o0 Cash Unrestricted-Stone Income Fund 14,574.63 7.53 0.00 14,582.16 v/ Printed: 01/22/2013 9.47:37 AM R.6port: TptqL0qphBalancqs Pqge: 2 Town of North Andover Cash Balances by FUND Fiscal Year: 2012-1013 Date Range: 07/0,7.12012-1:2/31/2012 Increases' Decreases Account Number Title Beginning,Balance Debits Credits Cash:Balance -Total FUND: 7008215 14,574..63 7.53 0.00 14,582.16 7008300.1,0.0000.0000.0.104000.0000,0000.OD.DO Cash Unrestricted-Special Purpose Fund 3$5,14,7;30 1,257.39 4,400.85 382,003.84 Total FUND: 70.08300 385447.30 1,257.39 4,400.85 382,063.84 7008301.1.0.0000.0000.0.10400D.0000.0000.00400 Cash Unrestricted-StudentActivity 21'9,129.55' 210,053.81 179,681.00 249;502.361 ' Total FUND: 7008301 219,129.55 210,053.81 179,681.00 249,502.3.6 7608302.,1.D.pOpD,ODOt}.0.104000,0000.0000.0.0.00 Cash Unrestricted-HighwayBonds 250.02 35,636.88 24,520.60 11,366.271/ 7008302.1;0.0000.0000:11,105200.0000,0000.60.00 Cash-.Unrestricted-Century Highway SubAcct., ,22 .4 24 V , . 75 67 8 Total FUNDS 7008302 167,13026 52,862.35 43,1;58,.10 176,834.51 7008303.1,0,0000.0000.0.104000.0000.00DD,00.00 Cash Unrestricted-Conservation Escrow Trust 10,280;48 494,395.79 399,439.12 105,243.15,,,� 7008303.1.0.0000.0000.0.105300.0000.0000.00-00 Cash-Unrestricted-Century Conservation Sub. 3,226,159.07 304,486.07 193,852:35 3,336,792.79 V` Total FUND: 7008303 3;236,445:55 798;881.86 593,291.47 3,442,085.94 7008304:1.0.0000„0000.6,104000.0000.ODoo.O0.00 Cash Unrestricted-Passbook-Planning Board 92,906.18 0..00 0.00 92,90.6.18 Total FUND; 7008.304 92;206,18 0.00 0.00 92,906,18 7008305.1.0.0000.0000,0.1.04000.0000.0000.00.00 Cash Unrestricted-Passbook-Conservation 19,124.83. 0..00 OAO 19,124.83— Total FUND: 700$305 0:00 0.00 19,124.83 8008070.1..0.0914.0000.0.104000,0000.0000.00.0.0 Cash Unrestricted-MMDT-Health.lns°Trust 2,176;753'.71 8,,285,488:34 7,120,088,24 3,342,153.81 i” Total FUND: 2 80Q$070 _. .. ,176,753;71 8,285,488:34 7;120,08824 3;342,153.81 8008685.1.O.00DO,0000.0.1056.00:0000.0000.00.00 Cash.Unrestricted riverbank-Stabilization Fund 1,740,499.54 6,68256 0.00 1,747,182.10 t/ 8008085:1.0:0000,D000.0:168200.0000.OD00.00.00 Cash= Smith Barney-CD 9 4714 937,545.25• 5,972;33 13,950.40 929,567.19 800808541.0.0000.0000.0.1D7100.0000.0,000.00.00 Cash Unrestricted-Century Bank CD's 225,033.90 4$2:16 10.50 225,5'15.56 t2� Total FUND: 8908085 2,903,078;70 13,147,05 13,960.90 2,902,264.85 8008086:1.0,0000,0000.0.104000.0000.0000.00:00 Cash Unrestricted-Affordable Housing Trust 553,785.12 267:80 554,052.92 0,00✓ 8008086.1..0.0000.0000.0c1.0.7100,0000.0000.00.00 Cash Unrestricted Century.Bank CD's• 500;452.15 502,712.32 7,003,164.47 0.00 — 8008086.1..0.0000.0000.0.107700.0000:D000.00.00 Cash t.owell'FiveMonoyMkt#i0131D1 0,.00. 1,055;505,77 0.00 1,055,505:77 tt� Total FUND: 800.8066 1,054,23727 1,558,485',89 1,5,57217.39 1;055,505:77 8008087,1::0.0000.0000.0.1D7100,OO110.0D00.00,o6 Cash Unrestricted-Century Bank Cb's 25;003',77 53.12 0:00 25,057.49 v Total FUND: 8408087 25;003.77• 5172 0.00 25,057.49 Printed: 01/22/2013 9:47:37 AM Report: rptGLCashBalances 3,1:16: Page: 3 Town of North Andover Cash Balances by FUND Fiscal Year: 2012-2013 Date Ran e-07/01/2012-12/3112012 9 - Increases Decreases Account Number title Beginning Balance Debits Credits Cash Balance 35;577;071..11 437;331,141.64 139,705,355..64 33,202,857.11 End of Report Printed: 01122/2013 9:47:37 AM Report: rptGLCashBalances 3.1.16 Page: 4 16.t`CLRD f�a� i I I AGENDA Steven's Pond Cyanobacteria(blue/green algae) issue Public Input Meeting Town Hall, Selectmen's Meeting Room 7:00 PM January 30, 2013 • Background/Goal • Introductions • Town's Consultants' Presentation o Study, Findings, & Potential Management Alternatives Evaluated • Environmental - Town's Consultant: Aquatic Control Technology (ACT) • Hydraulics—Town's Consultant Weston& Sampson Engineers (WSE) • Public Questions, Comments, &Input • Going Forward i I _ II i Purchase of Bradstreet School Property Submitted by Coalition for a Better Acre 517 Moody Street Lowell, MA 01854 January 9, 2013 it COALITION FOR A .BETTER ACRE f 517 Moody Street,Lowell MA 01854 Phone: (978)452-7523 Fax: (978)452-4923 January 8, 2013 I Mr.Andrew Maylor Town Manager 120 Main Street North Andover, MA 01845 Dear`Mr. Maylor: The Coalition for a Better Acre (CBA)is pleased to submit a proposal to the Town of North Andover for the acquisition of the property located at 70 Main Street, North Andover, MA,the site of the former Bradstreet School.CBA is a community development corporation which celebrated its 30th anniversary in 2012,if we are selected by the Town,CBA would form an affiliate Limited Liability Corporation to take title to the property. Following an inspection of the school building with our development team we concluded that the optimal reuse of the site involves the demolition of the school and the new construction of an attractive building right on Main Street that offers commercial retail storefronts on the first floor and rental housing above, Our proposal would create 5,000 sq ft of commercial space with the potential for outdoor tables and store displays that would enliven the streetscape and attract customers. In addition,we propose 24 residential rental units that would be restricted to households with incomes of no more than 60%of the area median income(approximately $48,000 for a three person household). Our offer is submitted with the following conditions: • Upon selection by the Town, CBA,or its affiliate,will enter into a P&Sand CBA will winterize the building and assume all reasonable costs associated with managing the building. Upon a funding commitment from the Massachusetts Department of Housing and Community Development(DHCD), CBA will take ownership of the property. • As DHCD requires a local commitment of funds before it will consider a request for affordable housing development funds,our offer is conditioned on a commitment of CPA or Affordable Housing Trust funds from the Town of North Andover(or other municipal funds that Town prefers)towards the affordable housing development costs. • Completion of an environmental analysis of the site (commissioned and,paid for by CBA)that does not reveal unanticipated expenses of a significant amount related to environmental remediation. s CBA is committed to ensuring that the voice of residents is organized,heard,respected and decisive in shaping the future of the Acre neighborhood and other areas of Lowell with similar needs. NeighborWorks- We believe that we have an exciting plan for the redevelopment of the 70 Main Street property that will add to the vibrancy of downtown North Andover. Our proposal will support nearby businesses,enhance neighboring residential uses,and address the Town's goal of increasing its supply of high quality affordable housing that meets local needs and is professionally managed. I As stated, we feel that the optimal reuse of the site is a new mixed use property.The existing school building could only be reconfigured into eight to ten small apartments which would not be economically feasible. However, in recognition that the Town may be committed to preserving the school,our architect has included a draft concept for redeveloping the school with an attached building with fourteen units for a total of twenty-four residential units and no commercial space. CBA looks forward to working with the Town of North Andover in the redevelopment of the 70 Main Street property. I may be reached by telephone at:978-452-7523 x 812, or by e-mail at: emily.rosenbaum @cbacre.org Sincerely, A� r v v I Emily Rosenbaum Executive Director I i III I, Former Bradstreet School Property., 70 Main Street, North Andover, MA January 8, 2013 I i Part 10—Minimum Criteria A.--E. Enclosed please.find one original unbound proposal and six bound copies and a cover Letter.Within a sealed envelope is a completed Price Proposal Form, Certificate of Vote, Certificate of Non-Collusion, Certificate of Tax Compliance, Respondent Entity Disclosure Statement,and the Disclosure of Beneficial Interests in Real Property Transaction, plus a cashier's check for 5%of the proposed purchase price. F. Development Team Qualifications The contact person is CBA's Executive Director, Emily Rosenbaum,with an address of 517 Moody St., Lowell, MA.01854, who may be reached by phone at: (978)452-7523 x 812,or via e-mail at: emily.rosenbaum @cbacre.org. The proposed project will be implemented by CBA's Executive Director, Emily Rosenbaum and CBA's Director of Real Estate,Madeline Nash, both of whom have been successfully employed in the field of community development for over twenty years. (` They will be assisted by CBA's Project Manager, Meena Jacob who recently completed managing CBA's two most recent affordable housing initiatives the Acre High School Apartments:a$7.5 million adaptive reuse of a historic building into 22 housing units; and the Unity Place Apartments: a$6.7 million new construction project of 23 housing units, CBA has assembled a team of highly qualified professionals with whom we have successfully completed several projects.and who specialize in affordable housing design and development: • Winslow Architects who have successfully designed and overseen construction of four of CBA's recently completed projects; • Hancock Engineers who have provided exceptional civil engineering services for CBA's recently completed Unity Place Apartments and for CBA's current pipeline project(mown as the Gorham Street Apartments; • Daniel Violi—A Development Consultant with over 20 years in the field of community deveiopment and finance with a specialization in Low Income Housing Tax Credits who has worked on four of CBA's recent projects; • Matthew Yarmolinsky -A highly experienced construction specialist who has provided valuable service as an Owners Representative for four affordable housing initiatives completed by CBA in the past six years; I I 1 �I I • Attorney James Flood with many years of successful law practice with an expertise ` in real estate development and who has assisted CBA with meeting all local permitting requirements forthe past six years; • Klein Horning LLP which has provided legal services for all of CBA's affordable housing development initiatives and is a widely respected legal firm with an expertise in affordable housing development financed with Low Income Housing Tax Credits. Resumes are attached in the appendices herein. G. Development Experience CBA is a non-profit 501 (c) 3 community development corporation that has 30 years of experience in real estate development and community service. We have developed 425 multifamily housing units and 32 commercial units, including a 43,000 square foot light manufacturing/business incubator as well as 50 homeownership units. CBA maintains the largest property portfolio of any community development corporation in Massachusetts outside of Boston. While our real estate development work has been focused in the city of Lowell, many of our services have been offered regionally. For example,our Home Preservation Center has provided foreclosure prevention counseling over the past four years to hundreds of households throughout the Merrimack Valley. CBA's Board of Directors recently amended its Strategic Plan to extend its real estate development services throughout the Merrimack Valley in response to a demand for { affordable housing expertise in neighboring communities. Enclosed in the appendices please find information on CBA's rental housing development experience. CBA has extensive real estate development experience with projects comparable to the Project proposed for the former Bradstreet School site. We have completed five projects in six years with a combination of federal, state and local funding sources which included the adaptive reuse of historic school buildings,new construction, and refinancing and rehabilitating properties already in our portfolio as listed below: • In 2011, CBA completed the Unity Place Apartments project at 482 Moody Street, Lowell which involved the new construction of 23 residential units.This $6.7 million project was funded with a combination of sources including Low Income Housing Tax Credits with MHIC as the equity investor, City of Lowell NSP and CDBG, DHCD funds, NeighborWorks America funds, and financing from Enterprise Bank and the Massachusetts Housing Partnership Fund. • In 2010, CBA completed the Acre High School Apartments project at 760 Merrimack Street, Lowell which involved the adaptive reuse of a historic former Catholic High School into 22 housing units.This$7.5 million project was funded with a combination of sources including Low Income Housing Tax Credits with MHIC as the equity investor, state and federal Historic Preservation Tax Credits, i 2 III City of Lowell HOME and CDBG funds, DHCD funds, NeighborWorks America funds and financing from Enterprise Bank. • In 2008, CBA completed the St.Joseph's Apartments, project at 511 Moody Street, Lowell which involved the adaptive reuse of a historic former Catholic Elementary School into 15 housing units.This$4.8 million project was funded with a combination of sources including Low Income Housing Tax Credits, state and federal Historic Preservation Tax Credits, City of Lowell HOME funds, DHCD funds,and financing from Enterprise Bank. + In 2007, CBA completed a $33 million recapitalization/refinancing project involving the North Canal Apartments(a property already in CBA's portfolio with expiring tax credits)which consists of 267 units of primarily family housing in 27 buildings spread over an 8 acre site.This was an occupied rehab and CBA worked extensively with its property management company, Maloney Properties, and the active North Canal Tenant Council to develop an Access and Relocation Plan that resulted in only minimal tenant displacement and high tenant satisfaction. Funding sources included tax-exempt bond financing provided by the i Massachusetts Housing Partnership Fund and Low Income Housing Tax Credit equity with MMA as the equity investor(now Boston Financial Investment Management with an address of 101 Arch St., Boston, MA 02110). i — + In 2007, CBA also completed a $3.2 million recapitalization and refinancing project involving the 12 unit New Merrimack St.Apartments, a property already in CBA's portfolio, located at 444-464 Merrimack Street with expiring tax credits. This was also an occupied rehab project and CBA worked closely with its property management company, Maloney Properties,to develop an Access and Relocation Plan that minimized tenant displacement, Funding sources included: Low Income Housing Tax Credits with MMA as the equity investor(now Boston Financial Investment Management with an address of 101 Arch St., Boston, MA 02110) and permanent financing from the Massachusetts Housing Partnership Fund. i + Currently CBA is in predevelopment for the Gorham Street Apartments, Phase One and Phase Two, for a total of 48 new construction residential units. CBA has site control of the property, local zoning approvals, and completed construction , documents and is awaiting a funding commitment from DHCD with an anticipated construction start in mid-2013. .Client contact names and telephone numbers for the above completed projects are provided in the appendices herein under references for CBA. In addition, CBA has extensive experience with high quality property management services with a portfolio of 425 residential rental units and 33 commercial units. CBA 3 i' takes pride in our successful track record with providing well managed properties and we encourage site visits to demonstrate how well they are maintained. Four of our properties are mixed use with retail storefronts on the first floor and residential rental units above and thus we have experience with developing and managing commercial space.All of our commercial and residential space is currently occupied and we have a history of low vacancy rates. f CBA contracts with Maloney Properties for professional property management services for its existing portfolio of 425 residential units and 33 commercial spaces. These services include marketing,tenant screening, lease-up, resident support services, property maintenance,and reporting to CBA and multiple funding sources. Maloney i Properties is a highly experienced property management company with a portfolio of over 100 housing developments in both urban and suburban locations including i Lawrence and Haverhill and has the capacity to incorporate the Project site into its portfolio. I H. Financing and Financial Capacity CBA has completed a financial analysis of the cost to acquire the subject property, I demolish the school building and develop a new high quality, energy efficient 35,000 sq E ft building including 5,000 sq ft of first floor commercial space and 24 housing units with i an attractively landscaped site which provides 58 parking spaces. We used the following f information sources: • A proposal from S&R Corporation for environmental remediation, demolition, disposal,and site preparation (proposal enclosed in appendices). CBA employed the services of S&R for the demolition and disposal of two blighted apartment buildings in 2010. • A construction estimate from North Fast Interiors(NEI) General Contractors based on preliminary drawings and specifications from Winslow Architects (estimate enclosed in appendices). NEI served as the General Contractor on two CBA projects:the Acre High School Apartments in 2011 and the St.Joseph's Apartments in 2008. • Knowledge of housing development costs based on years of experience with developing comparable high quality affordable housing initiatives using state and federal funding sources. The majority of the project funding will come from the federal and state sources through the Massachusetts Department of Housing and Community Development (DHCD). CBA has an excellent track record of securing DHCD funds as evidenced by our ability to complete five state-sponsored housing initiatives in six years. We are confident that this proposal will be well received by DHCD and we will confirm this through a pre- application meeting with DHCD in the early stage of our due diligence process. I 4 As a prerequisite to CBXs ability to apply for over$SS million in state affordable housing development funds,there must first be a commitment of local funds to support the Project.Thus, one of the first critical steps is for the Town to approve CBA's request for$720,000 in funding support from the Town of North Andover,through the Town Community Preservation Act funds,the North Andover Affordable Housing Trust or some other municipal funding source or combination of sources. These funds are essential to the Project's ability to compete for state funds in an extremely competitive field.lust as importantly,the funds are required to fill a funding gap that cannot be met i elsewhere.The$720,000 request amounts to$30,000 per housing unit which is comparable to the$1.3 million allocated by the Town to the 42 unit Stevens Corner project developed by NOAH. i The development budget includes$80,000 from CBA which represents 20%of the financing required for the commercial component of the project with the remaining 80% provided through bank financing separate from the residential development financing. The budget also includes$56,934 in deferred developer fee loaned to the project to fill a funding gap. It is CBA's intent to either reduce development costs, or to secure additional development sources to cover this cost so that CBA can receive the entire fee I upon project completion. DHCD limits the developer fee and overhead to 10%of the total development costs.CBA uses these funds to cover staff and other overhead costs l over the multi-year development period from pre-development, construction, to rent- up and management over time.The developer fee is used to enable CBA to implement future community development initiatives and services in the Merrimack Valley region. r As a nonprofit community development corporation with a successful track record of developing and managing affordable housing CBA is able to receive funding support from NeighborWorks America. These funds are limited to $8,000 per affordable housing unit and$192,000 is included in the development budget from this source. CBA will apply to the North Shore HOME Consortium for funding and we have included $200,000 in the development budget from this source. To finance predevelopment expenses such architectural, engineering and legal fees, CBA will use a combination of organizational capital and predevelopment financing from Community Economic Development Corporation (CEDAC).CBA has secured CEDAC predevelopment financing for our two most recent developments and we provide contact information for a loan officer from CEDAC in the appendices herein. To finance the acquisition of the property CBA will use a combination of organizational capital and bank financing. CBA has received acquisition financing from Enterprise Bank for its two most recent developments.Attached in the appendices herein please find a Letter of Prequalification from Enterprise Bank for acquisition,construction and permanent financing. Enterprise Bank has served as an acquisition,construction and permanent financing lender in three of CBA's recent housing development initiatives. I 5 CBA has the financial capacity to purchase, develop, and sustain the property as evidenced by our track record of successfully developing and managing complex real estate development projects and as indicated by our attached 2011 financial audit. Furthermore, CBA enjoys excellent and long-standing relationships with the Massachusetts Department of Housing and Community Development (DHCD), MassHousing, MassDevelopment,CEDAC and other quasi-public lenders which will be beneficial to the successful completion of the proposed development initiative. I. Development Plan Please see the description of CBA's development plan described below in Section 11. J. Condition of Property E On November 15,2012 the following members of the CBA development team toured the interior and the exterior of the Bradstreet School property: Emily Rosenbaum, CBA Executive Director Madeline Nash,CBA Director of Real Estate Meena Jacob, CBA Project Manager John Winslow of Winslow Architects I Matthew Yarmolinsky, construction specialist Dan Violi, development consultant Followingthe property inspection CBA requested and received from the Town a floor plan of the building and a 2008 limited Hazardous Building Materials Inspection Report which were shared with S&R Demolition contractors to facilitate their proposal of an estimate (attached herein)for the demolition of the building and preparing the site for construction. CBA is aware of the condition of the property and will accept the property"as is" and acknowledges that the Town has no responsibility for hazardous waste, oil, hazardous material or hazardous substances as those terms are defined under any applicable law, rule, or regulation, local,state,federal, or otherwise, on, in, under or emitting from the Property,or for any other condition or defect on the Property. K.Time Frame If the Town approves CBA's proposal,we would immediately undertake due diligence activities and vigorously pursue development funding commitments. Providing that no environmental conditions are revealed that significantly impact the development costs, local affordable housing development funds are secured and permits issued,then upon receiving a funding commitment from DHCD, CBA would proceed expeditiously with purchasing the property from the Town. Prior to taking title to the property,CBA would winterize the building by draining the pipes and ensuring that all access points to the building are secure and CBA would assume all costs associated with maintaining the property. Our property management company, Maloney Properties, would conduct d I weekly inspections of the property (or more frequently if needed)to ensure that the ` property is secure and clear of debris and grass is mowed, etc. Based on CBA's experience with securing development funding from DHCD,the biggest challenge to the development schedule is that funding at the state level is extremely competitive combined with the reality that there are commonly eight months between affordable housing funding rounds(known as OneStop applications) and that it typically requires the submission of two funding requests before DHCD makes a funding commitment. It is our understanding that the next OneStop applications will be due to DHCD in June, 2013,with the subsequent application deadline anticipated in February, 2014. As it typically takes three months for OneStop applications to be reviewed and approved,we anticipate a funding commitment from DHCD in May, 2014,with four months to close on the financing.We anticipate twelve months to complete construction. Please note that CBA's last five projects have completed construction within twelve months as i projected in the development schedule. NEI General Contractors prepared a construction schedule which is enclosed herein.We anticipate three months to reach full occupancy for the residential units as has been the case for our recent comparable properties.We anticipate six to eight months for the commercial storefronts to reach full occupancy although that length of time may be unnecessary as we would begin marketing the commercial space before the building was complete. Please find an anticipated schedule provided below: 70 Main Street-Development Schedule Approval by Town of CBA Proposal Feb-13 Execution of P&S Feb-13 CBA winterizes building and assumes costs associated with property Feb-13 Meet with neighboring property owners and Downtown Merchants Association Feb-13 Meet with North Andover Housing Partnership and Affordable Housing Trust Feb-13 Complete environmental assessments Mar-13 Complete Market Study for commercial space Mar-13 Commission appraisal Mar-13 Architectural design and site plan complete Apr-13 Obtain pre-approval from DHCD Apr-13 . Submit funding application to North Shore HOME Consortium Apr-13 Obtain demolition approval from Massachusetts Historical Commission (MHC) Apr-13 Secure funding commitment from Town CPC and/or Affordable Housing Trust Jun-13 Obtain Special Permit approvals from North Andover Planning Board Jun-13 Submit OneStop funding application to DHCD Jun-13 50% Construction documents complete Mar-14 Resubmit OneStop funding application to DHCD Feb--14 DHCD funding award received May-14 CBA affiliate takes title to 70 Main Street property May-14 School building demolished Sept-14 7 I Construction start Sept-14 Construction completion Sept-15 Full occupancy--residential Dec-15 Full occupancy—commercial May-18 i L. Statement of Financial Benefit CBA forms a separate limited liability corporation (LLC) for each property that it develops.While, CBA is a nonprofit 501 (c)3 corporation,our affiliate LLC's are taxable entities and pay municipal property taxes. While it is hard to predict the exact assessed value of the mixed use property we are proposing at the former Bradstreet School site, CBA's recently completed Unity Place Apartments property at 478-486 Moody Street in Lowell is a useful point of comparison.The Lowell building was newly constructed in 2011 and has 23 residential units with rents and income limits for the occupants that are similar to those projected for the proposed property.The city of Lowell applies the residential tax rate of$14.77 per assessed $1,000.The Lowell Assessor's records indicate that the Unity Place Apartments property has an assessed value of$2,172,500 and the Moody Street LLC pays approximately$33,000/year in property taxes. The assessed value of the proposed building at 70 Main Street may have a higher assessed value as it will include 5,000 sq ft of nonresidential space which will be rented at approximately$8.00/sq ft. We are not anxious for the Project to pay high property taxes, especially as residential rents will be restricted by the affordable housing funding sources in perpetuity, Furthermore,our preliminary research on commercial uses in the area indicates that rents are low, However, CBA has a long standing policy of being a strong contributor to the fiscal well being of the community and we view paying municipal property taxes as an important component to that policy. M.Submission of required statements and forms Please find attached in the appendices fully executed forms: + Certificate of Vote • Certificate of Non-Collusion • Certificate of Tax Compliance • Respondent Entity Disclosure Statement • Disclosure of Beneficial Interests in Real Property Transaction i i �I 8 Section 11--Development Plan t A.Narrative Description of the Project concept focusing on land and building improvements and how they relate to zoning regulations; primary construction type or materials, residential unit types and sizes and numbers of each unit type and size. In reviewing the alternative possibilities for the development of the former Bradstreet School property,we recognized that the Town would like to add to its supply of affordable housing in a way that responds to local needs. We were also aware that the Town is interested in development that enhances the economic vibrancy and enlivens the streetscape of the downtown. When CBA and our design team toured the existing school building we first examined the potential for renovating the building for reuse as affordable rental housing.We came to the conclusion that the highest and best use for the site that would be consistent with the Downtown Overlay District, is to demolish the school and develop a high quality mixed use property. While CBA has completed two projects involving the adaptive reuse of historic school buildings into affordable housing, the Bradstreet School is problematic for the following reasons: • It is not economically feasible to convert the building for residential purposes. The school building is small and could only be reconfigured into eight to ten housing units which would not attract investors of Low Income Housing Tax Credits (the primary funding source for affordable housing development.) rr furthermore,these housing units would be small in size with an average of only approximately 600 sq ft(suitable for small one bedroom apartments).This would not be responsive to the need for family housing and would not be strongly supported by state funding sources. We are reluctant to use the basement level for housing as mold and mildew can be hazardous to the health of future residents. Furthermore there is a large amount of non-rentable common area with multiple stairways and wide corridors which add to the renovation cost without contributing rental income. • The school building is located in the middle of the property and does not contribute to the vibrancy of the downtown streetscape. • The school is not listed in the National Register of Historic Places and the process of applying for and securing Historic Preservation Tax Credits could delay the project. I We recognize that the Town may be committed to preserving the school building. If this is the case,we have provided in the appendices a concept for a plan which converts the school into 10 housing units(primarily one-bedroom units) plus the new construction of an attached building with 14 housing units and 45 parking spaces. If the Town prefers this approach,Winslow Architects would develop a more detailed plan. Preserving the school building would add complexities to the development process and financing which prevent the inclusion of a commercial/retail component to the Project. 9 CBA's development team has put together an exciting plan for a new construction mixed use property. However, it is essential to the success of the project that the majority of the use be residential as it will attract the necessary development financing and generate sufficient operating income to maintain the property and debt financing over time. Furthermore, multi-family housing is consistent with the character of the surrounding neighborhood and addresses the pressing need for high quality rental housing that is conveniently located with access to services, shopping, and public transportation. i The proposed building will be "L"shaped with the section facing Main Street with j commercial on the first floor broken into a component with one floor of residential use above attached to a section with two floors of residential use above.This section will be set back eight feet from the sidewalk which is in alignment with the neighboring buildings with multiple entrances and the potential for store displays or temporary j outdoor seating to enhance the streetscape and attract customers to the businesses. The rear part of the building which is perpendicular to Main Street will be broken into a section with three floors of residential use plus a section with a 4t"floor located within the mansard roof fine and shed/gable dormers. -. The rear section of the building will have a primary entrance designated for residential use plus a secondary means of egress. The proposed building does not exceed 44 feet in height. Design elements of our recently completed Unity Place Apartments located at 482 Moody Street, Lowell will be incorporated into the proposed building with high quality interior finishes including hard wood floors, attractive exterior materials including cementitious "Hardiboard"siding, and high efficiency mechanical systems. However,the exterior design will draw from the more traditional historic character of the existing downtown North Andover properties, As with all of CBA's recently completed projects, the new building will be of high quality and "built to last"while maximizing"green" practices of environmental sustainability.The proposed building will meet the requirements of LEED certification. In 2012 CBA was honored to receive the city' of Lowell's Green Building award for its Unity Place Apartments property. The ro osed development will offer 24 residential rental units and approximately p p p 5,000 sq ft of commercial space.The residential units will consist of: -Four one-bedroom units, -Seventeen two-bedroom units, -Three three-bedroom units. The majority of the future residents of the proposed housing would be working families of modest means such as entry level teachers, health care assistants,and service sector i 10 i employees.The Low Income Housing Tax Credit Program (the primary housing development funding source)sets a gross income limit of 60%of the area median household income,which according to HUD is: One person two person three person four person five person $37,620 $42,960 $48,360 $53,700 $58,020 I While these income limits must be maintained for the first twelve months of occupancy, there is no penalty to a household if their income increases over time,they can continue their residency at the same rent. CBA will seek a commitment from DHCD of up to eight"Project-Based Section 8 rent subsidies". If received,these subsidies make the housing affordable to households with lower incomes. All applicants will participate in a lottery and will be selected in a fair and open practice. All residents will go through an application and screening process to ensure that they will be responsible tenants. In regards to the commercial component, CBA has not yet identified the businesses to occupy the proposed space. If CBA becomes the designated developer,we will conduct a Market Study, actively market the property,and design the interior of the building to meet the needs of future occupants.The 5,000 sq ft commercial space could be occupied by one business or it could be divided into several storefronts and/or offices. CBA has a successful track record in managing mixed use properties as CBA owns four buildings in Lowell with first floor commercial businesses at: 387 Market Street,56-64 Middlesex Street,63 Fletcher Street, and 444-464 Merrimack Street. CBA contracts with Maloney Properties for professional property management services for its existing portfolio of 425 residential units and 33 commercial spaces all of which are currently occupied and have a history of low vacancy.These services include marketing,tenant screening, lease-up, resident support services,property maintenance, and reporting to CBA and multiple funding sources. Maloney Properties is a highly experienced property management company with a portfolio of over 100 housing developments in both urban and suburban locations including Lawrence and Haverhill. Maloney Properties will manage the site as soon as CBA takes over site control and will inspect the site several times a week ensure that it is secure and to mow the grass and keep it free of trash and other debris. I I I lI i I I B. Conceptual site plan showing the perimeter lot lines of the parcel, proposed building footprint parking, roads,sidewalks,pathways, landscaping, any utilities and easements and other site and building improvements that contribute to the Project. Winslow Architects and Hancock Engineers have worked carefully to propose a development which enhances the surrounding neighborhood with minimum impact in regards to traffic flow including: • The building is positioned eight feet from the sidewalk to strengthen the streetscape on Main Street with multiple first floor entrances to enliven the building's appearance and to encourage pedestrian access. • The site plan provides one parking space for each of the four one-bedroom units (four spaces);two parking spaces for each of the seventeen two-bedroom units and the three three-bedroom units(forty spaces);and 2.8 spaces per 1000 sq ft (14 spaces)for the commercial use for a total of 58 parking spaces.The parking can be shared by the mixed uses with parking spaces for residents largely vacant during business hours,and the commercial spaces vacant during non-business hours. We are confident that this will meet the needs of the future residents and businesses. • Parking is located in the rear and side of the building to minimize the visual t impact of the parking lot from Main Street. landscaping will be included along the sides of the property adjacent to neighboring residential uses. • Access to the property will be created via a relocation of the existing curb cut on Main Street with limited egress for residents via Saunders Street. i • The site plan includes landscaping the parking lot in the rear along neighboring properties. In addition,there will be a small passive recreation area for residents We are confident that there will be more than enough parking for both the residents and the businesses. CBA owns and manages 425 income restricted residential rental units at eight different locations, all of which offer one or less parking spaces per unit, which consistently satisfies demand for parking. Furthermore,typically residents will be off site at work during regular work hours and thus there is ample opportunity for the parking to be shared by residents and businesses. We anticipate that this parking plan will be consistent with goals of the Downtown Overlay District.Our goal is to meet the demand for sufficient parking for the future occupants while maximizing landscaping and complying with local zoning. 12 C. development impact analysis that provides a brief assessment of the positive and/or negative impacts that the Project will have on the Town and neighborhood and mitigation measures that will be taken to alleviate negative impacts.At a minimum, impact analyses should address: • Air quality • Noise o i Traffic • Public health and safety requirements f • Municipal economic impact 0 Impact on municipal services I We do not anticipate air quality or noise impacts resulting from the Project. Traffic impact from the residential use will not be significant. CBA has documented that the majority of our tenant households own one or no car. These households will be travelling back and forth to the site at different times as their personal schedules dictate. In regards to public health and safety we do not anticipate concerns as the new building will have state of the art fire suppression systems.The site will be designed to accommodate fire truck and emergency vehicle access. The municipal economic impact will be positive as described above,the property LLC will pay municipal property taxes. The impact on municipal services will be minimal. Of the twenty-four proposed residential units,four will have one-bedroom and most likely will not be occupied by households with children. Seventeen of the units will have two bedrooms and only three units will have three bedrooms. CBA's three most recently completed affordable housing projects, using the same funding sources and having similar combinations of one,two, and three bedroom apartments had 43 school age children living in a total of 60 housing units which represents less than one school age children per dwelling unit. Using this data, it is possible to anticipate approximately 17 school age children residing in the proposed Project. It is our understanding that municipalities can request a local preference for up to 70%of the housing units and thus the households taking up residence at the proposed housing may already be living in North Andover,choosing to relocate to the Project in search of more affordable rent and/or more desirable housing. i 13 li D.Conceptual building plans and elevations. Please see preliminary plans and elevations included in the appendices. The building proposed for the Bradford Street School property is 2 to 4 stories tall with a central elevator and mansard roof design.The building contains approximately 35,000 SF including 24 units of housing and 5,OOOSF of office/retail space with the following ' features: • The portion of the building facing Main Street is 2 and 3 stories tall with a mansard roof i and shed dormers. It is designed to reflect and reinforce the identity of Main Street as a collection of small diverse office/retail building types,many of which appear to have i been originally residential in use but which are now used for retail/office uses. I I The proposed office/retail uses on the first floor will be directly entered from Main Street and will be held back approximately 8'from the sidewalk to align with other buildings along Main Street. i i • The residential portion of the proposed building is 3 and 4 floors located behind and on top of the office/retail spaces on Main Street.It will be entered from a new walkway and entry drive at the northern side and rear of the building.The residential building will contain an elevator for access to all floors and will also have a community room, management office and laundry facilities for its residents. • 58 parking spaces will be provided on the property—including spaces along the new entry driveway,in the parking lot behind the proposed building,and in spaces that will be maintained on Saunders Street. • The overall building height will be 45' including the 4t"floor which will be located within the mansard roof line and shed/gable dormers. • Energy efficient materials will be used throughout the construction -including highly j energy efficient windows,an envelope using exterior insulation as well as insulation within the walls,and the use of native species for landscaping purposes wherever possible. I • The building will be designed and finished with typical New England siding features such as clapboards and trim,shingles and accent panels—all using cementitious materials which provide for a precise wood appearance with the added benefit of reduced long term maintenance and affordability. 14 i i i E.Conceptual landscape plans. The plan will comply with Town guidelines and zoning requirements for landscaping, fencing and/or plantings to provide visual barriers for adjacent properties. Our preliminary site plan enclosed herein shows a thoughtful and creative approach which balances the goal of maximizing parking while creating an attractive and functional site i plan. Funds are included in the development budget for landscaping costs. F. Plan for temporary and permanent storm water and erosion control methods to be employed,maintained and made stable. Stormwater Management Plan • The proposal would utilize the existing drain line running along the westerly side of the property including the two catch basins.The system would be modified with the addition of two catch basins to collect runoff from the rear portion of the parking area.Treatment would be added with the installation of a new hydrodynamic particle separator on the existing drain line prior to it entering Saunders Street and the municipal system.This device would fully comply with the Massachusetts Department of Environmental Protection Stormwater I Management Standard for treatment (80%Total Suspended Solids removal). i • The proposed building and parking layout will result in a reduction of over 4,300 square feet of impervious area.Additionally a roof drain infiltration will be I installed under the proposed open space area subject to suitable soil conditions f i and groundwater table offsets.The result of these two measures will be a reduction in peak rate and volume of runoff leaving the site for all storm events. + A longterm operation and maintenance plan will be implemented insuring continued compliance of the proposed system with MassDEP Stormwater Standards. Erosion and Sedimentation Control The proposal will require removal of the pavement and buildings on site leaving exposed soils during a period of construction. During this period the following measures will be implemented to insure sedimentation and erosion control. 1. A stone construction entrance will be developed on Main Street. No construction vehicle access will be allowed from Saunders Street. 2. Straw waddles will be installed around the site perimeter. 3. A temporary sediment basin will be constructed in the northeast corner of the site along the property line and Saunders Street, The aforementioned catch basin and treatment device will be installed and outfitted in accordance with US EPA standards for sediment basin outlets. 4. Up stream catch basin will be outfitted with siltation capture devices. S. All components of the Erosion and Sedimentation Control System will be inspected and maintained daily by trained on site professionals 15 G. Preliminary Project pro-forma including the expected range of residential unit sale prices or rental rates;a preliminary development budget and a financing plan. Attached in the appendices herein is a draft development budget and operating budget i using the OneStop application spreadsheet format which is required by all state affordable housing development funding sources. CBA estimates the total development costs to be$8,056,934 with construction costs at approximately$149/sq ft for F residential and commercial uses combined or$174/sq ft if only considering the residential use. CBA compiled the development cost projections based on the following information sources: I j • A proposal from S&R Corporation for environmental remediation, demolition, disposal, and site preparation (proposal enclosed in appendices), CBA employed the services of S&R for the demolition and disposal of two blighted apartment buildings in 2010. I i • A construction estimate from NEI General Contractors based on preliminary drawings and specifications from Winslow Architects (estimate enclosed in appendices). CRA worked with NEI on the Acre High School Apartments in 2011 and the St.Joseph's Apartments in 2008. • Years of experience with the general costs of developing comparable high quality affordable housing initiatives using state and federal funding sources. The projected funding sources are based on our knowledge of the availability of DHCD affordable housing programs,the North Shore HOME Consortium and NeighborWorks America. As mentioned above, a commitment of local funds is essential to the ability of the project to compete for funds from DHCD.These local funds may come from an allocation of CPA, North Andover Affordable Housing Trust funds or other municipal funding source or a combination of sources. Attached is also a draft operating budget.The residential rents are consistent with the rents charged by NOAH for the Stevens Corner project and are projected to be: One Bedroom Two Bedroom Three Bedroom $750 $1,090 $1,260 Note:All utilities are included in the rents The rents for the commercial space are projected to be approximately$8/sq ft or approximately$800/month if there are four storefronts with approximately 1,250 sq ft per store.Alternately there could be two stores, each with approximately 2,500 sq ft I 16 with rents of$1,600/month. It is assumed that the commercial tenants will be responsible for taxes, insurance and utilities. H.Development Time line from the award of the Project to the respondent,through design, construction and marketing to occupancy. 70 Main Street-Development Schedule ' Approval by Town of CBA Proposal Feb-13 Execution of P&S Feb-13 CBA winterizes building and assumes costs associated with property Feb-13 Meet with neighboring property owners and Downtown Merchants Association Feb-13 i Meet with North Andover Housing Partnership and Affordable Housing Trust Feb-13 Complete environmental assessments Mar--13 Complete Market Study for commercial space Mar-13 Commission appraisal 1-Mar Architectural design and site plan complete Apr-13 Obtain pre-approval from DHCD Apr-13 Submit funding application to North Shore HOME Consortium Apr-13 Obtain demolition approval from Massachusetts Historical Commission (MHC) Apr-13 Secure funding commitment from Town CPC and/or Affordable Housing Trust Jun-13 Obtain Special Permit approvals from North Andover Planning Board Jun-13 Submit OneStop funding application to DHCD Jun-13 I 50%Construction documents complete Mar-14 Resubmit OneStop funding application to DHCD Feb-14 i DHCD funding award received May-14 CBA affiliate takes title to 70 Main Street property May-14 School building demolished Sep-14 Construction start Sep-14 Construction completion Sep-15 Full occupancy—residential Dec-15 Full occupancy—commercial May-15 1. Description of how the Project will be taken through the public review and permitting processes. If CBA's proposal is accepted by the Town, we will begin immediately to implement a process of meeting with town representatives to solicit input and to build support for the Project. Meetings will include, but not be limited to: • Neighboring property owners • Downtown Merchants Association • North Andover Housing Partnership • North Andover Affordable Housing Trust • North Andover Housing Authority • North Andover Town Manager • North Andover Community Development Director • North Andover Town Planner 17 i The information gathered through these meetings would inform the plans developed by the CBA development team,specifically Winslow Architects and Hancock Engineers.We would request a technical review meeting with municipal department heads to review draft plans prior to initiating the Special Permit process with the Planning Board. Attorney James Flood would provide legal representation during the local permitting r process. CBA has an excellent track record in securing permitting approvals expeditiously.This is accomplished through strong communication and technical skills, responsiveness to neighborhood concerns, and respect for municipal requirements. Our last three development projects were successful in completing the Special hermit and/or Variance r process with one meeting of the Planning Board or Board of Appeals and no decision has been appealed.This is a result of diligent work completed prior to the public hearing process. J. Description of how Town objectives are incorporated into the Project. Our development proposal is responsive to the objectives articulated in the North j Andover Downtown Overlay District,which specifies; • "To provide goods,services and housing in a more compact environment;to encourage redevelopment; and to create a vibrant,walkable,pedestrian-and bicycle-friendly environment"; • "Encourage mixed uses within the same structure" and "encourage first floor retail space'; & "Allow for more compact development than may be permitted in other zoning districts to reduce the impacts of sprawl"; • "Allow for an appropriate density of land uses and people to support a vibrant downtown". K. Financial benefits analysis that identifies how the Project will enhance Town revenues, and what other economic benefits,if any will result. As stated above,CBA will form a taxable limited liability corporation (LLC)to take title to the property.That entity will pay municipal property taxes. In addition,the creation of new, high quality and well design commercial space will attract new businesses to town, or encourage existing businesses to expand or relocate to the downtown.The increased level of businesses in the downtown will enhance the surrounding businesses by drawing more customers to the area. Furthermore,the households that will reside in the new housing will be customers of the downtown establishments. I 18 �I �I ICI 12. Comparative Evaluation Criteria A. Qualifications and Experience of the Firm and/or Principals and Consultants The architectural firm,Winslow Architects, and development consultant, Daniel Violi, i have worked with CBA on three recently completed affordable housing initiatives of similar size: Unity Place Apartments,Acre High School Apartments,and St.Joseph's Apartments.The legal firms,James Flood and Klein Hornig,and the Construction Specialist, Matthew Yarmolinsky, have worked with CBA on five recently completed affordable housing projects:the three above mentioned projects plus the New North Canal Apartments and the New Merrimack Street Apartments projects. • Each of these projects was completed on time and within budget and is fully occupied and perform as valuable assets to the community and within CBA's real estate portfolio; * These projects were completed between 2006 and the present, and there have been no issues or violations related to maintaining compliance with all regulatory matters; • Throughout the development process and through project close-out there was demonstrated cohesiveness and there was no loss of personnel or key principals; o The development team has the proven track record which demonstrates the financial capacity and strong positive business relationships to successfully complete the Project; The development team has worked successfully with the City of Lowell for many -? years and references with the Lowell Department of Planning and Development are provided herein. B. Demonstrated Compatibility with Town's Objectives and Development Considerations The above referenced five affordable housing development projects are excellent examples of successful integration of CBA's vision and objectives of the municipality. In each case,the properties were serious eyesores that had been neglected for many years prior to CBA taking ownership.Several of the buildings are in historic districts and CBA worked in harmony with the City of Lowell Historic Board to comply with local design guidelines.The five properties were transformed from community problems to attractive fully occupied responsibly managed properties. In 2011, CBA's Unity Place Apartments received the City of Lowell's Green Building Award. In 2010, CBA's Acre High School Apartments received the "Excellence in Historic Preservation"award from the Lowell Historic Partnership. C. Demonstrated Ability to Implement Project Concept If selected by the Town, CBA will immediately commence pre-development due diligence work. Currently there are no other projects in CBA's pipeline in the due diligence stage and thus our development team has the time and financial resources to devote to the Project. Within 30 days of selection we would have an environmental study and appraisal completed to allow for a timely execution of a P&S.We will be 19 i working to complete the local permitting process by June or July, 2013 as this will strengthen our funding application to DHCD which is due in June, 2013. The only other projectthat CBA is pursuing at this time is the Gorham Street Apartments project, but this is in a different development stage as all local permits have been obtained, construction documents are completed and we are "in queue"for a funding commitment from DHCD. CBA has the staff and development team capacity to make the Project a priority and to move the predevelopment work along expeditiously. CBA has the financial resources and access to predevelopment capital through Community Economic Development Assistance Corporation to complete the work. The above specified completed affordable housing development projects were all completed expeditiously using similar financing sources and the same project team members. CBA has put together a detailed development budget based on our recent experience with comparable projects.This enables CBA to anticipate the "soft" costs including, but not limited to,architectural and engineering services, legal fees,survey work, environmental reports,marketing and lease-up activities, development consultant fees associated with the Low Income Housing Tax Credit program,financing fees and marketing costs.The budget includes a 5%contingency for unanticipated costs which is standard procedure for construction activities of this nature.The budget is also based -- on recent construction cost estimates. CBA obtained an estimate from S&R Contractors for the demolition of the school building, including environmental remediation of asbestos, disposal and back filling of the site. CBA had a positive experience working with S&R two years ago on a demolition project of similar size and scope. CBA obtained a construction cost estimate from NEI General Contractors. CBA has completed two construction projects with NEI and has found them to be highly effective in assisting with the realistic anticipation of construction costs for high quality development which fully complies with state and municipal building codes and standards and performs well over time.The budget includes a 10%construction contingency which is standard procedure for construction activities of this nature. 20 i i i Attachments 1. Development Plan • Conceptual Development Proposal • Alternate Proposal • Site Plan 2, Outline Specifications 3. Development Costs and Schedule • Development and Operating Budgets • NEI General Contractors Construction Estimate • S&R Corporation Demolition Estimate • NEI General Contractors Construction Schedule 4. Project Team • References for CBA • Resumes for Project Team Members 5. Prequalification Letter from Enterprise Bank b. CBA 2011 Audited Financials I 7. Information on CBA Real Estate Development Portfolio I, I I • 'i I r I �I Development Plan Conceptual Development Proposal • Alternate Proposal • Site Plan i DEVELOPMENT SUMMARY:" n 1-9-13 DMOPMENTCONCEPT• .OFMOUSH EA67ING BUR0ING.CONSTRUCT 9000„m ROOF 19 20 {i' 12. RESIT NE �4 FOP, '° =,�. _ I:OTAREA A2,072Ssq.t 2$ 24 � 17 18 � 1 m 10 'RESD R 4 UNRB. 24 UNT$ R S„ 2BR 17 Wn WINSLOW� $BR 0 UNITS. ARCHITECTS RETAILSPACE 5�000sq.k INC 21 15 YS �i 7 6 PAPIfING 55SPACES ROOF ROOF ROOF a ,,• n - _ • iriSAUNDEnRS STREET •• } 13 1d- '4' .5 8 v n cean.new•_ usan'a � ra KP .. QpioU.�-0'a �mao noon s[corio roars ?fm nal +• �n)...,Y'"in� `n'.nnwi h� r •�„ ��r y Y - -J C:" •� i7• 'z7° .�d' _ ➢~E No L.T AREA OPENSPACE °I r° finny - F� D / / i Sttm't 8a d �r 1 GRESS2 ., ^rr i•+ 19 ��#, 1NlL :•.�U OPENSPA k�Y Q 9 =I Q a• \, ne t _c ry a. co J Q tr �./ i,y COMMUNITY UiI1ND ^ rzi:siR_eA STORY •na.„,. m •4 8 B NP (n d IL �1 H. Q co ,.. REIAILI RETAILZ RETAIL$ r/� m.0 crosr"noca� M4tN STREE7 STO ^ MANSA RD ROO z , � It !I' is 2STOR1^ $STORY tml= CIO= FRONt ELEVATION O'yTi, t MAIN, STREET , �'°„"” O1'.1P-0' 1 T....... i. �cl'•iP•0" a PROPOSAL - BRADSTREET SCHOOL SITE - 70 Main Street, North Andover, MA 1of 2 9 --- ---------------------- - 1_ItKNAT DEVEJ OP MENTCONCEPT Date issued: 1. RENOVATE EXISTING SCHOOL BUILDWGJNT010 UNITS- '�--9-1 2 CONSTRUCT NEW 3+4 STORY BUILDING WITH 14 UNITS 3, CONNECT THE EXISTING WITH THE NEW BUILDING WITH COMMON ENTRY+ELEVATOR SAUNDERS STREET - o-ur rx r'9 W WINSLOW ARCHITECTS C4 Je.:c INC V. 45 PARKING SPACES r'y DET IL 0MASSACHUSMSAV AS11.MMMA02N7A n 'GG�� F P:7e1 410.6600 .a �'knya 14n'C F:7S7 B/e.6US1 aal (/I vruwvwlnalowarctillac{ycan pc OVA Ury(ro) - � rsaia7 IIa TS IL I (t wu� k'lu fF�3 O a a >. c v z Q o RENOVATE EXISTIN (Y CHOO%/j t I— s. �...r: 10.'UNI/j/ 'S-7.._ •zoNC t W W -F W JS cONC. -YCl! �/� G•eG C / / «R-� N VJ W I.J.. t1 t—' / / COMMON/ a co �C6 I W RFK101C ARCM �. � o NEVV48TORYSUILDING > m. Q rorec x14UNIl"S // °� --RR 1. 3-STORY s mg8 ``- y C tY K �- ]I/e STORY M30C b Rpn6C-➢uimWG C JeI-oe Pro ect number: m.0 -Site .MW STREET 10-0. ALTERNATE PROPOSAL - BRADSTREET SCHOOL SITE 2Of 2 ZOWINQ IBRADS=ET SCHOOL -71 I'll 1 11 11 L 2� _Z PA 11'r-1111=2 EGEND � 47 -------- 70 Md.S- ---------- Nosh Md.—W.—h-01W Ulu STREET II vz —r�Lo.ja- MA '?Scogo 0MVER, 7; Ai _'g,g,N No 7ES: 7o"A"' ROBERT SAR RAYMOND SAM Oir, ZY,A N,VA,,'.' M—�-iJ Mw Coilition for a fi C-W-* Better Acre ?!1 lrlzl-_��V CG,/No i -Z.51 All 11'_ 51S.M..dyS�c T AR TOW LOMLL M-6—tu 01851 `t i 4" 41 y 17 ff Ml R y1f l=MAl—.1 114 Ur'A—, ll-'W"(Ei 1-17 F PaW A&G 7? -DJ6_'A2l '.F-'CA HANCOCK 4--, u 14'.MWI CW,7r ' - -,Yi,,r ASSOCIATES F1 M� r, vrA� ir WANNE P.& "w "'s CHERYL A. it"'4'A" Civil 7�'-2 STANUCHENSIC lc�`Xl.ce;IN*'T izljl.�.r 41,MIZ,1�1 NEEP OF 41, 35DO SF PEN SPACE' -ws land sump.FA 41411H—(lW.WjZ—IIJ L-d—p�Archiwds rr Ul� ....... WoUmd Scidatisis _j coorcl. W-'W IM M-1. I? J R R.82� —7— M . t*V "I.W 10 v r"N m ;rj f"-td" All)o lr�op- Mr.nL,va UNI PROM D 2"ST T"DMW$ FLO !CE 21:—rru Aw CONCEMAL Ae ELEVATION BENCH MARKS D M, or IN E T NORTH ANDOVER MA A -jr��c- M�; 21M IT' 01 �E. 1 OF 1 o �z fi z � r � Y III 4 t Y i . 1 E I s� r i Y; t ? Y { I YIII S i Outline Specifications i i i I i OUTLINE SPECIFICATIONS f BRADSTREET SCHOOL PROPERTY 70 MAIN STREET, NORTH ANDOVER,MA WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9,2013 I Page 1 of 12 DIVISION 1: GENERAL REQUIREMENTS 1.1 GENERAL CONDITIONS • The specifications are in addition to plans and provide additional information concerning ....... • The Owner is .........(referred to herein as Owner). • The Architect is WINSLOW ARCHITECTS,INC of 89 Massachusetts Avenue,Arlington,MA 02474(referred to herein as the Architect). • The General Contractor(referred to herein as the GC) is....... 1.2 SPECIAL CONDITIONS • The GC shall carry General Liability in the amount of$........... and complete Workers' Compensation insurance for all people on the job. • All subcontractors employed on this project must carry a minimum of$........... General Liability insurance and complete Worker's Compensation coverage. • The Owner shall carry all property-related insurance for work-in-progress and construction materials on site, and ........... shall be a named insured on the Builders Risk policy. • The GC will attempt,as much as possible,to use energy and resource efficient systems and materials,and will attempt to specify low-toxicity materials throughout. The GC will attempt,as much as possible,to employ environmentally responsible construction methods and to minimize resource depletion and waste brought to local landfills. CareAd purchasing of materials,recycling of construction debris where possible,and use of materials which use recycled or reconstituted material will be encouraged throughout the project. • All work shall conform to the Massachusetts State Building Code and other applicable codes. • The Outline Specifications, along with the plans referred to above,become part of the Construction Contract. 1.3 PERMITS& FEES • The GC will be responsible for acquiring all necessary permits,complying with the terms of such permits, and successfully completing all necessary inspections. 1.4 CLEAN UP,DISPOSAL • The GC will have the premises professionally cleaned at completion to prepare buildings for occupancy, including complete cleaning of building interior, duct flushing,window washing and buffing of all wood floors. • The GC shall fully clean the site of all construction debris and have it recycled or dumped in accordance with all Code regulations. All Subcontractors will be responsible for taking care of their own waste and debris. I OUTLINE SPECIFICATIONS i BRADSTREET SCHOOL PROPERTY 70 MAIN STREET,NORTH ANDOVER, MA j WINSLOW ARCHITECTS,INC--ARLINGTON, MA January 9,2013 Page 2 of 12 1.4 CLEAN UP,DISPOSAL • The GC shall recycle commingled waste to maximum extent possible. • The GC shall set up"Free wood"bin for scraps and recycle drywall/bluebeard scraps. • The GC shall donate or harden left-over latex paint • The GC shall set up dedicated recycling area/bins for recycling product packaging and beverage containers. 1.5 PROJECT CLOSEOUT &POST OCCUPANCY • Closeout submittals will include As-Built drawings prepared by GC,operation/maintenance manuals,warranties. • Occupancy Permit and any other document required to show evidence of compliance with governmental requirements. • The GC will instruct the Owner, and the eventual.homeowners,in the proper operation and maintenance of systems,equipment and similar items which were provided as part of the Work • The GC shall orchestrate complete start-up of systems and instruct Owner, and eventual homeowners,in the proper operation and routine maintenance of all systems and equipment,or have appropriate subcontractors do so. 1.6 WARRANTY/NON-BILLABLE WORK * The GC will guarantee all work for a minimum of one year from the date of substantial completion and acceptance by the Owner. DIVISION 2: SITEWORK OUTLINE SPECIFICATIONS FOR ALL SITE WORK TO BE PREPARED BY THE CIVIL ENGINEERING CONSULTANT RETAINED BY THE OWNER. OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY- NORTH ANDOVER,MA WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9, 2012 Page 3 of 12 DIVISION 3: CONCRETE 3.1 FOUNDATION • Install poured fly-ash concrete foundation consisting of 8"thick walls with 2 95 rebar at top and bottom of wall with 12"X 24"poured concrete footings. • Install 5/8"x 8" anchor bolts at 4' O.C., and 1' from corners, with 3" of thread exposed. • Basement windows to be fiberglass operable-Marvin Integrity or equal. ', • Utility sleeves to be placed for septic and water per plans. • Bituminous damp proofing shall be applied to all foundation walls below finish grade. • Install Mira Board drainboard on all foundation walls below finish grade (see Div. 7.5 below) • Provide foundation drainage system consisting of footing and sub-slab drains collected to a sump or discharged to daylight. 3.2 FLOOR SLABS • Install 4" (min.thickness) fly-ash concrete floor slab with steel mesh in basement on clean sand ( compacted base applied over 2"of rigid foam insulation treated for pest resistance over 6" prepared and compacted gravel base(no fines)with connection to foundation drainage system on compacted or undisturbed earth. DIVISION 5: METALS 5.3 MISCELLANIOUS METALS DIVISION 6: CARPENTRY 6.1 FRAMING SHEATHING & SUBFLOORS • General All framing lumber in contact with ground or concrete to be pressure treated ACQ southern yellow pine. • Exterior Walls: 2x6 hem-fir#2 @ 16"OC • Floor Framing: Floor Trusses w/2x6 PT sill plate anchored per code. • Sub Floor: '/"Advantech with PL400 Adhesives,nailed per specs. • Roof Framing: Flat trussed roof system engineered by truss manufacturer, design cost by GC. • Sheathing: 5/8"CDX plywood on roof and '/2"CDX plywood on walls. • Advanced framing: Where possible,use single top plates, `engineered' headers, two stud corners, etc. Provide two-stud corners using drywall clips for blueboard attachment. Extend first floor sheathing continuously from first floor platform rim joists all the way to bottom end of studs in second floor wall framing or as required by local building inspector. OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY-NORTH ANDOVER, MA i WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9,2012 Page 4 of 12 6.2 EXTERIOR TRIM&WOODWORK • For clapboard siding-HardiTrirn Color Plus Arctic White—5/4x 4 for windows, lx6 corner boards, lx8 fascia board, rake and cave sized as required. • For cave, -provide heavy aluminum wrapped wood framed framework for 2' overhang,fascia, sub fascia and 2' tall frieze board. i j 6.3 PORCH FRAME&FINISH I • Pressure treated ACQ southern yellow pine substructure. Stained FSC--certified mahogany; guarana,ipe, or locally-sourced fir for decking and stair treads w/painted pine risers, 2x4 top and j bottom rail with 1xl square balusters @ 4"OC,with 6x6 cedar posts,painted. Seal by painting on all six sides(including end-grain after cutting),and install building paper flashing`splines' on tops of supporting joists and stair carriages. 1 6.4 INTERIOR TRIM&FINISH WORK • Interior doors to be 6 panel solid core with mortised hinges and solid pine jambs. • Baseboard to be 4"tall painted MDF speedbase#622 • Windows and doors to be painted MDF 3"casing. • Painted fir closet poles. • Painted%"plywood with 1"edge banding. • All interior trim shall be formaldehyde-free MDF or vinyl-free composite moldings • Allow unpainted closet poles(unless finger jointed variety) • Use formaldehyde-flee MDF(e.g. Sierra Pine Medite or Medex)for paint-grade interior trim instead of plywood. Use exterior plywood(or MDF noted above)for utility-grade applications, like trim backing, as phenol-formaldehyde—based resins used in exterior sheet goods emit less formaldehyde than `typical' interior plywood products. Sheet goods featuring Pure$ond resins are an example(Columbia Forest Products). 6.5 CABINETRY • Provide medium grade natural wood finish full overlay raised panel doors,Merrilat Essentials or equal, • Hinges: Blum or equal • Use cabinets/casework featuring Agriboard (or similar)formaldehyde-free core material. Non-exposed or paint-grade casework shall be Iow/no-formaldehyde MDF. All solid lumber shall be FSC certified (http://www.fscus.org/)from sustainable managed timber stands. Sheet goods featuring PureBond resins are an example (Columbia Forest Products). Local sources of FSC lumber include National Lumber(various locations), Sterritt Lumber (Watertown)and Mass ' Woodlands Coop(www.masswoodlands.coop). Unable to confirm compliance of Merrilat cabinets to reasonable sustainability/IAQ standards. i OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY-NORTH ANDOVER, MA WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9,2012 Page 5 of 12 • Use low-VOC water-borne clear finishes for all site applied finishes. 6.6 COUNTERTOPS • Concrete countertops using recycled materials. • Use minimum percentage fly-ash in concrete countertops (3---5%typical). Alternative recycled i content is silica fame and slag cement. Use non-toxic,law VOC form release agent and sealers. DIVISION 7: THERMAL & MOISTURE CONTROL 7.1 SEALANTS AND ADHESIVES i • Provide silicone sealants at all joints on exterior walls and around all utility boxes or other penetrations of the outside wall Use paintable elastomeric or `siliconized' caulking t" 7.2 ROOFING Provide Built Up Roofing with mechanically fastened stretched membrane rubber roofing over insulations (see Section 7.4 below),pitched to interior drain lines. • Provide alternate price for a"green"roof using soils and vegetation cover over an impermeable roofing membrane. 7.3 SIDING ° diPlank"Color Plus"cementitious clapboard siding 4"exposure. 3 colors. • 25%vertical corrugated metal panel. • Provide `pan flashings' at all window and door openings 7.4 INSULATION • Cellulose insulation in all exterior walls, at all perimeter framing,and in floor trusses between floors. • 1"rigid insulation on exterior side of exterior walls • R-50 blown cellulose insulation in top floor ceiling. • 2"rigid insulation under basement slab(see 3.2 above) • 2"XPS Foamboard rigid insulation on interior of basement wall. Strap and cover with fire- resistant finish(plywood or gypboard). OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY-NORTH ANDOVER, NIA WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9,2012 Page b of 12 i 7.6 VAPOR SEALING&AIR SEALING • Typical Building Practices to include sealing all windows,doors,wall and roof penetrations with low expansion foam.: • The building will be blower door tested upon 1)completion of the air-sealed shell,2)completion j of insulation before sheetrock is installed; and 3)after completion of sheetrock. Blower door air leakage test shall be below 0.25 CFM/SF of building shell at-50 pascals. • High density spray foam insulation to be used as needed for difficult air sealing locations,and only with the approval of the Architect. • Seal all penetrations between conditioned space and unconditioned space. Insulate&weatherstrip attic hatches/stairs/scuttles. Seal canister lights("IC"rated only)w/fire-retardant expanding foam. Seal all stacks&rough openings for bathroom vents wl expanding foam. • Seal/insulate rim joist w/high density polyurethane spray foam insulation. Provide insulated cover plates at all switches&receptacles (see energyfederation.org for example) • Seal all gaps between rough openings and jambs at doors&windows w/minimally expanding (`low loft') foam. • All exhaust vents should be provided with back-draft dampers DIVISION 8: DOORS,WINDOWS, GLASS 8.1 DOORS &JAMBS—EXTERIOR • FRONT AND PARKING ENTRIES - solid mahogany with insulated glass in upper half of door with sidelight each side of door. • VESTIBULE --metal frame and fire rated glass door and side lights. provide hardware for security,automatic closures and handicap accessibility. i 8.2 DOORS &JAMBS—INTERIOR • INTERIOR HALLWAY FIRE SEPARATION DOOR-metal frame and fire rated glass doors • UNIT ENTRY DOORS- solid metal panel insulated 1 hour fire rated door. • UNIT INTERIOR DOORS- solid composite low formaldehyde 5 panel door • COMMUNITY/LAUNDRY ROOMS--metal frame and 1 hour fire rated door. • DOOR HARDWARE —Grade 1 commercial hardware(schlage or equal). Residential series(schlage `a' series or equal)w/lever hardware all interior doors. -Panic hardware all common entry doors -Privacy locks for bathroom l - Oil rubbed bronze finish i i i OUTLINE SPECIFICATIONS i BRADSTREET SCHOOL PROPERTY--NORTH ANDOVER, MA WINSLOW ARCHITECTS,INC—ARLINGTON,MA j January 9, 2012 Page 7 of 12 8.3 WINDOWS • Insulated glass Low E inert gas-filled windows—Marvin Integrity or Pella or equal. • Provide cellular insulating window shades. DIVISION 9: FINISHES 9.1 PLASTER WALLS &c CEILINGS • '/2"Blueboard and skimcoat,smooth finish on all walls and ceilings 9.2 FLOORS Common areas and kitehen/baths—linoleum tile with polyester backing and 12 mil wear layer (Forbo Marmoleum or equal). • Unit Interiors—Vinyl Plank flooring with minimum 75%post-consumer recycled material with 12 mil wear layer(Daejin"Decoria"or equal) {' �`: • Provide alternative pricing for Bamboo flooring (Plyboo or equal) in the living areas of each unit(except for kitchen/bath). I 9.3 PAINTING • Exterior—Prepainted Hardiplank siding and trim---touch up as required. • Interior -Benjamin Moore Eco-Spec low VOC paint,primer plus 2 coats on all surfaces. 9.4 FLOORING I� • Wood flooring sealer plus 3 coats polyurethane clear satin finish. • LOW VOC Sealants and Finishes I I DI • SP CIALTIE DIVISION SPECIALTIES • Provide 2 towel bars each bathroom and TP holder. • Provide recessed medicine cabinet. • Provide fixed mirror at vanity OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY-NORTH ANDOVER, MA WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9,2012 Page 8 of 12 E DIVISION 11: EUMPMENT k 11.1 APPLIANCES-KITCHEN • Provide HUD severe use wood cabinets with natural wood finish.provide door/drawer knobs and/or pulls.Laminate countertop postformed witli laminate sheet backsplash between counter and wall cabinet. • Provide all Whirlpool appliances - Gas Range - 16CF— 18CF refrigerator - Dishwasher • Garbage disposal (3/4HP) (In-Sink-Erator or equal. • Stainless steel sink _ • Delta single lever pull out faucet with Low-Flow head. • All appliances to be Energy Star rated. r 11.2 BATH FIXTURES • Dual Flush toilets (Toro, Caroma or equal) 0 Kohler Pennington sink. • Americast tub with ceramic tile surround. 0 Delta faucet 0 Symmons tub/shower controls with Low-Flow shower head. 11.3 ELEVATOR • Building shall include a hydraulic elevator. Hoistway and machine room shall be naturally ventilated at the top in accordance with 524 CMR.Include motorized dampers that will be normally closed and will open upon loss of power,activation of fire alarm system and/or temperature in excess of 85f as detected by the hoistway thermostat. s IIII OUTLINE SPECIFICATIONS i BRADSTREET SCHOOL PROPERTY-NORTH ANDOVER,MA WINSLOW ARCHITECTS,INC—ARLINGTON,MA January 9,2012 Page 9 of 12 DIVISION 15: MECHANICAL 15.1 HEATINGICOOLING HEATING The heating system will consist of a central hydronic boiler plant located in the basement that will provide hot water for heating to the dwelling units and common spaces plus domestic hot water (DHW). The boiler plant will consist of three high efficiency(90%+), sealed combustion, condensing boilers that can be vented using PVC piping up through the roof or side wall. the boiler plant will be sized to meet the building heating load as calculated in accordance with the mass energy code and have additional capacity to serve a pair of indirect fired domestic water heaters. The hydronic piping system will circulate 150 degree hot water supply to wall mounted steel panel radiators(Buderus Solidoflux)heating terminal units each with its own attached non electric zone valve for control of temperature in each room.Radiators will be installed in apartments and common spaces. Flow of hot water to each apartments' set of radiators will be controlled by a seven day programmable thermostat. The automatic temperature control system will be based upon independent electronic controls. Boilers will be modulated and staged to maintain supply water temperature setpoint that is modulated inversely to outdoor air temperature. Control will include a warm weather shut down function that will automatically disable the central heating plant upon a rise in outdoor air above 65f(adjustable). Flow of hot water to each apartments' set of radiators will be controlled by a seven day programmable thermostat. AIR CONDITIONING 1. Alternate l -provide two through the window a/c units for each apartment. 2. Alternate 2- provide chiller and 2-pipe changeover system. Add a ground mount chiller with capacity for the whole building. Add insulated piping from the chiller into the building and up through to the attic boiler room. Add piping connections in the boiler room and manual valves for isolating the boilers and allowing the main circulating pumps to circulate chilled water to vertical fan coils. The chiller will have an environmentally friendly refrigerant,r-410a or r-134a. Chiller shall meet or exceed minimum efficiency requirements. DOMESTIC HOT WATER(DHW); DHW will consist of a centralized system to serve dwelling units and common laundry. the boiler room will include two stainless steel,indirect fired DHW tanks, a thermostatic tempering valve conforming to standard ASSE1017, and DWH return water circulator with a combination aquastat and tinier control. OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY—NORTH ANDOVER, MA WINSLOW ARCHITECTS,INC ARLINGTON,MA January 9,2012 Page 10 of 12 15.2 PLUMBING Plumbing fixtures shall include low flow fixtures meeting plumbing code requirements. Toilets shall be dual flush. Lavatories shall provide 0.5 gpm and shower heads 1.5 gpm. t A single municipal potable water meter shall serve the building. Provide sub-metering for cold jwater supply to each dwelling unit with remote read capabilities and a central data recording system. The building shall have independent systems for storm drain and sanitary waste. Domestic hot water(DHW)will be provided by the central boiler plant. (See HVAC heating section above for description.) An acid neutralizing tank shall be provided to receive and neutralize boiler condensate prior to disposal to the drain. Provide floor drain in the common laundry and the boiler room. Natural gas service shall be provided and include a single common meter for the building. Provide alternate pricing for a gray-water system for use in irrigation and for use with flushing toilets(refer to www.Bracsystems.corn). 15.3 VENTILATION Provide a single energy recovery ventilator in the attic (approx: 1000 cfm)which will be connected to exhaust ductwork running from each bathroom and in vertical ducts and fire rated chases. Supply of fresh air will be provided to the hallways for air pressure balance in the building. Each apartment will receive 45 cfm of continuous exhaust. Windows will also provide a source a natural ventilation air to the dwelling units. Kitchen exhaust shall be ducted to the exterior up through vertical ducts and fire rated chases to consolidating duct work in the attic and up through the existing cupola. Provide continuous rated 50CFM low SONE ventilation fans in bathrooms. For heating/cooling air ducted systems,provide Energy Recovery Ventilator(ERV)including all i ductwork and equipment and controls, connecting each bathroom exhaust and supplying equally to all rooms. Ductwork to be insulated galvanized sheet metal.ERV to be Renewair EV130 or equal i �I OUTLINE SPECIFICATIONS BRADSTREET SCHOOL PROPERTY—NORTH ANDOVER, MA WINSLOW ARCHITECTS,INC--ARLINGTON,MA January 9,2012 f Page IIof12 15.4 FIRE PROTECTION A fire sprinkler system shall be designed and installed to provide full sprinkler coverage throughout the building in accordance with NFPA 13R. The system shall include a wet pipe fire sprinkler system throughout the building. The systern shall include an independent fire service including double check valve assembly backflow preventer assembly,main shut-off o.s. &y.valve,wet alarm valves,flow switches, drains,piping,sprinkler heads and associated system components. The system shall include a single sprinkler zone Full engineered shop drawings,hydraulic calculations, and flow test shall be provided for the design. Standpipe system shall be provided in accordance with NFPA-4. f^ DIVISION 16: ELECTRICAL General Electrical systems shall include all power,lighting, communications, emergency systems, security,telephone/data,fire alarm, and related systems. i Electrical service shall be 208 volt, 3 phase, 4 wire and include underground exterior service with pad-mount transformer,main disconnect and distribution panel, and various panel boards and step-down transformers, cabling and conduit systems. Metering shall include independent services for each dwelling unit as well as a common space meter. All electrical systems shall be designed and installed in accordance with the Massachusetts electrical code and national electrical code,latest editions.. All necessary power connections shall be provided for receptacles, specialty equipment,HVAC systems,and related systems. Common area lighting systems shall be fluorescent high efficiency type,energy star approved, with electronic ballasts and t5 lamps. Dwelling"unit lighting systems shall include a combination of compact fluorescent(cfl) fixtures { and switched receptacles. IF Exit signs shall be high efficiency led lamps. Exit signs and emergency lighting shall be equipped with battery backup.Provide intercom system connecting each unit to front door of the I building. Provide exterior lighting with metal halide lighting sources for security and adequate parking lighting. Site lighting shall be activated using photocell and time switch controls. i it OUTLINE SPECIFICATIONS BUTLER SCHOOL PROPERTY - 812 GORHAM STREET- LOWELL, MA WINSLOW ARCHITECTS,INC--ARLINGTON,MA May 30,2012 Page 12 of 12 16.1 Service • Size service entrance per NEC. • Provide 100 amp service to each unit. 16.2 Wiring/Fixtures Provide 10 recessed LED light fixtures. • Provide ceiling mounted fixture in each bedroom and bathroom and kitchen. • Provide LED undercabinet lighting. • Provide 1 dedicated outlet under one window in each bedroom for A/C unit. • All light fixtures to conform to EnergyStar standards. • Use `air-tight' electrical boxes in exterior walls, such as AirFoil. http://www.airfoiline.com/ Lessco not equal. • Recessed lighting shall be airtight type(i.e. featuring built-in `tophat')and should be"IC" (insulation contact)rated if units penetrate attic floor plane/thermal envelope _ I 16.3 h Tele one/Cable/Security p_ � �— • Provide phone/cable jacks in living room and each bedroom. • Provide high-speed internet connection with dual lead coaxial cable or CAT 5 cable. • communications systems shall include telephone, CATV, and high speed internet, • security systems shall include intercom with door release buzzer and voice identification system. 16.4 Fire Protection • The fire alarm system shall be of the addressable type, and include pull stations, smoke and heat detection,fine sprinkler system supervision,audio-visual units,remote annunciator, and city fire department tie-in as required.Carbon monoxide detectors shall be installed in accordance with codes. 16,5 Alternative Energy Sources Provide alternate pricing for a roof top Solar PV system for electric(assume 20KW system) and solar collectors for domestic hot water. -END - These Outline Specifications have been prepared by WINSLOW ARCHITECTS,INC.for the project known as Bradstreet School Property and are not to be copied or used by any other parties for any other projects without written permission by WINSLOW ARCHITECTS,INC. These Outline Specifications are to be used for preliminary pricing purposes only and may not be used or relied upon for construction. r F Development Costs and Schedule • Development and Operating Budgets j . NNEI General Contractors Construction Estimate F • S&R Corporation Demolition Estimate • NEI General Contractors Construction Schedule i f i i I i I One Stop2000Affm•dable Housing rinance Application[Vcrsion 1,21]0 Page to Section 3 SOURCES AND USES OF FUNDS Sources of Funds ( I Private Equity- Optional usercalctrlalio?n 81 . DeveIoper's Cash Equity _ $80,000 0 -71� 82. Tax Credit Equity(net amount) (See litre 360,Section 5,page 18.) $3,888,000 L1H'fC $.90 24 amts 83 . Developer's Fee/Overhead,Contributed or Loaned $56,934 84. Other Sourcc: NeighborWmh $192,000 Public Equity: I IF i 85. HOME Funds,as Grant $ 86. Grant:----- $ F --:=E===� 87 . Grant: 88 . Total Public-----tg---------------------------- $0 Subordinate Debt(see definition): Amount Rate .4711071iz. Term 89..Home Funds_-D_HCD,as Subordinate Debt $550,000 % yrs. yrs. j -Source_ State I•IOME/HSF 90 . Home Funds-Local,as Subordinate Debt $720,000 % 1 yrs. lyrs. Source - Town CPA and/or Aff Hsg Trust 91 . Subordinate Debt $1,000,000 °lo yrs. yrs. - -Source: - AT1TF 92. Subordinate Debt $300,000 % yrs. yrs. k Source: C13II 93 . Subordinate Debt $200,000 % yrs. yrs. j - 5aurce NS HOME Consortium 94 , Total Subordinate Debt $2,77Q,000 ----------------------------------------------------- Permanent Debt(Senior): Amount Rate Qverride Amortiz. Term HIP i =45 , hlliFA --- F MHFA Program 1 $ % % lyrs. yrs. % 96. hII3FA MHFA Program 2 $ % % yrs. yrs. 97 . hIHP Tund Permanent Loan $ % yrs_ yrs. 98. O__b t_er•Perm_a_n_entSenioi-Mortgige $750,000 6.00% 30.00 20.00% Source: residential 99. Otb_erPerm_a_n_ent Senior Mortgage $320,000 6.50% 30.00 20.00 Source-, 100. Total Permanent Senior Debt $1,070,000 101 . Total Permanent Sources $8,056,934 Construction Period Financing: Amorrml Rate Term 102. Construction_Loan $2,000,000 6.00% 16.0 _Source: ' Repaid at: (even!) 103. Other Interim Loan $0 % mos. ---------------- Source: Repaid at: (even!} 104. Syndication Bridge Loan --Source: -- Repaid at: (event) Bradsh•eet School - li7�f1LLIG1 07ALUL1 it Section 3. Sources and Uses of Funds Page 11 Uses of Funds The Contrador centfrus that,to the best ofthdrkumrledge,the canstrnelton Direct Construction: eVhnates,ruxivade-ttenr breakdown on this pagearecomplele[tndaccul'ale. 105. Who prepared the estimates.NET General Contractors Nmne Sigrtnlure Basis for estitates? 1piclinlinary architectural plans andspecifications from Winslow Architects DJ/ n-acle Item 47?7otnit Description 107. 3 Concrete 108. 4 Masonry i 109. 5 Metals 110. 6 Rough Carpentry 111 . 6 Finish Carpentry 112. 7 Waterproofing 113 . 7 Insulation 114. 7 Roofing 115 _ 7 Sheet Metal and Flashing 116. 7 Exterior Siding 1I7 . 8 Doors 118 . 8 Windows 119 . 8 Glass - 120 . 9 Lath&Plaster 121 . 9 Drywall 122. 9 Tile Work 123 . 9 Acoustical 124. 9 Wood Flooring 125. 9 Resilient Flooring 126 9 Carpet 127. 9 Paint&Decorating 128 . 10 Specialties 129 . I 1 Special Equipment 130 . 11 Cabinets ?:1 , II Appliances 12 Blinds&Shades 133 . 13 ModulariManufactnred 134. 13 Special Construction 135 . 14 Elevators or Conveying Syst. 136. 15 Plumbing&Ilot Water 137 , 15 Heat&Ventilation 138 . 15 Air Conditioning 139 15 Fire Protection 140 . 16 Electrical 141 Accessory Buildings 142. Other/mise 143 , Subtotal Structural $0 144, 2 Earth Work 145. 2 Site Utilities 146 . 2 Roads&Walks ' 147 . 2- Site Improvement 148. 2 Lawns&Planting 149 2 Geotechnical Conditions 150 2 Environmental Romediation 151 2 Demolition $170,950 S&RProposal-includes asbestos abatement 152. 2 Unusual Site Cond $5,057,304 NEI General Contracting cost estimate attached 153 . Subtotal Site Work $5,228,254 154 . Total Improvements $5,228,254 155. I General Conditions 156. Subtotal $5,228,254 157 . 1 Builders Overhead 158 . 1 Builders Profit I 159 . Tt7TAL $5,228,254 „0 Total Cost/square foot: $149,38 Residential Cost/s.£: $174.28 Bradstreet School itYA11 Uis7 #YALUGi I Section 3. Sources and Uses ofl,tmds Page 12 Development Budget: Total Residential Commercial Commentl 161 . Acquisition: Land $200,000 $200,000 -Z . Acquisition: Building $100,000 $100,000 . Acquisition Subtotal $300,000 $300,000 1 $0 164, Direct Construction Bud g $5,228,254 $5,228,254 (fi•om line 159) 165 . Construction Contingent $520,000 $520,000 9.9%of construction 166 . Subtotal:Construction $5,748,254 $5,748,254 $0 General Development Costs: 167. Architecture&Engineering $452,000 $452,000 168. Survey and Permits $24,000 $24,000 169. Clerk of the Works .$47,000 $47,000 170. Environmental Engineer $30,000 $30,000 171 . Bond Premium $0 $0 included in construction budget 172 _ Legal $100,000 $100,000 173 Title and Recording $20,000 $20,000 174. Accounting&Cost Cert. $25,000 $25,000 j 175 . Marketing and Rent Up $30,000 $30,000 j 176. Real Estate'l'axes $22,000 $22,000 177. Insurance $50,000 $50,000 178 , Relocation $0 $0 179 . Appraisal $17,000 $17,000 i 180. Security $8,000 $8,000 181 . Construction Loan Interest $60,000 $60,000 ' 182. Inspecting Engineer $23,000 $23,000 183. Fees to: $20,000 $20,000 $2 nail @ 1% 184. Fees to: $10,700 $10,700 $750K as 1% 185 . MIP $0 I 186. Credit Enhancement Fees $0 1 "9 . Letter of Credit Fees $15,000 $15,000 Lender Legal Other Financing Fees $22,500 $22,500 Tax.Credit allocation fee 189. Development Consultant $45,000 $45,000 190. Other: Carrying Cos $50,000 $50,000 maintaining property till development funds secured 191 . Other: predev int $30,000 $30,000 192 . Soft Cost Contingency $55,000 $55,000 5.0%of soft costs 193. Subtotal; Gen.Dev. $1,156,200 $1,156,200 $0 194. Subtotal:Acquis.,Cons(L $7,204,454 $7,204,454 $0 and Gen.Dev. 195 . Capitalized Reserves $134,480 $134,480 196 . Developer Overhead $359,000 $359,000 197. Developer Fee $359,000 $359,000 198 . Total Development Cost $8,056,934 $8,)56,934 $0 TDC per unit $335,706 199. TDC,Net $7,865,520 $7,865,520 $0 TDC,Net per unit $327,734 Bradstreet School L`YALUB! #YALUCI I Otte StopZOOO Affordable Housing rin,,tiiecAliplicitioii lVensioul.211© N&14 Section 4 OPERATING PRO-FORMA Operating Income Rent Schedule: Contract Utility Total No. of 222 Low-Income(Rental Assisted): Rent Allowance Gross Rell t Units SRO $0 0 .......... ......— 0 bedroom $0 0 I bedroom $907 $907 2 2 bedrooms $1,097 $1,097 4 3 bedrooms $1,310 $1,310 2 4 bedrooms $0 0 223 Low-Income(below 50%): SRO $0 0 0-bedroom $0 0 I bedroom $0 0 ............ 2 bedrooms $0 0 3 bedrooms $0 0 4 bedrooms $0 0 224 Low-Income(below 60%): SRO $0 0 0 bedroom $0 0 I bedroom $750 2 2 bedrooms $1,090 $1,090 13 3 bedrooms $1,260 $1,260 1 4 bedrooms .......... $o 0 225 Other Income(User-defined) — SRQ $0 0 0 bedroom $0 0 I bedroom $0 0 ........ .............. 2 bedrooms $0 0 .............. $0 0 4 bedrooms.. $o 01 .......... 226. Market Rate(unrestricted occupancy): SRO 0 0 bedroom 0 I bedroom 0 2 bedrooms 3 bedrooms 4 bedrooms Commercial Income: (average) 227. Square Feet: 1 5,000 @ $7.75 /square foot= F_ $38,750 Parking Income: (average) 228. Spaces: 51 ('01 $0.00 !month x 12 = $o Bradstreet School WYARIM Section 4. 0 eralingPro-Forma Page 15 Other Operating Income Assumptions: 229. Laundry Income(annual): optional riser caleulalionc 230. Other Income:a. b• C. d. e, f. Vacancy Allowance: 231 ' Low-Income(Rental Assistance) 5.0% 232 . Low-Income(below 50%) 233 . Low-Income(below 60%) 5.0% 234_ Other Income(User-defined) 235 . Market Rate 236 . Commercial 10.0% Trending Assumptions for Rents: Year 2 fear 3 years 4-5 Years 6-20 237. Low-Income(Rental Assistance) 2.0% 2.0% 2,0% 2.0% 238 . Low-Income(below 50%) % % % % 239. Low-Income(below 60%) 2.0% 2.0% 2.0% 2.0% 240. Other Income(User-defined) % % % 241 . Market Rate % % % % 242 . Commercial Space Rental 2.0% 2.0% 2.0% 10% 243 . Laundry Income % % % % 244 a Other Income - % % % % E Other Income - % % % % c Other Income - % % % % d Other Income % % % % e Other Income - % % I% % ' f Other Income I % % % % Operating Subsidy and Capitalized Operating Reserves: 245 . Subsidy Source I......................... 246 . Subsidy Source U.................I...... 247. Capitalized Operating Reserve Amount: Is Source: 248 . Yearly Draws on Subsidies and Reserves: Subsidy Subsidy Draw on Source 1 Source 11 0 er.Resew Year 1 $ $ _ $ Year 2 ........._ $ $ Year 3 $ $ $ Year 4 $ $ $ Year s-......._._._ $ $ $ Year 6 $ Year 7 $ $ $ Year 8 $ $ $ Year _ $ $ $ Year 10 - $ $ $ Year 11 $ $ $ Year 12 _... $ $ $ Year 13.............._._ _._.... $ $ $ Year 14 $ $ $ Year 15 Year 16 $ $ Year 11 $ $ $ Year 1$ _ $ $ $ Year 19 $ $ $ Year 2D $ $ $ Year 21 ......._. $ $ $ 249 . Annual Operating Income(year 1) $328,448 Bradstreel school 07ALUM #YAWN! ICI Section 4. O erating Pro-Forma Page 16 Operating Expenses Annua[Operating L+'xp.: Total Res•idenikil Commercial Connnenls 250 . Management Pee $17,1001 $15,600 $1,500 251 . Payroll,Administrative $8,500 $7,500 $1,000 252 . Payroll Taxes&Benefits,Admin. $1,700 $1,200 $500 253 . Legal $4,500 $4,500 254 . Audit $9,000 $9,000 255 . Marketing $4,450 $1,950 $2,500 256. 'Telephone $1,500 $1,500 257 . Office Supplies $1,200 $1,200 258 . Accounting&Data Processing $0 $0 259 . Investor Servicing $0 $0 260 . DIICD Monitoring Pee $700 $700 261 . Other: $500 $500 262_ Other:Asset Mgmt.ree $8,000 $8,000 263 , Subtotal:Administrative $40,050 $36,050 $4,000 264. Payroll,Maintenance $14,650 $13,350 $1,300 265 , Payroll Taxes&Benefits,Admin. $2,030 $1,850 $180 266. Janitorial Materials $1,130 $1,130 267. Landscaping $2,500 $2,500 268 . Decorating(inter,only) $3,500 $3,50D 269 . Repairs(inter.&ext.) $5,000 $5,000 270 . Elevator Maintenance $9,500 $9,500 271 . Trash Removal $5,500 $5,500 272 . Snow Removal $4,000 $4,000 273 . Extermination $2,400 $2,400 274 . Recreation $0 $0 275 . Other: $0 $0 276. Subtotal:Maintenance $50,210 $48,730 $1,480 277 . Resident Services $0 $D i 278 . Security $1,500 $1,500 279 . Electricity $27,600 $27,600 conmiercial tenants cover utility costs 280 . Natural Gas $24,920 $24,920 281 . Oil $0 $0 282 . Water&Sevver $15,200 $15,200 283 . Subtotal: Utilities $67,720 $67,720 $0 284 . Replacement Reserve $8,400 $8,400 $350 per unit 285 . Operating Reserve $0 $0 286 . Real Estate Taxes $33,000 $33,000 commercial tenants pay for taxes and insurance 287 . Other Taxes $0 $0 288 . Insurance $10,000 $10,000 289 . M1P $0 $0 290 . Other: $0 $0 291 . Subtotal:Taxes,Insurance $43,000 $43,000 $0 292 . TOTAL EXPENSES $227,980 $221,000 $6,980 Bra�lsheelSchovl #17ALUL7 #NtiLtIlsl lit Section 4. O elating Pro, orma J'age 17 Other Operating Expense Assumptions Trending Assumptions for Expenses fear 2 Year-3 Years 4-5 Years 6-20 293 . Sewer&Water......................................................... 3.0% 3.0% 3.0% 3.0% 294. Rea!Estate Taxes................................................. 2.5% 2.5% 2.5% 2.5% 295. All Other Operating Expenses ......................................... 3.0%1 3.0%1 3.0%1 3.0% Reserve Requirements: 296 . Replacement Reserve Requirement per unit per year _ ................................... j 297. Operating Reserve Reciuuement per unit per year Debt Service: Annual Pa pnrent 298. MHFA MHFA Program I NIA 299. MI3FA...................... MIIFA Program 2 N/A _........................ 300. MHP Fund Permanent Loan N/A ...................................._...._...,..,,............................................._...,................................................................................... 301 . Other Permanent Senior Mortgage $53,960 Sourc e f NIA 302, Other Permanent Senior Mortgage $24,271 .............._.....----_......._. Source: N/A i 303. Total Debt Service(Annual) $78,231 I 304 -1 Operating Income $100,468 (in year one) .......................................................................................................... 305 . Debt Service Coverage (in year one) Affordability: Income Limits and Maximum Allowable Rents 306. County MSA This MSA does not match the county you have chosen 307. Maximum Allowed Rents,by Income,by Unit Size: Income Limits last updated on 3/12/2012 Masinn nr Income Maximum Pent(calmlated fi om HUD income data) 50% 60% 0% 50% 60% 0% SRO #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0 bedroom #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! I bedroom #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 2 bedrooms #VALUE! #VALUE! #VALUE! #VALUEI #VALUE! #VALUE! 3 bedrooms #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 4 bedrooms #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! Area median income for a family of ! 308. H.U.D."Fair Market Rents"(Maximum): 0 bedroom #VALUE! 1 bedroom #VALUE! 2 bedrooms #VALUE! 3 bedrooms #VALUE! 4 bedrooms E! 5 bedrooms VALUE! FMR Information last updated on F 3/12/2Q 12 Bradsfreet School tfYALUE! 4T,',1L M, II S&R Corporation 706 Broadway Street Phone: (978)441-2000 Lowell,MA 01854 Fax: (978)441-2002 i To Coalition For A Better Acre Contact: Madeline Nash Address: 517 Moody Street,Floor#3 Phone: (978)452-7523 Lowell,MA 01854 Fax: (978)452-4923 Project Name: Bradstreet School Demolition Project Bid Number: Project Location: 70 Main Street,North Andover,MA Bid pate: 9/9/2011 Item# Item Description Estimated Quantity Unit Unit Price Tatal Price Demolition Of Existing Structure, 1.00 LS $170,950.00 $170,950.00 Total Bid Price: $170,950.00 Notes: • EXCLUSIONS: -Erosion Control -police or Fire Detail -Handling,transportation or disposal of storage tanks,drums,or any free standing liquids, Engineering,asbestos or hazardous materials survey's. -Rerouting of any utilities. -Site Surveys or"As-Builts"documents. -Temporary Fencing. • PRICE INCLUDES: -Asbestos Abatement&Universal Waste on Survey done by Fuss&O'Niel in February 2008. -Cut and Cap of Water&Sewer. -Demolition Permit -DEP Demo Notification -Asphalt Remove&Dispose. r- -Backfill. ` Payment Terms: Monthly Progress Payments will be made by owner to this contractor within 30 days of receipt of invoice I i ACCEPTED: CONFIRMED: The above prices,specifications and conditions are satisfactory and S&R Corporation are hereby accepted. Buyer: Signature: Authorized Signature: Date of Acceptance: Estimator: Wesley Dumont (978)441-2000 wdumont @sandreorp.com 12/14/2012 10:43:44 AM Page 1 of 1 II� 70 Main Street NEI North Andover,MA GEXERALCOMt GI�,G January 4,2013 Project Overview 1 st Floor 2,300 sf 1st Floor Retail 51000 Sf 2nd.floor 4,800 sf i ;3rd Floor 14,160.0s 4th Floor .. 7,300.sf TOTALS 34,000 Project Budget Breakdown Total Cost ° per SF 02060 Demolition NIC 0.00 02050 `Hazardous Abatement NIC 0.00 02200 Siteworic $ 232,917 6.85 b2$00 Fencing $ 30,000 0,88 02870 Sife:Furnishings NIC 0.00 02950 Landscaping-Allowance $ 27,400 0.81 03160 Concrete System $ 132,018 3.88 04200 Masonry $ 35;640 1.05 05120 Structural Steel/Miscellaneous Metals $ 60,000 1.76 06100 Rough Carpentry $ 713,000 20,97 06206 Finish Carpentry $ 181;000 5:32 06400 Exterior Siding $ 190,900, 5.61 07140 Waterproofing $ 4,500 0.13 07210 Building Insulation $ 156,000 4.59 07.920 Jolnt Sealants $ 5,000 0.15 08110 Steel Doors.&Frames $ 110,400 3:25 08400 Aluminum Entrances and Storefront $ 60,000 1.76 08610 Windows $ 183,825 5:41 08800 Glass&Glazing $ 6;000 0.18 09260 Gypsum Board Assemblies $ 191,500 5.63 09300 Ceramic Tile $ 22,000 0.65 0?650 Flooring $ .317,002 9,32 09910 Painting $ .62,586 1.84 10100 Miscellaneous Speclalties $ 14298 0.36 .10801 Toilet Accessories $ 8,400 0.25 11452 Appliances $ 40,250 1:1.8 11500 Trash Chute N►C 0.00 12500 Horizontal Louver Blinds $ 8;550 0.25 12370 Pre-Manufactured Casework $ .67;200 1.98 14200 Elevator $ 112,000 3.29 15300 Fire Protection $ 117,000 3.44 15400 Plumbing $ 214,200 6:3Q 15500 HVAC $ 418,500 12,31 16100 Electrical. $ 407,750 11.99 SUBTOTAL $ 4,127,835 General GQndtons $ 412,500 Overhead Fee $ .177,006 Fee _ $ 151,719 Performance&Payment Bond $ 47,651 Builders Risk NIC Workers Comp $ 16,689 Ligbilify Insurance $ 48,044 Building Permit Fee $ . 75,860 TOTAL $5;057,304 SF cost $148.74 N ' 70 Main Street taxnt,u tu�retrn�r, North Andover,MA January 4,.2013 Detailed Breakdown Bid Form Summary Description NIC Demolition I Removal of exiatiing structure NI 0"zar'0us Abatement at. n/Bacicfdl 1,487 cyds $ 4b.00 '$ 66,917 Parking. 13,50.0 sf $' 6.00 ' 81,000 Utilities. .... 1 Is . .,$ 86,404:00 $ 85,000 Fencing 600 If $; 60.00 $' 90,000 I 1 - 1 Is $ 27,400.00 $ 27,400 Landscaping- . . Concrote rormwork 41,800 Is $ 1,00 $ 41,800 Concrete Placing 2,678 Is $ 1.00 $ 2,618. Concrete Reinfoicement 13,961 Is 1 $ 1.00 $ 13,961 Rebarinstalt. 9,069 la $ 1.00 $ 9,069 Concrete Flatwork 17,600 Is $. 100 $ 17,600 Concrete Ready lvfbe 39,330 Is $ 1,00 $', 39,330 Install Vapor Barrier/Insulation 4,380 is $ 1.00 $. 4,380 1 pimps 3,200 Is $ 1,00 $ 3,200 $ OmutElevator 1,620 sf $ 22.00 $` 35,640 -. ,1Il1 Ramp Rails,elevator lintels,ladders,sills,railings 1 Is $,60,000.00 $ 60,000 i Rough Carpentry $ tll RoughlTraming 29,000 of $ 22.00 $ 638,000 Rough Framing Retail 5,000 sf $ 16.00 $ 75,000 0111iffil V111111111 II Finish Carp within unit 24 un $ 6,500.00 $ 156,000 WoodBase 1 !s $ 26,400.00 $ 25,000 PrefinsbedFIardSiding I 1q,6001 sf $ 11.60 `$ 190,900 L�lovator Pit - 1 ea $ '4,500.00 $ 4,500 G • 11 ' Building Insulation' 241 unit 1 $ 6,600,00 $ 156,000 111 4xterior Caulking 1 )s $ 5,000.00 $ 5,000 Steel �.� 1 t1 DoorafFramesMardware 24 Twits 1 110,400 Wind6�ve.assume one in each bedtoom Assumes 3-3 Bedroom,17-2 Bedroom and 4-1 B 47 beds $ 600.00 $ 28,200 . Assume 2"d A8 double 1,200.00 $ 57,000 ouble windows each living loom $. Assume 1 window each floor stairwell 18 .ea' $ 600,00 $ 4,800 Comer Umts,assume one extyra window 20 ea $ 600.00 `$. 12,000 Screons(assume'd"fiom operations) 171 ea $ 150.00 .$ 20;650 Installation 171 'ea $ 325.00 -$ 55,675 1 1 1 1 I II NEI 70 Main Street North Andover,MA cF�nlal.c�>arllu lyxr, January 4,2013 I Detailed Breakdown Bid Form Sunimary Description Aase 1 111 05 Total i its k Al in Entrances and Storefront 1 is $ 40,000.00 10111 1111�al Canopy at retail 1 is 20,000.00 $ 20,000 111 Glass&Glazing@ doors 1 L4 $ 6,000.00 $ 6,000 :. 11 Drywall to wood studs and soffits 29,000 sf $ 6.00 $ 174;000 DrywaliforRetail 5,000 sf $ 3.50 .$ :17,500 II Bath ._Floor Tile&Base 210.00 sf $ 11.00 $ 22,000 ,.,. Wood Flooring,`. 31,137 sf $ 9.50 $ 295,802 Caipet.in Corridors 333 syds $ 30.00 $ :10,000 Rubber Treads&Risers 112 ea $ 100,00 $ 11,200 Ilxtcro Painting 1 coat 1 Is $ 20,000.00 .$ 20,000 Unit Painting `24 units $ 1,149.43 $ 27,586 CommonIntej.7orPainting I is $ 15,000.00 $ 15,000 Mailboxes 24 ea $ 104.08 $ 2,498 Sighage 1 is $ 7,000.00 1 $ 1,000 1 8 ea. 360.00 -$ 2,800 Fire Extinguishers 11 Toilet Accessories Bathroom Accessories 24 ea $ 350.00 $ 8,400 1 I APPLIANCES Ran ehoods 24 " ea $ 85.00 $ 2,040 g 22 ea $ 425.00 $. 9,350 Ranges. .... Disposers. 24 ea $ 110.00 $ 2,640 Refizgeaiors, 24 ea $, 480.00 $ . 11,520 Dishwashers 24 ea $. 426.00 $ 10,200 Cooktopsinc,in'lineit6mnbelo�Y 2 ea $ 45 0.00 t$.; goo Wall Ovens inel in line-item be3osv 2 .ea $ 900:0.0 $ 1,800 Install 24 'units $ 76.00 $ 1,.800 i _ 1VIC I, Window Blinds 171 ea $ 50.00 $ 8,550 O II P-Lain Countertops&Cabinets 24 im $ 2,800.00 $ 67,200 I11 4 Stops 4 stops $ 28,000.00 $ 112,000 i Fire Protection 111 Complete Sprinlder _ - 29,000 of ;$ 8,800.00 3,60 $ 101,600 Code;Compliant:SprinkleratRetail 6,000 sf 3.10 $ 15,500 11 Plumbing per 1 Bathroom Unit 21 un 800.00 $ 14.2,800 Plumbing per 1 112 Bathroom Unit 3 nn $ 26,400 Underground Plumbing 1 is $ 35,000.00 35,00.0 Retail Plumbing stubs 1 is $ 10,000.00 $ 10;000 11 HVAC 24 units $ 16,500.00 1$ 39.6,000 Code Compliant HVAC Warlc.Only at Retail 5,;000 of $ 4.50 $ 22,500 i NEI70 Main Street II :rr�FU.u.co�r8.0 uI North Andover,MA January 4,2013 € Detailed Breakdowit live Electrical,Security,Fire Alariin 24 units $ 16,000.00 $ 384,000 i Code Compliant Electrical Work only at Retail 5,000 sf $ 4. $ 23;150 i I i j II I 'I I, i 70 Main Street, North Andover January 4,2013 General Conq uft Preliminary Project Schedule 1D Task Name Resource Duration Start Finish 1 st Quarts nd Quart 3rd Quarle th Quarts 4st Quarts nd a a u 1ul.u e 0 o e an e a 1 Building Permit Names 25 daysMon 418113 Fri 5110113 Jan e 2 Building Permit Submit Team 0 days Mon 418113 Mon 418113 Building PermitSubmit 3 Building Permit Review City 25 days Mon 418/13 Fri 5/10113 - 4• Building-Permit Pick-Up NEI 0_days Fri 5/10113 Fri 5110113 Building Permit Pick-Up 5 Construction Schedule 230 days Fri 5110/13 Fri 3128114 6: Notice to Proceed(NTP) 0 days Fri 6110/13 Fri 5110/13 Notice to Proceed(NTP) 7 Construction(10 Month) NEI 220 days Mon$113113 Fri 3114114 8 Project Construction Meetings. Team 166 days Mon 5/13113 Mon 12/30/13 52 Construction Start _ 0 days Mon 5113113. Mon 5113113 ♦ Construction Start 53 Mobilization NCI: 4 days Mon 5113113 Thu 5116/13 iMobilizatilion 54 Sitework NEI 35 days Sun 5/26/13 Thu 7/11/13 UAW Sitework 55 Noundations/Concrete NEI 4'0 days Sun 6123113 mman Foundations/Concrete 56 Rough Framing NEI 55 days Sun 717113 T Thu 9/19/13 Rough Framing 57 Roofing NEI 25 days Sun 8125113 Thu 9126113 no Roofing 58 Windows NEI 20 days Sun 918/13 Thu 10/3/13 emp Windows 59 Rough MEP NEI 45 clays Sun 9/15/13 Thu 11/14/13 Rough MEP 60 Finish MEP NEI 45 days Sun 9115113 Thu 11/14/13 Finish MEP mmmm 51 Drywall NEI 40 days Sun 10/20/18 Thu 12112/1.3. Drywall 62 Finishes NEI _ 40 days Sun 12/1!13 Thu.1I23/14 Finishes gnaw 63 Cabinetry/Millwork NEI 25 days Sun 1112114 Thu 2113114 Cabinetry/Millwork 64 :Landscaping � NEI 20 days Sun 2116./14 Thu 3113/14 � Landscaping mm 65 Model Unit NEI 0 days sun 12/15/13 Sun 12/15/13 Model Unit,♦ 66 Puhch Lisf NEI 15 days Mori3/3/14 Fri 3/21114 Punch List 67 Final Gleaning NEI 5 days Mon 3/24/14 Fri 3128114 Final Cleaning 68 Project Completion NEI 0 days Fri 3128114 Fri 3128114 Project Completion Note,Alldurattons areworking days.(excluding weekends). Project Team i References for CBA i * Resumes for Project Team Members i i CBA References Acquisition,Construction and Permanent Financing for St:Joseph's Apartments,, Acre High School Apartments and Unity Place Apartments: Ms. Cheryl Stafford,Vice President Enterprise Bank 237 Littleton Rd. Westford,MA 01886 (978)6'56-5522 Cheryl.stafford a ebtc.com Permanent Financing for Unity Place Apartments,New North Canal Apartments and New Merrimack Street Apartments" Megan Mulcahy,Loan Officer Massachusetts Housing Partnership Fund 160 Federal Street Boston,MA 02110 (617)330-9944 x 269 mmulcahy(aa hp.net Cynthia 1Mluhamrned,Asset Manager Massachusetts Housing Partnership Fund 160 Federal Street Boston,MA 02110 (617)330-9944 cmohammed a,mhp.net I Equity Investor for Acre High School Apartments and Unity Place Apartments: I-athy McGilvray,Loan Officer Massachusetts Housing Investment Corporation 70 Federal Street Boston,MA 02110 (617050-1008 megilvray@,mhic.com Melissa Sheeler,Asset Manager Massachusetts Housing Investment Corporationn 70 Federal Street Boston,MA 02110 (617,)850-1060 sheeler@mhic.com i i E Predevelopment Financing for St.Joseph's Apartments,Acre High School Apartments,and Unity Place Apartments: Sara Barean,Senior Loan Officer Community Economic Development Assistance Corporation One Center Plaze,Suite 350 Boston,MA 02108 (617)727-5944 Isbarcan@cedac.or t Development Financing for St.Joseph's Apartments,Acre High School Apartments, and Unity Place Apartments: Wendy Cohen, Low Income Housing Tax Credit Program Director Department of Housing and Cominunity Development 400 Cambridge Street Boston,MA 02108 (017)727-573-1320 Wemdy.cohen@state.ma.us Phil Ferreira,Housing Director Lowell Department of Planning and Development - 50 Arcand Drive � Lowe11,,MA 01852 978-970-4252 pferreira@lowellma.gov i F 1 f i i Emily Weitzman Rosenbaum 9 Lakeview Drive Coalition,For.A Setter Acre Leominster,MA oi453 517 MoodyStieet Lowell,MA 01854 Phone:978-$52-1532(cell) 978-452-7523 x812 E-mail; einilyjoi @comcast.net einily.roseribaum y cbaere.org Career Summary: Innovative Executive Director providing transformational leadership for non-profit organizations,which has resulted in improved reputation and brand,income,increase_in net assets and cash,and tangible community impact(new housing,jobs created,residents taping leadership,etc:). I ' Experience as a successful non-profit Executive Director; 27 years of leadership in affordable housing,community economic development,and leadership development including 18 years of progressive management experience; l Financial management of$x million plus operating budgets,large grants and complex housing development budgets with dramatic positive results in financial transformations while at CBA and Twin.Cities CDC; Success as a coach,mentor and trainer; 'i Experienced.negotiator; it i - r i Proven manager,board and team developer and fundraiser; Strategic thinker with strategic planning expertise;Extensive experience in goal setting and evaluation; Slulled communicator; Passion for and commitment to strategies for building healthy and sustainable communities; Present} Coalition For A Better Acre(CBA),Lowell,MA(io/2oo6— Executive Director { Transformed underperforming organization to meet its potential as a self-sustaining and highly respected and iimpactf it comiunity development eoipo ation; Managed staff of 10 and.facilitated Board of 15,including a$1.1 million annual operating budget and total assets of over$65 million including real estate holdings. Impact between 2oo6 and present: Executed$556 million in completed real estate projects that led to creation of 86 new and 27§ l renovated tax credit housing units; j Increased grant fundraising try 500%in 3 years; established two organizational endowment funds; Launched,foreclosure Prevention Center and established affiliate regional community loan fund(Mill Cities Community Investments)which became a certified community development financial institution; Increased positive messages in Lowell about CBA impact via: narlceting and branding efforts; i Increased membership and participation in organizational events bY.400%in two years; 4 Met 5 year strategic targets and defined organization's role as a catalyst for community and economic I i development. ADDITIONAL PROFESSIONAL EXPERIENCE: Programs Director 1 a Jewish Organizing Initiative(JOI),Boston,MA 2002 to 20o.6 I www.jeivishorgai-lizing.org i Executive DIrector Twin Cities Community Development Corporation(TCCDC) !G in Fitchburg,Leominster and North Central MA 2997 to 2002 Documentary Video:"Leap of Faith"chronicles successful organizing efforts j � I Senior Project Manager I South Shore Housing Development Corporation,Kingston,MA 1994 to 1997 Fundraiser and Consultant x991 to 1994 Rosenbaum resume -2- Policy Analyst,Office of the Commissioner of Housing ( Department of Housing Preservation and Development,NYC 1998 to 1991 Community Coordinator,Homeless Health Initiative,NYC 1997 to 1998 Legislative and Advocacy Coordinator Houston Interfaith Hunger Coalition,Houston,TX 3985t01987' EDUCATION:. New York University Masters of Public Administration 1990 j Wagner School of Public Service Dean's scholar/Research Assistant � IC I 'I ' I Vassar College Bachelors of Arts 1985 I Anthropology Major Departmental honors for original ethnographic research ( I Achieving Excellence in Community Development—Harvard University zoo8 to 2oio I j COMMUNITY INVOLVEMENT AND HONORS f Awarded the Excellence in Affordable Housing and Community Development award from the ` Massachusetts Housing Investment Corporation(MHIC).(June 201?) j Mill Cities Community Investments Founding Board member and Treasurer(2008 to preseirt) Lowell General Hospital Corporator(2oo8 to present) Lowell Heritage Partnership Board member(2oo6'to present) Greaten Lowell Chamber of Commerce.Board member(2009 to present) Massachusetts Association of CDCs Board member(1998-2002,2011 to present) f Merrimack Valley Sandbox Leadership Institute(SLI)graduate(2o12) National NeighborWorks Association Board member(2008-2010) North Central MA Community Reinvestment Act Coalition Board member(1998-2002) Western MA Enterprise Fund Board member(19,99-2002) NeigbborWorles America'Organizing Pilot Steering Committee member(1999-2002) Rosenbaum resume -3- II MADE LINE K.NASH 19 Arlington St. Newburyport,MA 01950 (978)499-0258 PROFESSIONAL EXPERIENCE: Director of Real Estate, Coalition for a Better Acre,Lowell,MA,2006 to present Responsible for managing all aspects of real estate development initiatives for a community based nonprofit corporation,including: feasibility analysis for development opportunities; secure project financing from local, state, federal and private sources; oversight of construction activities; maintain relationships with city and state agencies, lending institutions and community interest groups; conduct CBA's asset management responsibilities related to a portfolio of 425 residential units and 33 commercial units; coordinate the CBA Real Estate Committee comprised of members of the CBA Board of Directors and community leaders; supervise CBA Teat estate development staff. Accomplishments include:management of the$33 million rehabilitation and refinancing of T the North Canal Apartments Property involving the substantial rehabilitation of 267 occupied apartments;oversight of two projects involving the adaptive reuse of historic school buildings into affordable housing:the $4.7 million 15 unit St. Joseph's Apartments and the $7.5 million 22 unit Acre High School Apartments,and oversight of the $6.7 Million 23 unit new construction Unity Place Apartments which includes service enriched housing for formerly homeless families . ( Director of Real Estate Development,Salem Harbor Community Development Corporation, Salem,MA, 1999-2006 Managed all aspects of affordable housing initiatives for a nonprofit corporation. This work involved coordination with community leaders and CDC staff to identify properties appropriate for redevelopment as affordable rental property or for sale to first time homebuyers,initiation of SHCDC's first residential new construction project,participation in the refinancing and rehabilitation of SHCDC's rental portfolio, and creation and administration of an innovative Lease- to-Purehase Program.Responsibilities included: identifying properties for acquisition,working with community interest groups, obtaining funds from public and private sources,undertaking the local permitting process,grant writing,financial management and reporting to funding sources, overseeing construction,marketing properties and assisting first time homebuyers in the homebuying process.Position also involved supporting activities of the Board of Directors, including serving as the Interim Executive Director for 4 weeks in 2006.In addition,the position involved serving as a development consultant to the North Shore Housing Trust on development initiatives. Staff supervision. HOME Program Director,City of Fitchburg,Fitchburg,MA,1994-1999 Managed the federal HOME Program for the cities of Fitchburg and Leominster including development of new programs for homeownership as well as rehabilitation of deteriorated owner occupied and commercial properties; monitored community recipients for compliance with program regulations; completed reports to the federal Department of Housing and Urban Development; maintained financial records; developed contracts and loan closing documents; oversaw housing construction process and approved requests for payment; supervised Housing Rehabilitation Specialists; administered a Cominereial Improvement Sign and Facade Program. i { Assistant Community Development Director,MJ Adams Consultants,Northbridge,MA, 1993-1994 Developed and administered municipal programs in the areas of housing, economic development, infrastructure,and social services in Blackstone Valley communities, coordinated activities with Boards of Selectmen and community organizations;handled all aspects of grant writing and grant administration involving the Community Development Block Grant and HOME Programs;worked with area banks to supplement public funds;kept financial records. Staff supervision. i Senior Planner,Windham Regional Planning Commission,Brattleboro,Vermont, 1989- 1992 Acted as regional housing and community development planner for 27 towns in Southeastern Vermont providing technical assistance and community education to municipal officials and community interest groups; wrote grant applications,administrated Housing Rehabilitation Programs, and created a Community Loan Fund financed through Community Development Block Grants and local banks; as a senior staff planner provided services to municipalities for the revision of zoning by-laws,town plans, and the review of development proposals. Staff supervision. Project Coordinator,Massachusetts Housing Partnership,Amherst,MA,1988-1989 Provided technical assistance to communities and developers in Western Massachusetts on affordable housing programs;assisted communities in the formation and implementation of local housing partnerships;reviewed grant applications and development proposals submitted to the Department of Housing and Conutnunity Development;monitored housing development projects. Fair Housing Coordinator,Mass, Commission Against Discrimination,Hyannis,MA, 1985-1987 Developed a new local program on fair housing education; investigated housing discrimination complaints;prepared depositions; facilitated community education workshops and issued publications on fair housing laws. EDUCATION: M.S. in Regional Planning,University of Massachusetts,Amherst,MA. B.A., Clark University,Worcester,MA,Magna Cum Laude,Political Science concentration. Achieving Excellence in Community Development,Harvard University I PUBLIC SERVICE EXPERIENCE: Newbutyport Affordable Housing Trust member,2010 to present Community Preservation Act Committee member, City of Newbuiyport,MA,2003 to 2010. Planning Board member, City of Newburyport, MA, 1999 to 2404. i I \/V I N'S L,(.,.)W A R(� I-I I IT ("T" I I I architecture I planning All, All, lEMAP Aokoi.y IK b4acc hi SUPPLEMENTAL SHEET 1A December,2012 WINSLOW ARCHITECTS was established in 1.983 in Cambridge,MA as an i architectural and site planning firm initially specializing in single and multifamily cia housing design and construction administration. Our work has expanded to include th ef6llowing project types: * MULTIFAMILY HOUSING • CHAPTER 40B AFFORDABLE HOUSING • BUILDING RENOVATION/MODERNIZATION • PUBUCLY-FUNDED CHAPTER 149 PROJECTS • CUSTOM SINGLE FAMILY HOUSING WINSLOW ARCHITECTS has worked with local not-for-profit developers and Public Housing Authorities,in providing complete A/E services for the design and construction of both new and renovated affordable housing throughout Massachusetts in the past 29 years. WINSLOW ARCHITECTS is currently or has recently provided complete architectural&engineening services for the following; • 23 unit 4 story elevator building in Lowell. * 10 units of duplex affordable housing in Newton, • IS.units in Westford. • 47 units in Chatham. • 60 units.of modular housing in-EdR-aftown. • Modernization and envelope repair of 145 units in Mashpee • Modernization of 224 units of tenant-occupied housing in Boston, • Renovation of 2 historic school buildings into 37 units of affordable rental housing fii Lowell. WINSLOW ARCHITECTS has worked with Public Housing Authorities in Cambridge,Duxbury,Foxborough and Wellesley to either provide new units or renovate/modernize existing units regulated by Chapter 149. WINSLOW ARCHITECTS continues to provide custom architectural design for custoin single family houses,most recently in Cambridge and Aquinnah,MA. ES r'.;rssatfw.ail'P:vtn� )-,rfinujt,o,h'A(!Zr:7A 781 (`,4(i 66-C,o wyew.wimhy mchac-cis cam b arcFlitecture planning t !ohn A.lwinsl(w?.AI I. f,l zot,uei t+tt�:�,"JA, A.r11hurny M hlmchi 3�ssNll Hgrrritz j SUPPLEMENTAL SHEET#1B WINSLOW ARCHITECTS-2012 RECENT &CURRENT PROJECTS i ACRE HIGH SCHOOL 22 Units Construction $5,000,00.0 i Lowell,MA Rehab of historic former school building FRANKLIN PARK 224 Units Construction, $11,000,000 Boston,MA Scattered site modernization WALDO COURT 12 Units Construction $2,100,000 Wellesley MA Gut renovation for Housing Authority UNITY PLACE 23 Units Construction $5,000,000 )L.0*0113 MA New construction 4 story building PARKYIEW HOMES 10 Units Construction $2,500,000 Newton MA New construction duplexes FISIBERMILLE TERRACE 72 Units Construction $12,000,000 Grafton,MA New construction single fandly ST.JOSEPH APTS. 15 Unit rental housing Construction $3,000,000 Lowell,MA Rehah.of historic foriner school building DUKRURY+FOXBORO 4BR+S BR DMR Home Construction$600,000- HOUSTNG AUTHORITY Transitional Housing $1,200,000 MASHPEE VILLAGE 145 unit renovation Construction $ 11,000,000 Mashpee;MA Modernization I LAKE STREET 47 Unit rental housing Complete $ 7,500,000 Chatham,MA New construction Affordable MORGAN WOODS 60 Unit rental housing Complete $ 11,000,000 E.dgartown, MA New construction Affordable STONYBROOK 15 Unit rental housing Complete $ 2,000,000 Westford,MA New construction Affordable 89 Mat sodwselk Mp m. Mhi t;.n.AAA 0,2474 i;i81 fi11F.6600 %lei 04EI.660i j.:.0 fi4� •;in!o.:�rLifEC1s cn5 wWW'%+rt ! 0W0rchlleclg,CQm SUPPLEMENTAL SHEET #2A A,ftt f j Winslow Architects,Inc. Arlington,MA � ��s�� Itr-slgr,:a 1au11Aib�g ��rt�� t•anialntu:?�i araaldr,nl uli�na•thabdrrcnialfiuusdatg 07.1DOR4Fslit,Ira u t r a aaelghAiarbnnd 09 dr(lale 7opropI,Vi23 e wills d I?,1ii105!',�;a h¢ad ro deslgaa _ a building lhai nus I,�rgea 111an tier ihow In Ilse saarraurading To co3npensatc for aids!kye designcdl a buildngg lbal ® broke Ingo smaller rmnpmacnls la rafjcct Isle stale of the 63pic-A 4iple dreiu•rs In IDae olv a,`finis mltsAng wav WhAwr � ecahanced by like use of different colors and siding p:allcrnr. i Unity Place Lowell,MA Multi,-Family 2011 Housing ...NEW CONSTRUCTION -ofto 7 S Y{'...... Winslow ArOhit©ct9,hic Arlington,MA 4' "Design a 10,arni/.q6rovlable , housing rlearlopmenl on rt 50,000.sf parcel using only single,fanrily and rltgalex rr The design challenge far ( i Parkvlew hlomes was to create a multifamily liensily using �i single family buildings types. The duplex buildings were designed to appear like large single family houses to be cansislent with the surrounding ncighbodaoad.The houses were also designed to be closely located to adjacent buildings without loss of privacy.The buildings were also designed to toke advantage of the views at the back of the l houses overlooking a large playing field and open space. Parkview Homes New Newton,MA Multi-Family '., io>to Housing i SUPPLEMENTAL SHEET #2B Winslow Arohitedii'lmo Arlington,MA ilCohpilelh}�repuirorreplace 4 ra a 145 iinrlltoari g coin s10-T.- ein'e(o a One! Plec.., j �r 71tis$l],o00,000 project idvoives 1 the upgrading oflhis25 year.old j housingto meet new energy and bulldntg code standards,along Willi upgrnding for improved hnndicmp � accessibility. • P The rojectlneludes the rzdioval e i of sbingle siding on J4 garden apartmen(buildings and 45 single 9 family houses,replacing with new energy efrioient exterior insulation panels and cementilious siding g alon tit tlh new mm and decks. l V M e It also involves replacing of •-r„_„ inlerJolbutldmgnlecinnigaJ _A systems,finishes,appliances and fixtures 19 meet energy code standards. Mashpee Village Apartments Masltpeet MA Multi Family zoos . Modernization `: ...MODERNIZATION ............. A” k r r Arlingtwl,MA s t t � r "Piinvkle ilea compleie elesigii far maderv&f1lon of 224 Mills in 12 seperive and dislinellly dl fervid buildings- . The an odemization orf`ranklin ,r park Apnnmcnts required the nom, creation ofa ocordlmlcdppt of drawings that;combined 12 different projects Into one devolapctdent.Uccnuso of the d1fr4writ hulidings there were. very Cety typical wit types,Mans Included wcatlwelzailon or the huikling0twelope,aitgwdipgof kitchens and bnlhrooms,and replacement of certain flooring and thilshes.The pariicular challenge was twofold-create n aystcm for Identifying wideb clemchts needed work and which were to be left intact,and devise a system flint would allow this }work to be done whilo the buildings were occupied. Franklin Park Apartments Multi-Family 2010 ry,NIA Renovations O10 SUPPLEMENTAL SHEET DA its Winslow Arahitsbta,Ino Arlington,MA ''+ ' _'•. - ..n '_` "Completely enovare(in hlrforlo Grammar School building into 15 units of affordable renial hawing While f hsforlc detailing and character..." i The school had been vacant for r. many years and was in o state of complcic disrepair.The design challenge was to give the building new life while preserving its historic detailing and character. The project Involved all new systems,elevator and energy ,gym efficiencies that ironically erected problems for the exterior load bearing masonry structure. —'- The building exterior was .. preserved in the entirety while the interior finishes were s preserved where possible or "k, replicated in the public areas ofthe building, ' St. Joseph Apartments Building Lowell,MA 2007 Renovations . or BUILDING RENOVATIONS I fte Winslow Aroddocis,Inc Arlington,MA ✓° "Completley renovate an historic High School Building into 22 JJJ ` I units oraffonfuble rental housing while preserving hisforicdetnling and character..." r wlxf The school had been vacant For ti many years and was in a state of �' # �`• complete disrepair.The design ehatlongo was to give the building new life while preserving its historic detailing and character. The project Involved all new systems,installation ofon elevator and energy effeclenoies that t`I ironically created problems for the ,. Iii s y IJt exterior land bearing masonry l } structure. The building exterior was preserved In the entirety while the interior finishes were preserved whore possible or replicated in the y w ? public areas orthe building. I Acre Apartments Building Lowell,MA 2010 Renovations II SUPPLEMENTAL SHEET # 3B t W111S10S4:ATC1]1f0Ct5,Ino _ Arlington,MA. I 1,de3ign n new$bedroom house that reteined the stroll scale of ale original summersitnek and nreinlormed the t 4ramalicaronl'tettc..." k r l 'fhtdcsigtt oCdtiS tirwt housi:n:ncctcd the spirit of dio client,the spirit of lha original c0ttngt,and Iha xplrit utVhA site. i The house�+as desipted in ail on,the brow of a step hill ovalooking consarvotinn onus And the oe�ttt &013 t+ith dramotic vlears In all building tho houso Inl the it tfisido.} din.�lion.T7to moll ealtugc5cuts was I Yeimned on the baildin cn Ride h Only one 5101'Is vfsiblc from the ;sucet with bedrooms local6d to the lower level, Front the owau side,theh0h.c appeor> as a ttcu sto y house lucked trite the landscape tvidt nbitquu angtcs tcalinisccnl ofsnilhoslsand '. drlgtemtd colliding on the shore. Private Residence, Single A.quinnah,MA Family 2408 i ...SINGLE FAMILY HOUSING "j a'�r i pi; x �p'p I"A41t r` r; Wksl'ow Axohite6ts,MG i � k std Arlit3gtax1,MA "peltg{[�i21 st Cenfrtrrt udrliflan a onto a entail 19th County bleanAnn Nc101,1011 holae".." design challenge presented in tills house ad{htton was to inahtladt Ilia playful spirit ofthe i w- Queen Anne Arohileolurol style .� without simply copying It. Larger fraedlawing spaces With t l were added to Ille iqr Ilion intimate and ifiward-looking rohnts ofthe original lioase: Private Residence Single Cambridge,MA Famll 20.012 1� I Iii 1 r r�r A RI C-1-11"T F C-11-S I I (_: architecture I planning � John A,J'Jia lrnv,AIA �3.1C747t:i:,i hilt s@ AIA,[EED A+ Rinse(l H:+niiiz i John A. Winslow,,MA PROFESSIONAL 1983- WINSLOW ARCHITECTS,INCORPORATED EXPERIENCE Present Arlington,MA Founding ownet and principal of architectural firm specializing in site planning and housing design— with a particular focus on affordable community based multi-faihily housing,building-renovations and custom single.family housing. 1980-$2 9TEFFIAN-BRADLEYASSOCIATES,ARCHITECTS Boston,MA Job Captain with large multi-faceted architectural firm involved with residential,commercial and medical.facility design. 1976-80 FRIENDS COMMUNITY DEVELOPMENT CORP. Easton,MA Project Director for non-profit development corporation developing a 160-unit solar-heated retirement community. EDUCATION 1976-80 MASSACHUSETTS INSTITUTE OF TECHNOLOGY Cambridge,MA Master of Architecture-1980 1965-69 TUFTS UNIVERSITY Medford,MA Bachelor of Arts -1969,Cum Laude REGISTRATION/ 1985 MASSACHUSETTS#6023 AFFILIATIONS American Institute of Architects (AIA) Boston Society of Architects Former Chairman-Newton Design Review Committee Trustee Emeritus -The Jackson Homestead Museum President Emeritus-NewTV Past President -Newton Historical Society C,,,hAa:accf,usFl15 Aw IIur.. MA 0.24N 1,701()4 6601 �:.-f(It'd:*:-�:nisL•roal;i!_xk..4tn tirivv,•.tiinsl4worchileds,cnm I I W ":d'y('HTF1 architecture I planning )ohrj k. AIA• t lo ond,:B�ott,JQA,LEE D W. T.ANDREW HATCHER EXPERIENCE 2003- T.ANDREW HATCHER, RA Present Dover,NH Architect and design consultant for single aid multifamily projects—renovations,new construction,historic preservation. 1990- WINSLOW ARCHITECTS, INCORPORATED Present Aflili-Rton,MA Senior Project Manager for single.&multi-family residential projects. Responsibilities include design development, preparation of construction documents andconstruction 1988-90 NOTTER,FINEGOLD &ALEXANDER,INC. Boston,Massachusetts Draftsman-Responsible.for preparation of schematic/construction/presentation' ' drawings and of construction models. 199.6-88 BLACK MTLLWORIK,INC. Allendale,NJ Assembly and shipping. 1983-86 A.C.M. CUSTOM HOMES. Franklin Lakes,NJ Construction Foreman/Carpenter 1983-.86 THE PARK MILL&MINING CO. Aspen,CO su-meyor/Draftsman EDUCATION 1989-96 BOSTON ARCHITECTURAL CENTER Bachelor Of ArcWtecture 1981-83 UNIVERSITY OF WYOMING Laramie,Wyoming Subject studied:Architectural Engineering 89 OWI www.wins6varchileds.com S Daniel I Violi 44 Harrison Street Newton,MA (617)559-9888 Thirty years progressive experience in community development, affordable housing and real estate development. Direct experience with all phases of agency management,real estate development and program development and management. EXPERIENCE i CONSULTANT Housing and Community Development April 1999-present I Full range of services to clients,including: strategic plant real estate development and finance,with an emphasis on affordable housing, child care centers and community facilities; feasibility analysis;financing;project management; and program development. I SENIOR PROGRAM MANAGER Community Economic Development Assistance Corporation - June 1988 April 1999 Provide project specific technical assistance and predevelopment financing to nonprofit organizations engaged in the development of affordable housing. Assist clients in all phases of development process,including: formulation of development strategies and program objectives; feasibility analysis; building development team; securing construction and permanent financing; ongoing consultation with clients regarding project progress. Management duties included: underwriting of state-financed mortgage fund; new program development and management; and staff supervision. Primary responsibility for management of affiliated revolving loan fund for nonprofit child care facility development. Responsibilities includes:fund raising for loan fund;program development;development of loan and technical assistance services; oversight of the fund's underwriting,lending and portfolio management programs; and working with the non profit child care provider community on development of new sources of capital for child care facility development. EXECUTIVE DIRECTOR Homeowner's Rehab,Inc. and Cambridge Neighborhood Apartment Housing Services,Inc. October 1986-June 1988 Responsibilities included concurrent management of two private,nonprofit housing development corporations with combined staff of ten. Direct supervision and management of both agencies' diverse housing program activities,ranging from small-scale housing rehabilitation to substantial rehabilitation of larger multi-family structures and large-scale new construction. i Major acconiplishnnents included successful reorganization and expansion of staff and programs;upgrade and modernization of management systems, and growth of corporations' development activities to include larger scale projects. PROJECT MANAGER/ CONSTRUCTION COORDINATOR Homeowner's Rehab,Inc. October 1986-June 1988 All responsibilities for residential development projects including: feasibility analysis and preparation of pro faunas; property evaluation; construction cost estimates; specification writing; bid process; securing construction and permanent financing; monitoring of development budgets and construction schedules. Acted as general contractor for project with responsibility for: estimating,sub-contractor negotiation; scheduling and performance; direct field supervision of crew;daily on-site coordination of all phases of construction. HOUSING COORDINATOR Homeowner's Rehab,Inc. 1979 - 1985 Responsible for program coordination of homeownership program. Duties included: program outreach; property evaluation and acquisition; financial packaging and construction management of small-scale rehabilitation projects; coordination of private and public financing sources; selection,training and counseling of client families for participation in"work equity" program; working with potential buyers to secure permanent financing through public and private sources. EDUCATION 1972 - B.A. English and History, St.John Fisher College, Rochester,NY 1977-1979 - Boston Architectural Center REFERENCES References furnished upon request. I I Daniel Violi Development Consultant References: Kavanagh Advisory Group John Kavanagh,owner or Sean Donnelly,Project Manager 100 Conifer Hill Drive,Suite 412 Danvers, MA. 01923 978-646-9060 Massachusetts Housing Partnership Fund David Hanafin or Brig Leland 160 Federal St. Boston,MA. 02110 617-330-9955 Davis Square Architects Cliff Boehmer,Principal 240 Elm St. Somerville, MA. 02144 617-628-5700 -- i i i I i I i i I Matthew Yarmolinsky 38 Newbury Street Newton,MA 02459 Ph:617-795-1776 E-mail: mattyar @rcn.coin EXPERIENCE Current Independent Consultant Newton,MA Capital Planning and project implementation for owners,developers and managers of multi- family and commercial real estate. Conduct physical assessments,prepare long-range capital plans,and serve as Owner's representative for construction related activities. 10/98 to 10/99 Senior Project Manager 1 The Beacon Companies Boston,MA Managed design and construction activities for reconstruction of 450 unit mixed-income community. $30 million construction budget including abatement,demolition,new construction,renovation,streets and infrastructure. Implemented modernization program for two 100-+-unit subsidized Housing developments. Initiated due diligence efforts for new development opportunities. 7/95 to 10198 Senior Associate On-Site Insight Needham,MA Evaluated physical assets for owners/managers of multi-family and institutional properties.Directed team in preparing long-range capital plans,and replacement reserve analyses. 9/88 to 7/95 Urban Edge Housing Corp. Boston,MA Manager of Construction and Capital Planning(4/94-7/95) Directed all planning and construction initiatives for 475 units of multi-family subsidized �:. housing. Worked with property managers,consultants and construction professionals to 1- design and implement capital improvements program. I Director of Capital Improvements and Maintenance(9/92-4/94) Coordinated capital projects with day-to-day maintenance operations, including supervision of I1 person,centralized maintenance department. Project Manager (9/88-9/92) Managed development process for low-income Housing. 8/86 to 8/88 Project Manager FAR Group Cambridge,MA Managed construction of 97 market rate condominiums. 9/85 to 7/86 Construction Manager Myerson/Allen Development Co. Boston,MA Managed completion of 16 luxury condominiums. 10/83 to 8/85 Construction Inspector Cambridge Housing Authority Cambridge,MA Administered public bid process for state and federal funding sources. EDUCATION/CERTIFICATIONS 1992 Northeastern University Boston,MA MBA,Executive MBA Program 1981 Brown University,AB Providence,RI Commonwealth of Massachusetts,Construction Supervisor's License(lie.#044311) MATTHEW YARMOLINSKY Capital Planning and Project Implementation for Real Estate 38 Newbury Street Newton,MA 02459 7 617 795 1776 f 617 630 86&6 E mattyuGF rcn.com ❑ ❑ EI © ❑ ❑ D I Owner's Representative Services Professional References for Matthew Yarrnolinsky �I 1. Marls Dinaberg,Director of Real Estate Development Codrnan Square Neighborhood Development Corp.,Dorchester,MA 617-825-4224 I 2. John Winslow,Principal Winslow Architects, Inc, Arlington,MA 781-648-6600 3. Brooks Mostue,Principal Davis Square Architects Somerville,MA 617-628-5700 4. Josef Rettman.Principal NEI General Contracting Braintree,MA 781-356-7666 x/4/13 JOSepn 5.Lteuer I Klein Hornig LLI' Site MapSearcdt J Harne Our Mission Our Praotiob Professionals Practice Areas Transactions Nevs+Events Careers Contact Us Joseph S.Lieber ` PROFESSIONALS VCARO t t=rAt4 I. JohnAchatz - _ . Lauren J.Buckner I jlleber&defnhornig.com McoleF2 Clern3nt Judith If.Crosby 617.224.0605 Elizabeth Davis i EDUCATION Daniel S-Btrenbeig EO Univers1t rof Michigan Law School,JD,1996,magna cunt laude Jerame L;,Garclano Andrew L G7r ore University of Michigan,BA,i066,Class Honws Eric Herrmann Erik T.Hoffman { =. i ChnsFopher W.Hornig EXPERIENCE VANSA61IONS ACTIVITIES EVENTS. Jonathan IOeln Daniel J Kolodner Joseph Lleber's practice focuses on structuring and closing complexfinancing Henry Korman y transactions in connection with affordable housing and other cam munil --- -- y + Joseph S.Lieber ,development projects.;He has slgrilflcantexperlenceinLow-income Housing Tax M Chrysa Long PRACTICES Credits and New MarketTagCredit projects;as well as projects utilizing a varletyof Waiaru ivlalsuyasu • Real Estate and Affordable other Federal,state and local funding programs.it/'iostef his work is on the I- — -- Jasmne.Simone Wer Housing developer's side ofthe.table,butJoseph also has sigrtilicantexperience •TaXCred)ts T Stephen Kies representitlg commercial lenders,municipalities and regional HOME consortia.His • Commercial Lending work around the table.has sharpened Joseph's,ability to recognize and a As W.oToole ddress the _._ � • Condominiums Daniel M Rosen keyissues.facing the Various parties to affordable housing orcommUriity _. • Boston Zoning development transaction. Roberta L.Rubin Teresa_M.Santalucla Joseph has a wide range ofreal estate experience,including real propertypurchase His M Schwantes C andsale transactions(including the acquisition oflomparty-from public sources- — __— Morgan G,Srritlt through land disposition processes),zoning and permitting matters,Boston Jacob S,Taylor Redevelopment Authority matters,condominium structuring and formation, _ David A.Williams conveyancingandcontractingfordesighandconstructionseivlces, He has ----- paiticulare>pertise in Massachusetts condominium law and Boston zoning. In his pro Bono work,Joseph has represented low-income'tenants,in housing court, prepared petitions l'Of seif-sponsorship underthe Violence Against Women Actfor battered immigranFwomen,and served as a volunteer medfator in small claims court BAR ADMISSIONS Massachusetts i vvww.kleinhornig.com/professional/jjleber/ 112 M1CCK JOSEPH D. PEZNOLA, P.E. I�SSQCZATES - BRANCH MANAGER&PRINCIPAL ! MARLBOROUGH OFFICE Joseph Peznola is currently the Engineering Division I Manager and Branch Manager of the Marlborough, MA office of Hancock Associates. Mr. Peznola is a " Registered Professionnal Engineer in Massachusetts and New Harripshire, with over 25 years of experience in j land. development. His experience includes tecl-mical quality control and assurance for the engineering dcpaititieint, strate.g c planning, and business development and project management. Education: Bachelor of Science,Civil Eughweiitng, 1987,University of Lowell,MA i RegistrAtionsi Registered Professional Civil Engineer,MA#38117 Registered Professional Civil Engineer,NH,#10270 Certified Soil Evaluator,MA Certified Septic System Inspector,MA j Licensed Septic Designer,NH#1706 i Computer Skills: AutoCAD Land Development and HyroCAD Affiliations: Vice Chairman,Town oi'lludson Board of Appeals,and member since 1994 Co-Chairman Member,Citizens Housing and Planning Association Subcommittee Me nber.Public,Policy Committee Home Builders Association of Massachusetts Member Massachusetts Dept.of Enviromnental Protection Stakeholder Groups Storaiwater Management Groundwater Discha ge Permit Regulation Revisions Revisions to Sewer°Desiga Flows_ Citizen Men►ber,Lowell Master Planning Committee Member,Assabet River Consortium Volunteer Advisor Habitat for Humanity of North Central Massachusetts Additional Relative Experience: Presented at conferences and seminars of engineering,housing and business Organize Citizens Housing and Planning Association Bi-Aimual Conferences Trainer for Citizen Planner Training Collaborative REPRESENTATIVE PROJECTS Site Development;. New England Studios at Devens,Devens,MA. 'Scheduled to open in Summer 2013,New England Studios will be a state-0-the-art,soundproof building providing four contiguous 18,000 square foot stages,which can be used individually or joined to total 72,000 square feet for feature film and television production.The development will also include 4,000 square feet of sound stage support space,:a 3.0,000 square foot 3 story production support building with dressing rooms,a 20,000 square foot mill building to house production construction facilities,atechanical I I H,. COCK JOSEPH D. PEZNOLA, P.E. ASSOCIATES BRANCH MANAGER &PRINCIPAL MARLBOROUGH OFFICE effects,grip acid lighting and set storage.Hancockproyidedsurveying.and civil engineering support and was the peiviitchig consultant for the project. Cornerstone Square Westford,MA Project Manager for 240,000 square foot Lifestyle Retail Center on 30 acres in the heart of Westford's commercial district. Hancock is providing fall engineering survey and environmental services for this ambitious project.The project includes a private wastewater treatment.facility with groundwater discharge of the treated effluent. t Marlborough Savings Bank,Marlborough,MA Project Manager for a 1 5,000 square foot for the batik's new corporate office and main branch to be located in downtown Marlborough, The project involved permitting support through City Council and Site Plan Review Committee: j GLCAC-Headstart,Methuen,MA Project Manager for a 10,000 square,foot school and child care facility on one acre of city owned land.The project Involves redevelopment of the parcel with the new two story building parking jot and playground. i Devens Commons,Devens,MA Project Manager for 266,000 square foot mixed-use downtown Devens development currently 1 under construction.Provided engineering and surveying services,prepared perimeter survey plan, developed,construction documents and performed a construction layout for this large high profile project.The project includes a.hotel,conference center,and 72,000 square feet of office space, 20,000 square feet of retail space,a grocery store,convenience store,gasoline service station and a car wash. i Multi-Family Projects: Till Housing,Westborough,MA Project Manager for a group Koine for this non-pi`ofit organization. Project included permitting through Conservation Commission and Zoning Board. Provided construction support and oversight as well. Unity Place Coalition fora Better Acre,Lowell,MA Project manager for 23-unit affordable housing redevelopment project.Provided site design and permitting support through Planning board and Zoning Board of Appeals. Princeton Station,Worcester,AU Project Manager for tbis 320,000 sq. ft., 160-unit Luxury Apartment Project. Provided surveying services,permit assistance and site and utility design. Ledge View Terrace,Chelmsford,MA Project Manager for this 9-unlit attractive townhouse community site. Provided civil engineering design,permitting,and construction dooun ehtation and constrriotion layout. Wayside,Chelmsford,MA COCK JOSEPH D. PEZNOLA, P.E. r assoczATES BRANCH MANAGER&PRINCIPAL MARLBOROUGH OFFICE Project Manager for 72-unit age restricted condominium. development. Provided conceptual layout,civil design and permitting on ten acres.. I Chapter 46B Housing Projects: GraniteVilie Woods,Westford;MA Project Manager for this 164 unit residential development on 180 acres in Westford's historic Graniteville section of town. The project is being permitted under Massachusetts General Laws Chapter 40B.Hancock is providing full engineering and surveying support of the project. 89 Oxbow,Wayland MA i Project Manager for this 16:-tinitaffotdableho nsiiigprojectpi,opose.d thtoi rgli.aprivate,publicpartnership between the town and tlns developer for the reuse of a former military site,Provided low impact development drainage system and recirculating sand filter/pressure dosed septic system design. i Robin Hill Meadows Chelmsford,.MA Project,Manager for 16 units.Chapter 40B 'single-family home development on four acres,The project . was permitted as a Local.Initiative Petition under M.G.L Chapter 40B.The project involved wetlands; a major.power company easement,and a home on the state's historic registry. Wyndbrook at Tyngsboro,Tyngsboro,MA Project Manager for this 80-unif age restricted affordable:ho-using project.The project involves the construction of individual home sites with the 25-acre property.Sutcessfi ly defended the project through j an appeal by DEP of the local conservation commission's approval.Hancock's services:consisted of stuvey,floodplain study,site design,landscape-design,retainhig-wall design,envirormiental permitting all in addition to full support of the Chapter 40B permitting.The development is slated for completion of phases l and 2.in the spring of 2007. Princeton Con nnonis,North Chelmsford,NIA Project Manager for this 120-unit Chapter 40B apartment community. Provided site and landscape design.for this higlr profile development.Acted as lead presenter before the Zoning Board of Appeals. Peer Revi iv of 400 Ifouslttg Projeclsu • Endicott Village,Boxford,MA • Johnson Farm,Sudbury,MA + Steven's Corner;North Andover MA • Merrimack Condominiums,North Andover,MA • Orchard Village,North Andover MA • 815 Man.Street;Wareham,MA • The Retreat at Union.Pond,Wareham MA • Bartlett fond,Wareham,MA • Lafayette Tides,Marblehead,MA • the Residence at Highrock Village,Westwood,MA • Linwood Estates,Northbridge,M 1 • Afra Terrace,West Boylston,MA • Autumnwood and Annie 's Pasture,Sandwich,MA • Annie's Pasture,Sandwich,MA • Whitney Estates,Berlin,MA • Various 40B projects,Hudson,MA I FIANCOCK JOSEPH D. PEZNOLA, P.E. ASSOCIATES S4+CIATES BRANCH MANAGER&PRINCIPAL ' MARLBOROUGH OFFICE Residential Subdivisions: Wyndbro.olt at Dover,Dover NH Project Manager for 72 lot cluster subdivision. Provided fiill site design and. permitting sup_port through City of Dover and NH Department ofEnvirornnental Services(DES). Great Woods,Dracut,MA Project Manager for the Open Space Residential Subdivision that consists of 57 residential home sites on 70 acres. The project includes 3,100 feet of roadway. Provided preliminary subdivision esign, Open Space Special Permit and a definitive subdivision design. The Villages at Moado-v Wood,Chelmsford,MA Project Manager for this 71 unit detached condoininium project on 25 acres. The units are currently selling for$400,000, are age restricted and have no affordability component.Provided."surveying and civil engineering services. Wyndbrool�at Dover,Dover;NH Project Manager for this 55+Residential Development that consisted of 70 units.Provided conceptual design services and sewer design services. Talbot Estates,Chelmsford MA Project Manager for this ten-lot Open Space Development.Provided surveying and civil engineering services. Forest Edge,Dracut,MA Project Manager for 27 lot residential subdivision. Provided survey support, civil desigir and permitting for this cluster subdivision. i i f COMPANY OVERVTE+ Hancock Associates has been recognized in Eastern Massachusetts as a leader in the land development industry since 1978, During this nearly 35 year period we have expanded our professional offerings and service 'region. Currently with 4 offices: Danvers, Chelmsford and Marlborough, MA; and Salem NH, our territory now includes Central and Eastern Massachusetts, and Souther New Hampshire. Hancock's professional, staff include land surveyors, civil engineers and wetland scientists. We are licensed in`4ar ous states, h chiding Connecticut, Massachusetts,Rhode Island and New Hampshire. We also offer' .specialized credentials; including OSHA Hazardous Waste Operations and Emergency Response Training,LPS training and MBTA and AMTRAK Contractor Safety Training. Our staff has contributed their;skills to a myriad of project types:residential,commercial and retail development;hospitals,assisted-care facilities and medical buildings; school and university improvements;and Superfund,hazardous waste and landfill sites. Our clients include: • Architects • Lawyers • Bankers • Munic palities • Developers • Realtors • Geotechrical Engineers &LSPs * State&Federal Agencies • Landowners • t.Ttility Companies Extensive experience coup le.d with a dedication to on-going training and pursuit of current teclitiological advances in equipment,computers and software is the foundation-upon which the company has built project success in land development and infrastructure design., DIVISION OVERVIEW Hancock Associates features 3 unique service divisions, each represented by licensed professionals: Land Surveying,Civil Engineering and Wetland Science. Land Surveying The land surveying staff at Hancock provides a wide range of services fiom cadastral, topographic and ALTA title insurance surveys to construction layout and G.P.S. We employ field crews fully equipped with state-of-the-art equipment and communications gear. Utilizing these, total stations anti electronic data collectors, fieldwork is downloaded and processed. through AutoCAD based software and is efficiently calculated and plotted, producing a variety of digital and/or hardcopy formats. Our GPS capabilities include photo and control surveys and mapping surveys of wetlands, test pits, manholes, utility structures and other site features for projects in the New England area. Civil Engineering Hancock's engineers are experienced in all facets of engineering design required to obttaiii pei�niits for residential and commercial developments including land planning and project representation. We are skilled in the design of roadways, minor highways, site grading, water distribution networks, sewer collection systems with or without pumping stations and storm water management facilities including hydrologic/hyd aLdic analyses. Drawing upon our design expertise; Hancock also provides peer review submittals*for municipal boards and cornrnissions and:provides expert witness testimony. TIlroughout its years in business Hancock has garnered respect-among boards and commissions for°its thorough and straightforward style;providing the firm with the credibility that expedites approval processes. Wetland Science Hancock's wetland scientists are experts in wetland delineation, soil evaluations, wetland functional assessment, construction design,regulatory permitting and applicant representation. We are particularly experienced at planning and implementing large-scale wetland delineations; rare plant;. animal, or sensitive ecological core m mitt' surveys; developing and implementing permitting strategy; and project representation. Our project approach stresses early communication with public and private agencies in order to focus efforts on issues that are of particular concern to regulatory authorities. Additionally, our professionals continuously monitor the ever-chwgii g federal, state and local environmental regulations axid policies that impact both inland and coastal projects. Proper planning and design.lead to successful permit acquisition, even.for solve of the most challenging sites. Hancock°s Wetland Science staff enjoys a -record of success obtaining regulatory approvals for projects ranginig from large commercial projects to small residential construction. We also have extensive experience with permitting for coastal projects, including marinas, seawall constructions and repair, and construction work within and adjacent to coastal zone resource areas. SUMMARY Hancock's in-house project coordination of its four divisions maximizes project efficiency. Professional experience combined with knowledge of the regulatory environment and dedication to client goals produce duality land use services at reasonable,costs.. t i 4 D.MNIO DETAILS LAND SURVEYING-DIVISION The.land surveying staff at HancocR.:pro.vides a wide range of services from cadastral,topographic and ALTA/ACSM land title insurance surveys to construction layout and GPS.We employ field crews frilly equipped with state-of-the-art equipment and communications gear.Utilizing these total Stations and electronic data collectors,digital levels,dual frequency RTK, GPS and reftector-less instruments,field work is downloaded and processed through AutoCAD based software and is efficiently calculated and plotted,producing a variety of digital'and/or liardcopy formats. Our GPS capabilities iiielude photo, control, surveys and mapping surveys of wetlands,test pits,manholes,utility structures and other site features for proj eats in the New England area. Our large staff of Professional Land-Surveyors(P.L.S.)arid support surveyors ensures proper project oversight, QA/QC,and efficient communication and strategy.Hancock's surveying professionals are licensed in Connecticut,Massachusetts and New Hampshire,and offer specialized exedentials include g OSHA Hazardous Waste Operations and Emergency Response Training and AMTRAK.Contractor Safety Training. Our extensive experience coupled with our dedication to oil-going training and pursuit of current technological advances in equipment, computers and software is the foundation upon which we have built project teams successful in roadway, rail and infrasttTicture design;hospital., assisted-care facilities and medical building construction.residential,commercial and retail developinent; school and Un iversity improvement, and Superfund,hazardous waste and landfill sites. Hancock Survey Associates,Inc.,is a full service engineering,land surveying firm that has served clients for over 28 years.The unique relationship between.our Wetland Science;survey and engineering divisions allows Hancock to provide comprehensive land use assistance with consistently professional results.Our in-house project coordination capabilities minimize overhead expenses,while maximizing project efficiency.Professional experience, combined with knowledge of the regulatory environment and dedication to client goals;produces quality land use services at competitive cost. I LAND SURVEYING SERVICES Our land surveying staff is professionally gtialif'ied to provide the following services: + Boundary • Land Court • Topographic + Volume Calculations + Subdivision of Property e Utility Mapping • G.P.S. • GA:S.Mapping + Land Planning • Condoinniium Site Plans • Wetland • Lot Staking • Existing Conditions • P.Iot Plans f • Construction Layout • Hydrographic • ALTA/ACSM Title Imprance • Settlement Monitoring • Aerial Photograininetric Control • Expert Testimony f Specialized Projects; f Roadways/Railroads/Bike Paths Power lines/Transmission Lines • Residential/Commercial/Retail • Utility Right of Ways Developractits + Tank Farms/Gas Stations • Office.and Industrial Park Developnnents • Infrastructure Design i e Shopping Centers/Superstores • Country Clubs/Yacht Clubs/ I • Medical Buildings and Hospital Marinas Construction • Churches/Libraries Assisted laving Care Facilities • Landfills/Quarries/Superf nid • School and University Iinprovetnents Sites • Athletic Fields and Facilities Improvements CIVIL ENGINEERING DIVISION The Engineering Division at Hancock Associates provides a broad range of design services to a variety of clients, including state agencies, developers,attorneys,contractors,tealtors,municipalities and landowners, Hancock engineering services are comprehensive.They begin with land planning and conceptual design,and follow with the preparation of permit site plans and construction documents. Hancock's engineering professionals and staff have extensive experience in the design and permitting of a multitude of land development projects. This knowledge supports the development of plans that are tailored to lnax xnize the ccononaic benefit for the client, while being acceptable to the approving authority. At Hancock, senior project engineers and a majority of the principals are registered professionals, some with multiple registrations, including licensiue in Connecticut, Massachusetts, New Hampshire and others.A large staff overall ensure personal attention and service to its clients. Our engineers thoroughly evaluate physical, Wetland Sc,ience and regulatory constraints during the planning and conceptual design phase of a land development project. Hancock uses the latest CAD and engineering design software, including Autodesk Land Development Software,, HydroCAD and various hydrologic/hydraulic software;producing high duality, cost effective eiigiineering,docinnents and reports. Together with the land surveyors and wetland scientists, Hancock's team of.engineers affords the technical expertise and interpersonal shills required to sustain the Company's tradition of quality. Every job is viewed as an opportunity to enhance its reputation -among its clientele and the regulatory community. III "j CIVIL ENGINEERING SERVICES Our engineering staff is professionally qualified to provide services for the following: Stormwater Management • Hydrological Analysis Reports • Flood Studies • Federal Emergency Management Agency(FEMA),Flood Evaluation a Stormwater Management Systems Design Stormwater BMP's Mun ipal Consulting • Platuiing Boards '. • Conservation Colmnission • Zoning Board Of Appeals j • Board of Selectman Utility Design • Water Distribution • Sewer Collection • Sewer Pump Stations • Subsurface Sewage Disposal Systems • Soil Evaluation Testing • Septic System Inspections • Disposal System Construction Drawings for Residential and Commercial Projects • As-Built Certifications Construction Management • Review and Preparation of Construction Contracts Prepare Construction Bid Packages • Project Oversight and Documentation Management • Quality Assurance/Control I I I WETLAND SCIENCE DIVISION The Wetland Science Division provides a broad range of services to a variety of clients, including municipalities,developers,utility companies,architects;attorneys, contractors,realtors,and landowners. Haticock's ecological services range from conceptual design with alternatives-analysis to final design and permit acquisition. i I I, I Hancock's wetland scientists are experts in wetland delineation, soils evaluations, wetland functional assessment, construction design, regulatory permitting and applicant representation. We are particularly experienced at plannuig mid implementing large-scale wetland delineations; rare plant, aniinal, or sensitive ecological community surveys; developing and implementing permitting strategy; and project representation, Our project approach stresses early communication with public and private agencies in order to focus efforts on issues that are of particular concern to regulatory authorities. Additionally, our professionals continuously monitor the ever-.changing federal, state and local environmental.regulations and policies that impact both inland and coastal projects. Proper planning and design lead to successful permit acquisition,even for some of the most challenging sites. Hancock's Wetland Science staff has experience in obtaining regulatory approvals for projects rangiiag from large commercial projects to small residential construction, We also have extensive experience with permitting for coastal projects, including marinas, seawall construction and repair, and coristruetioii work within and adjacent to coastal zone resource areas. i During project planning, our demonstrated project experience,coupled.with our familiarity with.state and i local e IT-lations, can provide clients with accurate and reliable due diligence services to identify i environmental constraints. We endeavor with every job to enhance our respected reputation among our client and the regulatory community. WETLAND SCIENCE SERVICES f Our wetland.science staff is professionally qualified to provide services for the following: Vegetation and Wildlife Surveys Coastal/bland Environmental Permitting: ■ Notice of intent/Certificate of Compliance ■ Chapter 91 Waterways License M 401 Water Quality Certification ■ Army Corps of Engineers Section 04 Permit. Consulting to Conservation.Commissions Development Impact Assessments Expert Testimony Land Planning&Environmental Due Diligence Services Conservation Restrictions&Easements. Vegetation Management Plans for Rights-of--Way Rare and Endangered Species Assessments Soil Erosions/Sediment Control Soil Surveys Vernal Pool Evaluation and Town Wide Surveys Wetland Functional Analyses Wetland Delineation and Mapping Wetland Restoration,Replication and Enhancement Wetland Construction Monitoring Wildlife Habitat Evaluation and Itnpaet Mitigation Rare Species Assessment and Survey Mmsachusetts innvironmental Policy(MEPA): • Environmental Notification Forms(ENF's) • Environmental Impact Reports(BIR's) i t Prequalification Letter from Enterprise Banlz i it ' I 4 ntrr Deoember:27,2012 Emily Roscnbaum,.l xecutiye Director Coalition for a 13e1ter Acre 517 Moody.Street LbwO1,MA 01-854 Re: Redevelopment'of 70 Main Street,North Andover,M.A. i Dear Ms.Rdseiibaum: Oil behalf of Ejiterpiise BaO,I aih.pleased to write this prequatif cation letter-for construction,atzd permanent financing hi connection tivitli the redevelopment cif the site located at'70Uain.Street,North Andover,Ma It is our uriderstandin that the.projed involves the demolition of the school building,'and tho construction,of twenty,four new residential housing unita ort the site,hnd the development,of S;OOO square feet of commercial space..You are seeking acquisition financing of$240,000,construction finaticin;of$2,OOO,Q00,periiianent#inancixxg of $750,000 for the F" esidential units,and a$320,000 permanent financing for the commercial space:-F�ddifional proposed financing for the project inclades among.other sources,subordinate financing from-the Commonwealth ofMassachiisetts and-equity f wp the sale.'o'f Low Ineorixe Housing Tax Credits. please keep in zr1i4d-this prequalification letter is-subject to,but notliin7ited to,a satisfactory azid coriiplate piirclia§e itnd sale agree iicnt.evidoncing a purchase price of the property of$300,Ot)O,a satisfactory property appraisal,final credit review,satisfactory updated financial inforhiation,a.hd:if the batik docrirs.necessary,a satisfactory envirnnmelital.site'assessment report for the stibjectpropetty: This pregigdification.letter is valid through FebruaryN,2013. If you need to extend the prequalificatioa beyond this date,updated iiifozmatiad may be required.This prequ.Aification lzteer is provided for informational ptfrposes only and should not be construed onstd as a letter of commitment, 1120 Main Street,T Nftbury;AM(51876*PFione;978.-6$1°0800.*Fax.,078-851-5560*www.Enterprisesanidng.corn i II z I look forward to the opportunity to wot'k with the Coalition for a Better Acre can this importacit redevelophient project. If you Dave aby questions,Tease call me at(978)656- 551¢. shalm y I wills- J.Collins,Jr. Senior ice President Commercial Lending i I ! I i .i i CBA 2011 Audited Financials i I e i i i E i I I I l I I j i 7 Coalition For a Better Acre, Inc. and Affiliates i Consolidated Financial Statements and Supplementary Inform a ion lFor the Year Ended December 31,2011 I i 1 i I i 1 TABLE OF CONTENTS P_ age I � Independent Auditor's Report Consolidated Financial Statements 3-4 ' Consolidated statement of financial position 5 Consolidated statement of activities and changes in net assets 6 Consolidated statement of functional expenses 7-8 Consolidated statement of cash flows - 9-34 Notes to consolidated financial statements Supplementary Information j 35 Schedule of expenditures of federal awards 36-37 4 Statement of financial position — 38 Statement of activities ' 39 Statement of cash flows 40 ' Independent Auditor's Report on Internal Control over Financial Reporting and on compliance and rwEthtGo ernmentAudAng Standards 41-42 Statements - Performed in A ,41 42 Independent Auditor's Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control over Compliance in Accordance with circular A-133 43 Schedule of Findings and Questioned Costs i i 1 i NOVOIGRAVAC & COMPANY LLFo CERTIFIED PUBLIC ACCOUNTANTS ( i i lndependeint Auditor's Report i i To the Board-of Directors Coalition fora Better Acre, Inc.and Affiliates: I i We have audited the accompanying consolidated statement of financial position of Coalifion for a Better I Acre,inc,(a Massachusetts nonprofit cotporatian}and Affiliates(collectively,the Agency}as of December 31, 2011, and the related consolidated statements of activities, functional expenses and cash flaws far the year then ended. These consolidated financial statements are the responsibility of the Agency's management, Our responsibility is to express an opinion on these consolidated financial statements based on dur-audit. f We conducted our audit in accordance with-auditing standards generally accepted in the United States of E America.and the standards applicable to financial audits contained in Government Auditing Standards, Issued by the Comptroller General of the United States. Those standards require that we plan and i perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement- An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the-financial statements. An audit also includes assessing the accounting pr-incipies used and the significant estimates made by management, as well as evaluating the overall financial statement presentation,We believe that our audit,provides a reasona3�fe basis for out opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,the financial position of Coalition for a-Better Acre, Inc.and Affiliates as of December 31,2011, and the changes in its net assets and its cash flows for the,year then ended in conformity with accounting principles generally accepted iri the United States of America. In accordance with GovernrneniAu&i ng Standards,we have also issued our report-dated. June 27,2012, on our consideration of Coalition for a Better Acre, ,lnc. 'and Affiliates' internal.control over financial reporting and on our tests of its compliance With certain provisions of laws, regulation's, contracts, and grant agreements and other matters.The purpose of that 'report is to describe the scope of our tasking internal control over financial reporting and compliance and the results of that testing, and not to provide of i an opinion on internal control.over financial reporting or on compliance.That report l b integral part M an audit perforated in accordance with Government Audiffi g Statidai'ds and should be considered in assessing the results of.our audit. 1 , 101 ARCH STREET, SUITE 7IUO, BOSfoX, MA 0211U T-ELEPHONE (6)7)330-1920 PACSLhfILL (617)330-1922 http://wivtynovocn.com i Our audit was conducted for the purpose.of fonning an opinion on the basic financial statements as a whale.The accompanying supplementary information shown on pages 35 to 39 is presented for purposes of additional lysis and is not a-required part of the basic financial statements. The accompanying ana statements of financial position and activities present the activities of CBA, ATGaC, CBAAH, MSHLP, MSCLP and NMTG: They -do not include the activities of other entities, which are .required to be consolidated in CBNs general purposo.financial statements. The accompanying schedule-of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A=133,Audits Of'States, Local Governments and Non-Profit Organizations, and is not a required part of the basic financial statemerts. The supplementary Information shown on pages �5 to 39 and the schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to .prepare the financial financial statements. The information has been subjected to the-auditing procedures apiied in the audit of the basic financial statements and certain additional procedures, including comparing .arid reconciling such 7rifprmation directly fo the'underiying accounting and other records used to prepare the financial statements�br to the financial,staternonts themselves,and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In_our opinion, the information is fairly stated in:all material respects in j relation to the.basic financial statements as a whofe. r - June 27,2012 Boston,Massachusetts 2 q. COALITION FOR A BETTER ACRE,INC.AND AFFILIATES Consolidated Statement of Financial Position December 31,2011 General Partners& ASSETS CBA&Affiliates Real Estate Entities Managing Members Total Elim Total Current assets Cash and cash equivalents - 3,134,997 Operating $ 2,162,309 $ 972,688 $ - $ 3,134,997 $ $ Development - 541,758 - 541,758 - 541,758 Accounts receivable 83,885 53,995 - 137,860 - 137,880 Tenant security deposits 8,398 188,573 _ 196,971 196,971 Prepaid expenses 15,310 45,163 - 60,4U733 - 60,473 Total current assets 2,269,902 1,902,177 - 4 0 4,072,079 Property and equipment,at cost - 3,379,747 Land and land improvements 2,000,972 1,376,775 - 3,379,747 Buildings 3,702,272 60,868,249 - 64,570,521 (7,467,161) 57,103,360 Property held for rehabilitation and sale 124,971 - 124,971 - 124'971 Furniture and fixtures 149,580 967,921 1,117,501 1,417,501 Furniture an in progress - 5,652,528 5,652,528 (93,938) 5,558,590 Total 5,977,795 68,867,473 - 74,845,268 (7,561,099) 67,284,169 Less:accumulated depreciation (1,142,615) (9,326,647) (10,469,262) 1,105,421 (9,363,841) Net property and equipment 4,835,180 59,540,826 64,376,006 (6,455,678) 57,920,328 Otherassets _ 198,476 Mortgagee escrow deposits 39,072 159,404 - 198,476 Reserve for replacement 171,820 1,611,064 - 1,782,884 1,782'884 Operating reserve 36,574 1,471,603 1,508,177 - 1,1015,992 992, 115,992 Endowment fund-GLCF 115 ^ 268,861 Endowment fund-Enterprise Bank 268,861 - 268,861 Investment in corporation 415,217 1,969,707 2,384,924 (1,970,563) 414,361 Loans and notes receivable 10,726,931 - - 10,726,931 (10,628,483) 98,448 Due from related parties 5,076,474 - 705,900 5,782,374 (5,780,201) 2,173 Deferred charges,net of accumulated amortization 3,500 585,648 589,248 589,248 Total other assets 16,854,541 3,827,719 2,675,607 23,357,867 18,379,247) 4,978,620 TOTAL ASSETS $ 23,959,623 $ 65,170,722 $ 2,675,607 $ 91,805,952 $ (24,834,925) $ 66,971,027 See accompanying notes to financial statements 3 COALITION FOR A BETTER ACRE,INC.AND AFFILIATES Consolidated Statement of Financial Position (Continued) December 31,2011 General Partners& LIABILITIES AND NET ASSETS GSA&Affiliates heal Estate Entities Managing Members Subtotal Elim Total Current liabilities Accounts payable Trade $ 17,614 $ 94,761 $ - $ 112,375 $ - $ 112,375 Development 9,996 627,154 - 637,150 - 637,150 Accrued expenses 124,582 197,698 - 322,280 - 322,280 Prepaid rent - 24,776 - 24,776 - 24,776 Security deposits 6,336 153,312 159,648 - 159,648 Accrued mortgage interest 1,856 94,151 - 96,007 - 96,007 Current portion of mortgages payable 16,466 329,225 - 345,691 - 345,691 Total current liabilities 176,850 1,521,077 1,697,927 1,697,927 Long-term liabilities Mortgages payable,net of current portion 375,842 18,124,537 - 18,500,379 - 18,500,379 Notes payable and accrued interest 620,000 21,949,222 - 22,569,222 (8,593,823) 13,975,399 Due to Office of Community Services 300,000 - 300,000 - 300,000 Total ling-term liabilities 1,295,842 40,073,759 _ 41,369,601 (8,593,823) 32,775,778_. Other liabilities Development fee payable and accrued interest 617,511 1,147,220 - 1,764,7$1 (1,616,480) 148,251 Accrued fees - 769,745 - 759,745 (663,745) 96,000 Due to related parties 2,695,424 41,166 2,704,775 5,641,365 (5,641,365) Interest rate swap contract - 4,426,510 - 4,426,510 - 4,426,510 Total other liabilities 3,512,935 6,$74,641 2,704,775 12,592,351 (7,921,590) 4,670,761 Total liabilities 4,985,627 47,969,477 2,704,775 55,659,879 (16,515,413) 39,144,466 Net Assets Unrestricted 16,956,057 (1,198,071) (29,168) 15,728,818 (8,319,512) 7,409,306 Board restricted 625,853 - - 625,853 - 625,853 Temporarily restricted 43,400 - - 43,400 - 43,400 Permanently restricted 1,348,686 - - 1,348,686 - 1,348,666 Noncontrolling interest in consolidated subsidiaries - 18,399,316 - 18,399,316 - 18,399,316 Total net assets 18,973,996 17,201,245 (29,168) 36,146,073 (8,319,512) 27,826,561 TOTAL LIABILITIES AND NET ASSETS $ 23,959,623 $ 65,170,722 $ 2,675,607 $ 91,805,952 $ (24,834,925) $ 66,971,027 See accompanying notes to financial statements 4 if V ii•:-1 COALITION FOR A BETTER ACRE,INC.AND AFFILIATES Consolidated Statement of Activities For the year ended December 31, 2011 General Partners& CBA&Affiliates (Zeal Estate Entities Man-aging Members Total Eliminations Total Revenue and support Grants and contributions $ 328,573 $ - $ - $ 328,573 $ - $ 328,573 Capital grants 300,600 - - 300,600 - 300,600 Development fees 93,938 - 93,938 (93,938) Developer overhead 257,427 - - 267,427 267,427 Partnership management andinvestor service fees 94,700 - 5,000 99,700 (33,000) 66,700 Rental income,net of vacancies and concessions 322,600 5,597,593 - 5,920,193 5,920,193 Ground lease income 228,592 - 228,692 (228,592) Interest income 455,559 3,749 - 459,308 (436,522) 22,786 Income from endowment fund-GLCF (1,239) - (1,239) - (1,239) Income from endowment fund-Enterprise Bank (6;951) - (6,951) - (6,951) Income from investment in corporation 144,482 - - 144,482 - 144,482 Sale of state tax credits 820,000 - - 820,000 - 820,000 Other income 18,709 16,520 - 35,229 - 35,229 Total revenue and support 3,066,990 5,617,862 5,000 8,689,852 (792,052) 7,897,800 Expenditures Organizing 158,425 - - 158,425 - 158,425 Real estate development 316,047 - 316,047 - 316,047 Real estate homeowner 202,100 - 202,100 - 202,100 General and administrative 476,876 14,704 491,580 - 491,580 Rentals and property management 343,529 7,629,260 - 7,972,789 879,796) 7,092,993 Total expenditures 1,496,977 7,629.260 14,704 9,140,941 (879,796) 8,261,145 Increase(decrease)in net assets before interest rate swap contract 1,570,013 __ (2,011,398) _ (9,704) (451,089) 87,744 (363,345) Change in value of interest rate swap - (1,593,911) (1,593,911) (1,593,911) Increase(decrease)in net assets before noncontrolling interest in income of consolidated subsidiaries 1,570,013 (3,605,309) (9,704) (2,045,000) 87,744 (1,957,256) Noncontrolling interest in income of consolidated subsidiaries 3,413,314 3,413,314 3� 4114 Net assets,beginning of year 17,403,883 (1,006,076) (19,464) 16,378,343 (8,407,256) 7,971,087 Current year capital contributions 100 - 100 100 Net assets,end of year $ 18,973,996 $ _ {1,198,071) $ (29,168) $ 17,746,757 $ (8,319,512) $ 9,427,245 See accompanying notes to financial statements 5 COALITION FOR A BETTER ACRE,INC.AND AFFILIATES Consolidated Statement of Functional Expenses Forthe year ended December 31,2011 Rentals and Real Estate Nome General and Property Organiang Development Preservation Administrative Management Total Salaries $ 120,691 $ 215,395 $ 137,504 $ 127,430 $ 947,645 $ 1,548,665 Payroll taxes and benefits 15,636 60,150 23,440 76,411 201,657 377,294 Management Fees - - - - 250,583 250,583 Professional fees - - - 75,254 122,808 198,062 Contracted services 50 28,101 3,985 23,866 381,895 437,897 Operating and maintenance - - - - 286,388 286,388 Utilitles - - 3,555 9,769 794,553 807,878 Office supplies and expense 2,581 797 1,695 34,959 85,009 125,041 Occupancy - - 12,800 52,941 - 65,741 Advertising and renting - - - - 32,581 32,581 Program supplies and expense 15,829 5,586 13,127 27,558 - 62,100 Telephone - - 2,236 6,229 8,753 17,218 Meetings and travel 558 2,173 256 11,003 - 13,990 Staff training 1,080 3,645 2,015 3,367 24 10,331 Real estate taxes - - - - 477,509 477,509 Insurance - - 55 5,513 124,316 129,884 Interest - - - 15,000 1,642,448 1,657,448 Depreciation - - 1,927 1,571,327 1,573,254 Amortization - - - - 41,027 41,027 Collectlon allowanoe - - - - 11,273 11,273 Grants contributed - - - - - - Ground lease - - - 834 834 Miscellaneous 2,000 1,431 20,353 112,363 136,147 $ 158,425 $ $16,047 $ 202,100 $ 491,580 $ 7,092,993 $ 8,261,145 See accompanying notes to financial statements 6 'j COALITION FORABETTER ACRE,INC.AND AFFILIATES Consolidated Statement of Cash Flows For the year ended December 31,2011 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ (1,957,256) Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 1,664,967 Income from investment in corporation (144,482) Accrued Interest not currently due 917,905 Change in value of interest rate swap 1,593,911 Changes in: Accounts receivable (35,394) Prepaid expenses 50,794 Accounts payable-trade 7,858 Accrued expenses (1,756) Accrued mortgage interest (146) Prepaid rent (12,145) Tenant security deposits, net (14,079) Accrued fees 12,000 Net cash provided by operating activities 2,082,177 i CASH FLOWS FROM INVESTING ACTIVITIES Cash paid for fixed assets (6,144,891) Mortgagee escrow deposits,withdrawals and interest earned, net (48,189) Reserve for replacements deposits,withdrawals and interest earned, net 92,597 Operating reserve deposits,withdrawals and interest earned, net (107,603) Funding of endowment fund (89,628) Investment in corporation (53,443) Distribution from investment in corporation 28,129 Collection of notes receivable 41,723 Net cash used in investing activities (6,281,305) CASH FLOWS FROM FINANCING ACTIVITIES Capital contributions received 4,359,316 Capital distributions paid (3,163) Mortgage principal payments, net {75,488) Proceeds from notes payable 2,604,282 Repayment of notes payable (2,141,231) Repayment of advances from related parties, net (2,000) Cash paid for syndication costs (11,629) Net cash provided by financing activities 4,730,087 NET INCREASE IN CASH 530,959 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,145,796 CASH AND CASH EQUIVALENTS,END OF YEAR $ 3,676,755 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest $ 1,228,243 See accompanying notes to financial statements 7 i I COALITION FOR A BETTER ACRE,INC,AND AFFILIATES I Consolidated Statement of Cash Flows(Continued) For the year ended December 31,2011 LION CASK INVESTING ACTIVITIES $ (6,263,867) Fixed asset additions (520,334) Add: Development costs payable,beginning of year 637,150 Less: Development costs payable,end of year (146,091) Add:Development fee payable,beginning of year 148,251 Less: Development fee payable,end of year $ (6,144,891) Cash paid for fixed assets — i i . i , 4 ^i See accompanying notes to financial statements 8 i COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 1, Organization I The Coalition for a Better Acre, Inc. (CBA) is a membership based community development corporation i dedicated to resident empowerment and sustainable community revitalization for current and.future residents of Lowell. CBA promotes healthy, vibrant neighborhoods by developing resident leaders, affordable housing and economic opportunities, and by responding to community needs through collective action. CBA is exempt from Federal income taxes as an organization (not a private foundation) formed for charitable purposes under Section 501 (c)(3) of the Internal Revenue Code. Contributions made to CBA j are deductible by donors within the requirements of the Internal Revenue Code. The consolidated financial statements include the accounts of CBA and all the affiliates as detailed below which are wholly-owned subsidiaries, majority-owned subsidiaries or minority-owned subsidiaries. I Acre Triangle Community Development Corporation (ATCDC) (a Massachusetts corporation, not-for- profit)is related to CBA by common Board membership.ATCDC develops affordable housing in the Acre neighborhood of Lowell, Massachusetts. Due to the common Board membership,this entity is included in I the accompanying consolidated financial statements. North Canal Housing Trust, Inc. (NCHT) (a Massachusetts for-profit corporation, 60% owned by ATCDC) is the former general partner(1% ownership interest)of Lowell North Canal Limited Partnership (LNCLP).The general partnership interest was transferred in December 2005 and the Partnership sold its building (excluding its underlying land), reserve for replacements and other operating assets in 2005. NCHT was inactive in 2011. Acre Merrimack, Inc. (ACRE) (a Massachusetts for-profit corporation, 77% owned by ATCDC) is the former general partner (1% ownership interest) of Merrimack Street Housing Limited Partnership (MSHLP). The general partnership interest was transferred January 1, 2006 and MSHLP sold its building (excluding its underlying land),reserve for replacements and other operating assets on August 26, 2006. Triangle Rental,Inc.(TRI) (a Massachusetts for-profit corporation,70%owned by CBA) is the general partner(0.01%ownership interest)of Triangle Rental Limited Partnership(TRLP). Triangle Rental Limited Partnership(TRLP) (a Massachusetts limited partnership, .01%owned by TRI) was formed in November 1996. TRLP will terminate in November 2015, unless it is terminated or dissolved sooner in accordance with the terms of the Partnership Agreement. TRLP operates twenty-six units of low-income housing and three commercial units in four buildings located in Lowell, Massachusetts, known as Triangle Rental Properties (the Project). Phase I consists of three buildings (twenty units) and Phase II consists of one building (six units). The investor limited partner has contributed$2,448,435 for a-99.99% interest in the income, losses, distributions and tax credits. CBA Affordable Housing, LLC (CBAAH) (a Massachusetts limited liability company, 100% owned by CBA)organized to acquire the Lowell North Canal Housing project.The property was held for the period January 1, 2006 to June 30, 2006 and then sold to New North Canal LLC (NNCLLC) (excluding its underlying land). CBAAH maintains the land related to the project and holds a ground lease. Moody Street Center, Inc. (MSCI) (a Massachusetts for-profit corporation, 79% owned by CBA) is the general partner(0.01 %ownership interest)of Moody Street Center Limited Partnership(MSCLP). 9 i COALITION FOR A BETTER ACM✓,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 { 1. Organization (continued) f Moody Street Center Limited Partnership(MSCLP)(a Massachusetts limited partnership, .01%owned by MSCI)was formed on September 20,2000.The Partnership owned and operated a building consisting of four commercial units located in Lowell, Massachusetts. The investor limited partner had contributed j $581,218 for a 99.99% interest in the income, losses, distributions and tax credits. On September 30, 2009 the original investor limited partner assigned its 99.99% interest, right and title in the partnership to CBA. Liberty Square Housing, Inc.(LSHI)(a Massachusetts for-profit corporation, 60%owned by CBA) is the general partner(0.01%ownership interest)of Liberty Square Housing Limited Partnership(LSHLP). Liberty Square Housing Limited Partnership (LSHLP) (a Massachusetts limited partnership, .01% owned by LSHI)which was organized to acquire, develop, rehabilitate, and operate four rental buildings of which one building has been designated as a historic building.The project consists of 33 units and five commercial spaces located in Lowell, Massachusetts. Rehabilitation work was completed on one building in June 2004 and on the remaining three buildings in December 2004. The investor limited partner has contributed $4,098,067 for a 99.99% interest in the income, losses, distributions and tax credits. The special limited partner has agreed to contribute$10. i New North Canal Housing Trust,Inc. (NNCHT)(a Massachusetts for profit corporation,60% owned by CBA)is the managing member(.01%ownership interest)of New North Canal LLC(NNCLLC). New North Canal LLC (NNCLLC) (a Massachusetts limited liability company, .01% Owned by NNCHT) was formed on March 23, 2006 to own and operate the North Canal Apartments, consisting of 267 low and moderate income: apartments in Lowell, Massachusetts. The project is regulated by Department of Housing and Urban Development (HUD) as to rent charges and operating methods. The Company receives significant rent subsidies from HUD. Annual distributions are subject to HUD regulations and are limited to$164,837 per annum, subject to availability of sufficient surplus cash at year-end.The investor member agreed to contribute$13,211,300 for a 99.99% Interest in the income, losses and tax credits.As of December 31, 2011, the investor member has contributed $13,370,691. There was an upwards adjuster of$169,391. Distributions shall be allocated in accordance with the operating agreement. New Acre Merrimack, Inc. (NACRE)(a Massachusetts for-profit corporation, 79%owned by CBA) is the managing member (.01% ownership interest) of New Merrimack Street Housing LLC (NMSHLLC) and general partner(1%ownership interest)of Merrimack Street Housing Limited Partnership(MSHLP). New Merrimack Street Housing LLC (NMSHLLC) (a Massachusetts limited liability company, .01°/U owned by NACRE) was formed on May 8, 2006 to own and operate twelve low to moderate income housing units and 6,048 square feet of commercial space located on Merrimack Street in Lowell, Massachusetts. The Company purchased the building (excluding its underlying land), reserve for replacements and other. operating assets on August 26, 2006. Rehabilitation of the building was completed in January 2007. The investor member had agreed to contribute $979,000 for a 99.99% interest in the income, losses, and tax credits. During 2008 the investor member required contribution, which was paid in full, was reduced by $11,990 due to a downwards adjuster. Distributions shall be allocated in accordance with the operating agreement. 10 i i COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 1. Organization(continued) Merrimack Street Housing Limited Partnership (MSHLP) (a Massachusetts limited partnership, 99% owned by CBA)operated a rental property consisting of twelve low to moderate income housing units and 6,048 square feet of commercial space(the development).As described above, MSHLP sold its building (excluding its underlying land), reserve for replacements and other operating assets on August 26, 2006 at which point CBA purchased the 99% limited partner interest. MSHLP maintains the land related to the project and holds a ground lease. Call PP Limited Liability Company (Call) (a Massachusetts limited liability company) is the general f partner (.01% ownership interest) of Middlesex Street Limited Partnership (MSLP). On September 28, I 2006,CBA was admitted as the 01%member of Call. CBA has control over Call and therefore,.this entity ris included in the accompanying consolidated financial statements. Middlesex Street Housing Limited Partnership (MSLP) (a Massachusetts limited partnership, .01% j owned by Call) was formed on September 28, 2000 for the purpose of constructing and operating two residential apartment buildings containing 24 residential units and approximately 7,000 square feet of commercial space, located in Lowell, Massachusetts. The limited partner has contributed $3,126,894 for a 99.99% interest in the income, losses and tax credits. Distributions shall be allocated in accordance with the partnership agreement. i I St.Joseph's MM LLC (SJMMLLC) (a Massachusetts limited liability company, 79% owned by CBA) is the managing member of St. Joseph's Apartments LLC(SJLLC). St. Joseph's Apartments LLC (SJLLC) (a Massachusetts limited liability company, A1% owned SJMMLLC)was formed on April 2, 2007 for the purpose of rehabilitating and operating one residential apartment building containing 15 residential units located In Lowell, Massachusetts.The investor member. has agreed to contribute $2,934,000 for a 99.99% interest in the income, losses, and tax credits. The investor member contributed an upward equity adjuster in the amount of$33,878.At December 31,2011, the investor member has contributed $2,967,878. The special member has agreed to contribute $10. Distributions shall be allocated in accordance,with the operating agreement. Acre High School MM Two LLC(AHSMM2LLC) (a Massachusetts limited liability company, 79%owned by CBA)is the managing member of Acre High School LLC (AHSLLC). Acre High School LLC (AHLLC)(a Massachusetts limited liability company, .01%owned AHSMM2LLC) was formed on June 23, 2008 for the purpose of rehabilitating and operating one residential apartment building containing 22 residential units located In Lowell, Massachusetts. The investor member has j agreed to contribute$4,009,634 for a 99.99% interest in the income, losses, and tax credits.The investor member contributed an upward equity adjuster in the amount of $490. At December 31, 2011, the investor member has contributed $4,000,114. Distributions shall be allocated in accordance with the operating agreement.The project was completed and placed in service in February 2011. Unity Place MM LLC (UPMMLLC) (a Massachusetts limited liability company, 100% owned by CBA) is the managing member of Unity Place LLC(UPLLC). 11 i � I �I COALITION FOR A BETTER ACRE, INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December3l,2011 1. Organization(continued) Unity Place LLC (UL'LLC) (a Massachusetts limited Liability company, .01% owned UpMMLLC) was formed on April 10, 2009 for the purpose of rehabilitating and operating one residential apartment building containing 23 residential units located In Lowell, Massachusetts. The investor member has agreed to i contribute$3,517,609 for a 99.99%interest in the income,losses,and tax credits.At December 31,2011, the investor member has contributed $3,165,839. Distributions shall be allocated in accordance with the operating agreement. During 2011, the project was going through rehabilitation which was completed in December 2011 and operations commenced in 2012. CBA NMTC LLC (NMTC) a Massachusetts limited liability company, 100% owned by CBA)was formed on September 8, 2011 for the purpose of making an investment of$53,443 for a 5% interest in LCHC QALICB LLC. nt accounting policies and nature of operations 2. Summary of.significa Princi les of consolidation The consolidated financial statements include the accounts of the Companies, which have been consolidated under FASI3 ASO 810-10. All significant intercompany accounts and transactions are eliminated in consolidation.Non-controlling interest is recorded for the portion of net assets attributable to the ownership by unaffiliated entities. Use of estimates y principles enerall = The preparation of consolidated financial statements in con y with accounting p p g Y accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements thldreported from those estimates.amounts of revenues and expenses during the reporting period,Actual results Basis of resentation ts are prepared The accompanying financial statemen using the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.The Agency has classified into the following three net asset categories its net assets for accounting and reporting purposes according to externally(donor)imposed restrictions: Unrestricted net assets: Net assets that are not subject to donor-imposed restrictions and Board Designated Revolving Loan funds,which the Board of Directors of CBA has restricted to provide technical assistance in the development, operation, management, and expansion of small businesses through small business loans, Temporarily restricted net assets: Net assets subject to donor-imposed restrictions that will be met either by actions of the Agency and/or the passage of time. Permanently restricted net assets: Net assets subject to donor-imposed restrictions that must be maintained permanently by the Agency. 12 III COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 f 2. Summary of significant accounting policies and nature of operations(continued) Derivative financial instruments All derivative financial instruments are recognized as either assets or liabilities at their fair value in the statement of financial position with the changes in the fair value reported in current-period_ earnings. These instruments are classified on the statement of financial position as interest rate swap contract and the change in the fair value is recorded on the statement of activities change in value of interest rate swap, For the year ended December 31, 2011,a real estate affiliate, New North Canal LLC, recognized a loss of$1,593,911 on these instruments. Depreciation and amortization Purchased property and equipment are recorded at cost. Donated property and equipment are recorded at fair market value at the time of donation. Depreciation is provided using the straight-line method over the following estimated useful lives. Land improvements 20 years Buildings 40 years Furniture and fixtures 5-10 years Vehicles 5 years Computer equipment 5 years Furniture and fixtures 5-10 years Expenditures for maintenance and repairs are charged to expense as incurred;expenditures for renewals and betterments, which add to the value of the related assets or materially extend the life of the assets are capitalized.When sold, retired, or otherwise disposed of,the costs of assets and related accumulated depreciation will be removed from the accounts and any gain or loss credited or charged to income. Property held for development Property held for development is recorded at cost and consists of acquisition and pre development costs related to projects currently underdevelopment. Intangible assets Deferred charges include permanent financing fees and tax credit fees. Permanent financing fees are amortized using the straight-line method over the life of the permanent loans, Tax credit fee are amortized using the straight-line method over the tax credit compliance period of 15 years. Revenue recognition. Revenues from service contracts are recorded over the term of the contract as services are provided and costs are incurred. CBA reports gifts of cash and other assets with no donor restrictions as an increase in unrestricted net assets when received. Rental income is recognized when earned. Project and development fees and partnership management fees are recorded as revenues when earned based on the terms of the various agreements. Functional allocation of expenses Expenses related directly to a program or activities are allocated to that program or activity, while other expenses are allocated based upon management's estimate of the percentage attributable to each program or activity Cash and cash equivalents For purposes of the consolidated statement of cash flows,cash and cash equivalents consist of general checking accounts,money market funds, and savings accounts, 13 it COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 2. Summary of significant accounting policies and nature of operations(continued) Com ensated absences Employees of CBA are entitled to paid vacation and paid sick leave, depending on jab classification and length of service. The financial statements reflect a liability and expense for compensated vacation absences of the employees for vested time at their current pay rate. I Retirement plan I CBA provides a qualified retirement plan under Internal Revenue Code Section 401(k) covering all employees meeting certain eligibility requirements. The plan allows for employees to contribute pre-tax income, as defined and limited by the Internal Revenue Code. Discretionary contributions may be made as determined by CBA's Board of Directors. Discretionary contributions made during the year ended December 31,2011 and 2010 were$26,918 and$27,866 respectively. Low-Income housin tax credits Seven of the entities consolidated {Triangle Rental Limited Partnership, Liberty Square Housing Limited Partnership, New Merrimack Street Housing LLC, New North Canal LLC, Middlesex Street Housing Limited Partnership, St.Joseph's Apartments LLC and Acre High School LLC), (collectively, the projects) are eligible to receive low income housing credits. The credits are calculated at varying rates (between 3.52% and 9%) of the acquisition and qualified construction 1 rehabilitation costs and may be claimed each year for ten years. The annual allocation for the projects is subject to adjustment. The tax credit periods began in years ranging between 1997 and 2011 and were prorated in the first year of occupancy. j One of the entities consolidated (Unity Place LLC) will be eligible to receive low income housing tax credits commencing in 2012. Historic tax credits Three of the entities consolidated (Liberty Square Housing Limited Partnership, Moody Street Center Limited Partnership, and St. Joseph's Apartments LLC) qualified for the federal historic tax credits. The credit was calculated at 20% of qualified rehabilitation costs. Recapture of a portion of the credits would occur if the building is sold or taken out of service within five years of being placed in service. State tax credits Two of the entities consolidated (St Joseph's Apartments LLC and Acre High School LLC) have received state historic tax credit awards,which were assigned to CBA and sold to private equity investors. Impairment of long-lived assets The Corporation reviews its Fong-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset to the future net undiscounted cash flow expected to be generated and any estimated proceeds from the eventual disposition. If the long-lived assets are considered to be impaired, the impairment to be recognized is measured at the amount by which the carrying amount of the asset exceeds the fair value as determined from an appraisal, discounted cash flows analysis, or other valuation technique. There were no impairment losses I recognized for the year ended December 31,2011. Economic concentrations The operating partnershipslcompanies own and operate property in Massachusetts. Future operations could be affected by changes in economic or other conditions in that geographical area or by changes in federal low-income housing subsidies or the demand for such housing. f 14 I i COALITION FOR A BETTER ACRE, INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS z December 31,2011 2. Summary of significant accounting policies and nature of operations(continued) Concentrations of credit risk The Corporation places its temporary cash investments with high quality financial institutions. At times the account balance may exceed the institutions' federally insured limits. The Agency has not experienced any losses in such accounts. Income Taxes No provision has been made for income taxes since the Corporation was formed as a tax exempt organization and has been granted Section 501(c) (3) status by the Internal Revenue Service The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to report information regarding its exposure to various tax positions taken by the Company. The Company has determined whether any tax positions have met the recognition threshold and have measured the Company's exposure to those tax positions. Management believes that the Company has adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. Any interest or penalties assessed to the Company are recorded in operating expenses. No interest or penalties from federal or state tax authorities were recorded in the accompanying financial statements. Fair value measurements The Corporation applies the accounting provisions related to fair value measurements.These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity's own data. These provisions also provide valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flows) and the cost approach (cost to replace the service capacity of an asset or replacement cost). Upon adoption of the fair value measurement provisions that apply to recurring and nonrecurring fair value measurements of financial assets and liabilities and other provisions, the Corporation determined that no transition adjustments were required. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.The three levels of valuation hierarchy are defined as follows: Level 1: Observable inputs such as quoted prices (unadjusted)for identical assets or liabilities in active markets. Level 2: Inputs other than quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly,for substantially the full term of the financial instrument. Level 3: Unobservable inputs that reflect the Corporation's own assumptions. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the valuation methods are determined to be appropriate and consistent within the industry, the use of different methodologies or assumptions to determine the fair value of certain assets and liabilities could result in a different estimate of fair value at the reporting date. 15 i COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 2. Summary of significant accounting policies and nature of operations(continued) The table below presents amounts at December 31,2011 for significant items measured at fair value on a recurring basis. The fair value of our interest rate swap liability is based on notional amounts, interest rates, maturity date and other contract terms. The fair value of interest rate swap contract is valued using a third-party.The interest rate swap is classified as Level 2 measurements. Level 2 Interest rate swap liability $ 4,426,510 Subse uent events Subsequent events have been evaluated through June 27, 2012, which is the date the financial statements were available to be issued and there are no subsequent events requiring disclosure. i 3. Operating Leases CBA entered into a lease agreement to lease office space from MSCLP. The lease agreement commenced in January 2009 for a term of three years through December 2011. Lease payments totaling $52,941 for 2011 have been eliminated in the consolidated financial statements. 4. Notes and develo ment fees receivable and accrued interest Notes and development fees receivable and accrued interest consists of the following from entities that are included in the consolidated financial statements and have therefore been eliminated in the accompanying statement of financial position: Note receivable from TRLP The note is to finance a portion of the acquisition of the project, due in full pl the $ 417,878 i maturity date of February 2027,together with interest at 9%per annum,simple.A portion of the loan, $130,000, is partially reflected as permanently restricted due to Neighborworks Association (NWA) requirements. The note balance of $180,000 and accrued interest of $237,878 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements Develo meat note receivable from TRLP 694,882 Interest on the note accrues at 7.251A per annum, simple.The loan is secured by a third mortgage on the property. This fee and accrued interest is payable only from the proceeds of sale or refinancing but not later than December 2015. The note balance of$404,292 and accrued interest of$190,590 at Decerne 31,2011 have been eliminated in the accompanying consolidated financial statements. Mort a e note receivable from NMSHLLC 841,862 The note is due in ful[ upon the sale or refinancing of the property or at the maturity date of August 2036, together with interest at 5.36%, compounded annually. The note balance of $713,000 and accrued interest of $228,862 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Mort a e note receivable from NMSHLLC 30,000 The note is due in full upon the sale or refinancing of the property or at the maturity date of August 2036 and is non-interest bearing.The note is secured by the property and is permanently restricted due to NWA requirements. The note balance of $30,000 at December 31, 2011 has been eliminated in the accompanying consolidated financial statements. 16 �I COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December3l,2031 r 4. Notes and development fees receivable and accrued Interest(continued) Note receivable from LSHLP 747,109 The note is due only to the extent of cash flow available in any year pursuant to $ the partnership agreement. Interest accrues at 5.7% per annum, compounded annually.The loan is secured by a second mortgage on the property. All accrued and unpaid interest and principal is due at maturity, September 2033. The note balance of $500,000 and accrued interest of$247,109 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Note receivable from LSHLP 240,381 The note is due only to the extent of cash flow available in any year pursuant to the partnership agreement. Interest accrues at 5%per annum,simple.The loan is i secured by a third mortgage on the property.All accrued and unpaid interest and i = principal is due at maturity, September 2033. This loan is reflected as permanently restricted due to NWA requirements. The note balance of$165,000 and accrued interest of$75,381 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. i Development note receivable from LSHLP 120,788 Interest on the note accrues at 5.77% per annum. This fee and accrued interest is payable only from the proceeds of sale or refinancing but not later than the tenth anniversary of the completion date. The note balance of $114,109 and ._ accrued interest of $6,679 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Development note receivable from MSCLP 617,511 Interest on the note accrues at 5.39% per annum, simple.The loan is secured by a third mortgage on the property. This fee and accrued interest is payable only from the proceeds of sale or refinancing but not later than December 2017.The note balance of$381,954 and accrued interest of$235,557 at December 31,2011 have been eliminated in the accompanying consolidated financial statements. Note receivable from NNCLLC 2,334,223 Note receivable in the amount of $1,369,029 (amended during 2007 to $1,437,480).The note was increased by$477,500 in 2011.The note is due in full upon the sale or refinancing of the property or at the maturity of June 2036, together with interest at 5.32% per annum, compounded annually. The note balance of$1,914,980 and accrued interest of$419,243 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Develo ment note receivable from MSLP 261,734 The loan is non-interest bearing and unsecured and is due no later than December 31, 2018. The note balance of$261,734 at December 31, 2011 has been eliminated in the accompanying consolidated financial statements. 17 . I II COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 l 4. Notes and development fees receivable and accrued Interest(continued) Note receivable from SJALLC $ 209,695 Note receivable City of Lowell Home Funds In the amount of$165,000. The note is due in full at maturity, August 2037, together with interest at 6% per annum, compounded annually. The note balance of $165,000 and accrued interest of $44,695 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Note receivable from SJALLC 105,657 Note receivable NeighborworKs in the amount of$75,000. The note is due in full at maturity, August 2037, together with interest at 8% per annum, compounded annually. This loan is reflected as permanently restricted due to NWA requirements. The note balance of $75,000 and accrued interest of $30,657 at December 31, 201'1 have been eliminated in the accompanying consolidated financial statements. Note receivable from SJALLC i 146,495 Note receivable City of Lowell Lead Funds in the amount of$120,000.7he Hate is due in full at maturity, August 2Q37, together with interest at 6% per annum, f compounded annually. The note balance of $120,000 and accrued interest of j $26,495 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. f° Note receivable from SJALLC 326,896 Note receivable HTC in the amount of$259,500. The note, which is secured by the property, bears interest at 8% per annum, compounded annually, with principal and interest due at maturity,August 2037. The note balance of$259,500 and accrued interest of$67,395 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. CBA sold state tax credits generated from SJALLC for$259,500 and loaned the proceeds of the sale to SJALLC. Note receivable from AHSLLC 960,081 Note receivable in the amount of$920,000. The note is due in full at maturity, December 2039, together with interest at 5% per annum, compounded annually. This loan is partially reflected as permanently restricted due to NWA requirements. The note balance of$920,000 and accrued interest of$30,081 at 4 December 31, 2011 have been eliminated in the accompanying consolidated financial statements. CBA sold state tax credits generated from AHSLLG for $820,000 and loaned $810,000 of the proceeds of the sale to AHSLLC. Additionally, NWA Funds of $110,000 were combined with the $810,000 in the form of a note totaling $920,000. 18 I COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 .4. Notes and development fees receivable and accrued Interest(continued) I Note receivable from AHSLLC 166,984 Note receivable HOME Funds in the amount of$165,000.The note is due in full at maturity, December 2039, together with interest at 1% per annum, compounded annually. The note balance of $165,000 and accrued interest of $1,984 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Note receivable from AHSLLC $ 33,911 Note receivable CDBG Funds in the amount of$33,325. The note is due in full at maturity, December 2039, together with interest at 1% per annum, compounded annually. The note balance of$33,325 and accrued interest of$586 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements. Note receivable from UPLLC 184,000 Note receivable NWA Funds in the amount of$184,000. The note is due in full at maturity, December 2040, is non-interest bearing. This loan is partially reflected as permanently restricted due to NWA requirements. The note balance of $184,000 at December 31, 2011 has been eliminated in the accompanying consolidated financial statements. Note receivable from UPLLC 50,000 Note receivable in the amount of$50,000 funded from CDBG proceeds. The Hate is due in full at maturity, December 2040, is non-interest bearing. The note balance of $50,000 at December 31, 2011 has been eliminated in the accompanying consolidated financial statements. Notes receivable and accrued interest also consists of the following from unrelated entities that are included in the consolidated financial statements and have therefore not been eliminated in the accompanying statement of financial position: Loan Receivable—LCLF 51,245 On October 9,2009 CBA agreed to loan$50,000 to Lowell Community Loan Fund Inc. The loan calls for interest of the Applicable Federal Rate (AFR).The principal is repayable on demand, and as of December 31, 2011 $50,000 has been drawn on this loan.Accrued interest totaled$1,245 at December 31,2011. Note receivable from Unwrapped,Inc. 47,203 Note receivable in the original amount of$225,000 with interest at 6%per annum. Interest payments were due on all advances through January 31, 2001. Monthly payments of principal and interest of$1,982 were to commence in August 2001 and any unpaid principal was payable in full on January 31, 2008. CBA has negotiated an extension of the loan. CBA has a security interest in the assets of Unwrapped, Inc. During 2008,the note terms were amended,overdue payments were received, and the interest rate was reduced to 4% per annum. During 2011 payments of principal and interest were received and the note is now current with a balance of$47,203. 19 i I COALITION FOP,A BETTER ACRD,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 _.. .. i 4. Notes and development fees receivable and accrued Interest(continued) CBAAH i Note receivable from NNCLLC in the amount of$1,284$ 93.The note is due in full $ 1,708,652 upon the sale or refinancing of the property or at the maturity of June 2036, together with interest at 5.32% per annum compounded annually. The note balance of$1,284,393 and accrued interest of$424,259 at December 31, 2011 have been eliminated in the accompanying consolidated financial statements 10,287,186 Subtotal CBA and CBAAH (10,188,738) Less amounts eliminated 98$ ,448 Total notes and development fees receivable and accrued interest �$ i 5. Ground Leases CBAAH entered into a ground lease agreement with.NNCLLC. The land is subject to a 99 year lease dated June 28, 2006, which runs through December 31, 2105. The lease calls for annual base rent of $191,800 for the first five years subject to increases every five years to reflect CPI increases through December 31, 2021. Payments are due only to the extent of available cash flow. Unpaid base rent shall accrue at 5.32% per annum, compounded annually. During 2011, ground lease payments of$164,0 � were made from surplus cash.During 2011,ground[ease rents of$191,800 and interest of$17,291 were earned. At December 31, 2011, ground lease rents of$330,092 and accrued interest of$14,627 were due and are included in the total of"Loans and Notes Receivable" on the Consolidated Statement of Financial Position. This transaction has been eliminated in the accompanying consolidated financial .` statements. MSHLP entered into a ground lease agreement with NMSHLLC. The land is subject to a 75 year lease dated August 25, 2006, which runs through December 31, 2081. The lease calls for annual base rent of $15,750 for the first five years subject to increases every five years to reflect CPI increases. Payments are due only to the extent of available cash flow. Unpaid base rent shall accrue at 4.9% per annum, compounded annually. During 2011, no payments were made. During 2011, ground lease rents of $15,750 and interest of$3,751 were earned. At December 31, 2011, ground [ease rents of$84,000 and accrued interest of$11,026 were due and are included in the total of Loans and notes receivable on the Consolidated Statement of Financial Position. This transaction has been eliminated in the accompanying consolidated financial statements. 6. Development and other fees CBA provided development services to TRLP totaling $422,624.A portion of this fee, $404,292, is in the form of a note receivable.Accrued interest outstanding totaled $190,590. These transactions have been eliminated in the accompanying consolidated financial statements. CBA provided development services to MSCLP totaling $523,198, A portion of this fee, $381,954, is in the form of a note receivable. Accrued interest outstanding totaled $235,557. These transactions have been eliminated in the accompanying consolidated financial statements. 20 COALITION FOR A BETTER ACRE,IMC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 6. Development and other fees(continued) CBA provided development services to LSHLP totaling $294,788, which represents 40% of the total development fee and overhead reimbursement of $736,970. Lowell Restoration Inc. (LRI) earned the remaining $442,182. A portion of the fee totaling $20,000 to CBA fee has been deferred and accrues interest at 5.77% per annum, compounded annually.The remaining portion of the CBA fee of$94,109 is non-interest bearing.The fee and accrued interest is payable on or before the earlier to occur on the 10`h anniversary of the completion date or the liquidation date (maturity date) of the partnership or from cash flow or from the proceeds of sale or refinancing. The remaining balance of$114,109 of development fee and$6,679 of interest was due CBA at December 31, 2011.These transactions have been eliminated in the accompanying consolidated financial statement. The remaining balance of$144,049 of development fee and interest due LRI at December 31, 2011 is presented as development feu payable in the accompanying consolidated financial statements. CBA provided development services to MSLP totaling $271,734. This fee is in the form of a note 1 receivable and $261,734 was due at December 31,2011.These transactions have been eliminated in the 1 accompanying consolidated financial statements. I CBA is providing development services to AHSLLC totaling$751,504 which consists of developer fee in the amount of$375,752 and developer overhead in the amount of$375,752. The fee is payable monthly per developer fee agreement with the unpaid balance due at the receipt of the break-even and final installment investor.member capital contributions.As of December 31,2011. $751,504 has been earned and paid on this fee. These transactions have been eliminated in the accompanying consolidated = financial statements. CBA is providing development services to UPLLC totaling $692,328 which consists of developer fee in the amount of$368,848 and developer overhead in the amount of$323,480. The fee is payable monthly per developer fee agreement with the unpaid balance due at the receipt of the break-even and final installment investor member capital contributions.As of December 31,2011. $323,480 has been earned on this fee and$301,915 has been paid. The unpaid balance at December 31,2011 was$21,565.These transactions have been eliminated in the accompanying consolidated financial statements. Development fees are summarized as follows: Current Current Total Fee Income Receivable TRLP $ 422,624 $ - $ 404,292 MSCLP 523,198 - 381,954 LSHLP(40%CBA,60% LRI) 736,970 - 114,109 -_ MSLP 271,734 - 261,734 AHSLLG 751,504 158,440 UPLLC 692,328 202,925 21,565 $ 1,954,526 $ 361,365 $ 1,183,654 Less-- (1,183,654).eliminated (1,183,654) $ 21 II COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 6. Development and other fees(continued) Otherfees In accordance with the Partnership Management and Investor Services Are pant between o CBA LSHLP, CBA earns an annual partnership management fee of 70% of$10,000 (or$7,000 annually), an annual supplemental partnership management fee of 70% of$25,000 payable from available cash flow (or $17,500 annually) and an annual investor service fee of 70% of $5,000 payable from available cash flow(or$3,500).The remaining 30% of the annual partnership management 00 annually fee,supplemental partnership management fee and annual Investor service fee totaling$12, Is earned by LRI. The balance due CBA as of December 31, 2011 of$224,000, of which $28,000 was earned in the current year has been eliminated in the consolidated financial statements.The balance due LRI of $96,000, of which $12,000 was accrued in the current year, is presented as a component of accrued expenses in the accompanying consolidated financial statements. Other fees are summarized as follows: Current Total Annual Current j Fee Income Receivable_ LSHLP: $ 14000 $ 7,000 $ 56,000 , Partnership management fee 25,000 17,500 140,000 Supplemental partnership management fee 5,000 _ 3,500 28,000 Investor service fee $ 40,000 $28,000 $ 224,000 28,000) 28,000 {22400D) Less:amounts eliminated $ t 12,000 $ $ 7. Notes Payable and Development Fee Payable The Agency has notes payable and accrued interest to entities included in the consolidated financial statements and third parties. The notes payable and accrued interest relating to entities included in the consolidated financial statements have been eliminated in the accompanying statement of financial condition.Outstanding notes payable and accrued interest is as follows: CBA 620,000 • Note payable to City of Lowell in the amount of$500,000 and bears interest at 3/a $ per annum, simple. The loan and accrued interest is due on maturity date, accrued u interest$120,000 of which$15, 00 was acct ued n the urrent year. and $ 620,000 Subtotal GSA '• TRLP Note payable to the City of Lowell under the HOME loan program in the amount of $ 1,224,845 $400,000. The note bears interest at 8.5% per annum, compounded annually, with principal and interest due February 27, 2017. The loan is secured by a second mortgage on the buildings.At December 31, 2011, the note balance was $400,000 and accrued interest totaled $824,845, of which $1 o8,Q09 was accrued in the current year. 22 i I III COALITION FOR A BETTER ACRE,INC,AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 f 7. Notes Payable and Development Fee Payable(continued) j Note payable to the DHCD under the HOME Investments Partnership Program $ 1,378,698 (the HOME program) in the amount of$440,000. The note bears interest at 8.5°l0 per annum, compounded annually, with principal and interest due February 27, 2037. The loan is secured by a second mortgage on the buildings.At December 31,2011,the note balance was$440,000 and accrued interest$938,698,of which $108,009 was accrued in the current year. Note payable to CEDAC in the amount of$108,000. Principal and interest are due 188,768 annually if certain cash flow benchmarks, as defin�dnofhthe gotenterm. No j achieved. Interest accrues for only the first twenty y rs interest accrues after this period.All unpaid principal and interest is due in full in { February 2027. CEDAC has the option to extend the maturity date for an additional period of up to ten years. Interest has been calculated at a rate of 5% per annum, simple, The loan is secured by a third mortgage lien and security interest on the buildings and assignment of certain contractual rights. At i December 31, 2011, the note balance was $108,000 and accrued interest $80,768,of which$5,400 was accrued in the current year. Note Payable to CBA(Note 4) 417,878 Development note payable to CBA(Note 6) 594'882 $ 3,806,071 Subtotal TRLP NMSHLLC 227,366 Note payable to Lowell Development and Financial Corporation (LDFC) in the $ amount of$172,000, The note is due in full upon the sale or refinancing of the property or at maturity,August 2036,together with interest at 5.36%,compounded annually. At December 31, 2011, the note balance was $172,000 and accrued interest$55,366,of which$11,567 was accrued in the current year. Mortgage note payable to CBA(Note 4) 941'862 Mortgage note payable to CBA(Note 4} 30,000 Subtotal NMSHLLC $ 1,199,228 LSHLP Note payable to DHCD under the HOME program in the amount of$600,000.The $ 751,934 note requires interest at 5.7% per annum or the applicable federal rate (AFR) in effect on the date of each receipt, compounded annually. Interest only is payable annually within fifteen days of the anniversary of the final loan disbursement to the extent of cash flow up to a maximum of$15,000 per year.All accrued and unpaid interest and principal is due on at maturity, September 2034, The loan is secured by a co-second mortgage on the property. At December 31, 2011, the note balance was $500,000 and accrued interest $251,934 of which $40,549 was accrued in the current year. 23 i i COALITION FOR A BETTER ACRE,INC,AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL,STATEMENTS December 31,2011 7. Notes Payable and Development Fee Payable(continued) Note payable to the Affordable Housing Trust Fund (AHTF) through DHCD in the $ 1,046,532 amount of $700,000. The note bears interest at 5% per annum, compounded annually. All accrued and unpaid interest and principal is due on at maturity, September 2034, The loan is secured by a co-second mortgage on the property. At December 31, 2011, the- note balance was $700,000 and accrued interest $346,532, of which$49,835 was accrued in the current year. Note Payable to CBA(Note 4) 747,109 Note Payable to CBA(Note 4) 240,381 I Development fee payable to CBA and LRI(Note 6) 269,039 Subtotal LSHLP $ 3,054,995 I 1VISCLP $ 617,511 Development note payable to CBA(Note 6) - I NNCLLC Note payable to CBA(Note 4) $ 2,334,223 f 1,708,652 Note payable to CBAAH(Note 4) Subtotal NNCLLC $ 4'042'875 MSI.P Note payable to the City of Lowell under the HOME loan program in the amount of $ 744,266 $400,000.The note bears interest at 7,26% per annum, simple,with principal and interest due at maturity, February 2030. The loan is secured by a second mortgage on the property. At December 31, 2011,the note balance was$400,000 and accrued interest$344,266,of which$29,000 was accrued in the current year. Note payable to DHGD under the HOME program in the amount of$440,000,The 767,584 note bears interest at 5.58%per annum,compounded annually,with principal and interest due at maturity,April 2031. The loan is secured by a third mortgage on the property.At December 31,2011,the note balance was$440,000 and accrued interest$327,684,of which$40,568 was accrued in the current year. Note payable to the Cambodian American League of Lowell, Inc. (CALL Inc.) in 304,372 the amount of$180,000 for lead removal,The note carries a variable interest rate based on the AI=R, with principal and interest due at maturity, December 2017. The loan is secured by a seventh mortgage on the property. At December 31, 2011, the note balance was $180,000 and accrued interest $124,372, of which $10,435 was accrued in the current year. 24 I I!, COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 I 7. Notes Payable and Development Fee Payable(continued) Nate payable to CALL Inc. in the amount of$337,842. The note bears interest at $ 847,373 9% per annum, compounded annually, with principal and interest due at maturity, April 2031. The loan is secured by a seventh mortgage on the property. At December 31, 2011, the note balance was $337,842 and accrued interest $509,531,of which$69,967 was accrued in the current year. Development note payable to CBA(Note 4 and Note 6) 261,734 Subtotal MSLP $ 2'925'329 SJALLC Note payable to the Massachusetts Housing Partnership Fund (MHP) under the $ 392,124 Housing Stabilization Fund program in the amount of$350,000. The note bears interest at 3% per annum, simple, with principal and interest due at maturity, August 2056. The loan is secured by the property, At December 31, 2011, the note balance was $350,000 and accrued interest totaled $42,124, of which $10,500 was accrued in the current year. Note payable to DHCD under the AHTF program in the amount of$250,000. The 281,872 note bears interest at 3% per annum, simple, with principal and interest due at maturity, August 2038, The loan is secured by the property. At December 31, 2011, the note balance was $250,000 and accrued interest totaled $31,872, of which$7,500 was accrued In the current year. Note payable to CEDAC under the FCF program in the amount of$230,000. The 256=407 note bears interest at 3% per annum, simple, with principal and interest due at maturity, August 2038. The loan is secured by the property. At December 31, 2011, the note balance was $230,000 with accrued interest of$26,407, of which $6,900 was accrued in the current year. Note payable to CEDAC under the Community-Based Housing Fund program in 168,796 the amount of$150,000. The note bears interest at 3% per annum, simple, with principal and interest due at maturity, August 2038. The loan is secured by the property. At December 31, 2011, the note balance was $150,000 and accrued interest totaled$18,796, of which$4,500 was accrued in the current year. Note payable to CBA--HTC Funds(Note 4) 326,895 Note payable to CBA City of Lowell Home Funds(Note 4) 209,685 Note payable to CBA—City of Lowell Lead Funds (Note 4) 146,495 Note payable to CBA--Neighborworks Loan(Note 4) 105,657 Subtotal SJALLC $ 1,887,941 25 I i i I COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED 3D1,FINANCIAL STATEMENTS December r 7, Notes Payable and Development Fee Payable(continued) AHSLLC 900,000 Note payable to the MassHousing under the Affordable Housing Trust Fund $ program in the amount of$900,000.The note is non-interest bearing with principal j due at maturity,February 2040.The loan is secured by the property.At December 31,2011,the note balance was$900,000. Note payable to DHCD tinder the Housing Stabilization Fund program in the 750,000 amount of $750,000. The note is non-interest bearing with principal due at maturity, February 2040. The loan is secured by the property. At December 31, 2011,the note balance was$750,000. Note payable to CEDAC under the Facilities Consolidation Fund program in the 501,690 1 amount of $501,650. The note is non-interest bearing with principal due at maturity, February 2040. The loan is secured by the property. At December 31, 2011,the note balance was$501,690. j 950,081 Note payable to CBA Neighborworks Loan (Note 4) 166,984 Note payable to CBA—HOME Loan(Note 4) Nate payable to CBA—CDBG Funds Loan(Note 4) 33,911 i $ 3,302,666 Subtotal AHSLLC UPLLC 925,537 Financing is being provided by Enterprise Bank in the nf orm a revolvi gto pr j to $ $956,022 to be converted to permanent financing up p The construction loan calls for payments of interest only at 6.5%per annum and is secured by the property. At December 31, 2011,the note balance was$918,260 and accrued interest totaled $7,277, of which $7,277 was accrued in the current year. Nate payable to the MassNousing under the .Affordable Housing Trust Fund '1,308,405 program in the amount of$1,300,000. The note bears interest at 1% per annum, simple, with principal and interest due at maturity, September 2041. The 0Q,000 secured by the property.At December 31,2011,the note balance was$1, and accrued interest totaled $8,405, of which $8,359 was accrued in the current year. 283,497 Note payable to the City of Lowell under the Neighborhood Stabilization Program in the amount of$300,000.The note bears interest at 4.25% per annum, simple, with principal and interest due at me,'turity, April 2030_The loan is secured by the property. At December 31, 2011, the note balance was $270,000 and accrued interest totaled$13,497, of which$11,475 was accrued in the current year. 4 26 i� COALITION FOR A BETTER ACRE, INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 7. Notes Payable and Development Fee Payable(continued) Note payable to DHCD under the HOME program in the amount of$138,000. The $ 105,333 note bears interest at 4.25% per annum,compounded annually,with principal and interest due at maturity, September 2041. The loan is secured by the property. At December 31, 2011, the note balance was $103,500 and accrued interest totaled $1,833, of which$1,833 was accrued in the current year. Note payable to CBA--Neighborworks Loan (Note 4) 184,000 Note payable to CBA—CDBG Funds Loan(Note 4) 50,000 Development note payable to CBA(Note 4 and Note 6) 21,565 l Subtotal UPLLC $ 2,878,337 Subtotal 24,333,953 r Less: amounts eliminated in consolidation (10,210,303) Total $ 14,123,650 , i F 8. Mortgages Payable Mortgages payable consist of the following: f TRLP Permanent financing is being provided by MHP in the form of a loan totaling $ 208,113 $254,000, The loan bears interest at 8.43% per annum and is secured by a mortgage on the buildings. The mortgage requires monthly principal and interest payments of$1,940 fora period of 30 years. NMSHLLC Financing is being provided by MHP from the proceeds of tax-exempt bonds 1,275,672 totaling $1,600,000 issued by the Massachusetts Development Finance Agency (MDFA). The loan bears interest at 4.5% per annum and requires interest payments only until it is converted to permanent financing. During 2008, the loan principal balance was paid down to$1,350,000 and requires monthly payments of $6,840 for principal and interest. Unpaid principal and interest are due in full on March 27,2026,the maturity date. LSHLP Permanent financing is being provided by MHP in the form of a loan totaling 983,506 $1,072,000.The loan bears interest at an annual rate of 6.76% per annum and is secured by the property. The mortgage requires monthly principal and interest payments of$6,960 for a period of 20 years, maturing in 2025.Additional monthly remittances of $5,524 are required to fund the real estate tax, insurance and water and sewer escrow. Monthly remittances of$1,141 are required to fund the replacement reserve. 27 I ! COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 { i 8. Mortgages Payable(continued) MSCLP provided b MDFA in the form of a loan totaling $ 392,308 Permanent financing is being pr' y per annum and is secured by the' $500,000. The loan bears interest at 7% p property an assignment of all leases and rents. The mortgage requires monthly -five year principal and interest payments of $3,665 based on a twenty amortization with a balloon payment of $435,436 due on January 1, 2009, On June 29, 2009, the mortgage note was refinanced with interest at 5.5% annum, due in equal monthly payments of$3,163 of principal and interest. The monthly I installments are based on an eighteen year amortization with a balloon payment of$311,430 due on May 1,2016. This note is secured by a first mort gage on the development and an assignment of all leases and rents. MSLP 349,854 Permanent financing is being provided by Enterprise Bank in the form of a first mortgage totaling $400,000. The loan bears interest at an annual.rate of 8% per annum and is secured by the property. The mortgage requires monthly principal and interest payments of$2,999 until maturity,May 2031. ! Permanent financing is being provided 218,624 by LDFC in the form of a second mortgage totaling $250,000_The loan bears interest at an annual rate of 6%per annum and i is secured by the property.The mortgage requires monthly principal and interest payments of$1,499 until maturity, March 2022. _ NNCLLC 14,865,776 Permanent financing is being provided by MHP in the form of tax-exempt bonds totaling $16,000,000 issued by MDFA. The loan bears interest at an adjustable rate equal to 69% of the LIBOR rate, plus 1.662% (1.82% at December 31,2009) and requires monthly principal payments and interest payments of $96,092. Additionally, monthly"remittances include $26,053 to fund mortgage insurance, property insurance, and real estate tax escrows, and $13,185 to fund the reserve for replacements. Unpaid principal and interest are due in full on March 31,2026, the maturity date. As described above the bond bears interest at a variable rate. To minimize the effect of changes in the interest rate on the note, NNCLLC entered into an interest rate swap agreement with a private financial institution under which NNCLLC pays interest at a fixed rate of 5.91% and the financial institution pays the interest on the note at a variable rate. The result is that NNCLLC pays interest at a fixed effective rate.Valued separately,the interrest rate swap agreement represents a liability in the amount of $2,283,099 December 31,2009. This value represents the fair value of the current difference in the interest paid and received under the swap agreement over the remaining term of the agreement. i 28 COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 8. Mortgages Payable(continued) SJALLC $ 303,857 j Financing was being provided by Enterprise Bank in the form a revolving loan up to $613,000 to be converted to permanent financing upon completion of the project. The construction loan called for payments of interest only at 6.5% per annum and was secured by the property. During 2009, the company converted the construction loan to permanent financing. The permanent loan of $328,493 calls for monthly payments of principal and interest of$2,497 with interest at 6.5% per annum.The loan is secured by the property and will be amortized over a thirty year period until the maturity date,August 2028. AHSLLC Permanent financing is being provided by Enterprise Bank in the form of a first 248,360 mortgage totaling$250,000.The loan bears interest at an annual rate of 6.5% per annum and is secured by the property. The mortgage requires monthly principal and interest payments of$1,596 until maturity, March 2030. Total $ 18,846,070 Annual maturities of mortgages payable for the ensuing five years are summarized as follows: 2012 $ 345,691 2013 368,999 2014 391,844 2015 415,347 2016 740,055 Thereafter 16,584,134 Total $ 18,846,070 9. Investment in Unwrapped CBA has purchased common stock of Unwrapped, Inc. for $75,000, which represents a 21 % equity interest in the corporation. Income! (loss) received from the investment totaled $144,482 in 2011. The investment in common stock is recognized under the equity method and is presented as investment in corporation on the accompanying consolidated statement of financial position. Funds of$300,000 used to make the loan to and investment in Unwrapped, Inc.were received pursuant to a grant agreement between the Office of Community Services(OCS) and CSA.After a period of seven years (in 2008), OCS will determine if CBA is required to repay this $300,000. Funds received as of December 31, 2011 total $300,000 and are reflected as Due to Office of Community Services in the accompanying consolidated financial statements. 10. Property Held for Rehabilitation and Sale All costs related to properties held for rehabilitation and resale have been capitalized.These costs include the acquisition price, real estate taxes, rehabilitation costs, architect fees and other costs incurred prior to the properties receiving occupancy certificates. As of December 31, 2011, Property Held for Rehabilitation reported on the accompanying consolidated balance sheet totals$124,971. 29 i COALITION FOR ABETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 11. Commitments Certain entities included in the accompanying consolidated financial statements may be required to advance funds to other entities to fund operating deficits and/or development cost overruns. These advances are based on the terms of respective partnership agreements and would be eliminated in the consolidated financial statements in the period when such advances are made. TRLP has granted CBA continuing right of first refusal to purchase the property of TRLP in the event TRLP proposes to sell, transfer, assign or ground lease substantially all of its interest therein. The purchase price under this agreement shall be the lesser of: a)the price offered by a bona fide third party purchaser; or b)the greater of 1)the sum of principal indebtedness secured by the Property(other than indebtedness incurred within the five year period ending on the date of any sale to the Sponsor)including all taxes on the sale or 2) the sum of the principal amount of indebtedness secured by the Property. CBA's rights under this agreement are assignable and are subordinate to the rights of the lenders to the property. 12. Temporarily Restricted Net Assets Temporarily restricted net assets are restricted for the following purposes: i Middlesex Street Housing LP--Capital Improvements Project $ 23,400 Jobs for Lowell Progra 5,000 Program Home ' j Home Preservation Center—Foreclosure Prevention initiative $ 15,000 43,4Q0 Temporarily restricted net assets were released from donor restrictions during the current year by Incurring expenses satisfying the restricted purposes or by the occurrence of other events specified by donors as follows: New North Canal LLC Solar Project $ 97,500 Acre High School LLC 16'500 Redistricting Project 15,000 $ 129,000 i 13. Permanently Restricted Net Assets Permanently restricted net assets are available for the following purposes: Triangle Rental Properties $ 59,811 Merrimack Street project 75,000 Liberty Square project 1 ,000 Acre High School project 111 00,775 St Joseph's School project 75,000 184,000 Unity Place LLC New North Canal LLC Solar project 427,500 Middlesex Street Housing LP project 210,600 Gorham Street project 41,000 $ 1,348,686 { 30 I i COALITION FOR A BETTER ACRE, INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 14. Board Restricted Net Assets Board restricted net assets are available for the following purposes: I Pre-development expenses related to either acquisition or i development of affordable housing units $ 271,400 Neighborworks release from permanent restriction, restricted by board 354,453 $ 625,853 15. Reserves The Agency is required to fund and maintain certain replacement and operating reserves as required in each entities respective partnership or operating agreements. A summary of balances in these reserves is as follows: Reserve for Operating Replacements Reserve TRLP $ 132,142 $ 105,162 NMSHLLC 215,516 63,858 LSHLP 53,539 66,519 MSCLP 90,711 36,574 NNCLLC 1,156,662 1,009,255 MSLP 36,833 35,130 SJALLC 16,372 71,651 ATCDC 81,109 - AHSLLC - 120,028 $ 1,782,884 $ 1,508,177 16. Commercial Rental Income The following entities have rental income under commercial leases TRLP: 'three commercial units are being rented to tenants at will. NMSHLLC: Six commercial units are being rented pursuant to lease agreements expiring in 2014. LSHLP: Four commercial units are being rented pursuant to lease agreements expiring in 2012, MSCLP: One commercial unit is being rented pursuant to lease agreement expiring in 2016 and three commercial units are being rented to tenants at will, MSLP:One commercial unit is being rented to a tenant at will. Minimum future lease payments under non-cancelable operating leases are as follows: 2012 $ 101,050 2013 90,082 2014 85,999 2015 72,064 2016 56,308 Total $ 405,503 31 COALITION FOR A BETTER ACRE,INC.AND AFFILIA'T'ES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 17. Noncontro{ling Interest in Consolidated Subsidiaries The following is the summary of the activity of the noncontroling interest in consolidated subsidiaries at December 31,2011: Noncontrolfing interest in consolidated subsidiaries at December 31,2010 $ 17,468,185 2011 Noncontrolfing interest in income (3,413,314) 2011 Capital contributions, net of distributions 4,356,074 Syndication costs paid in 2011 (11,629) Noncontrolfing interest in consolidated subsidiaries at December 31,2011 $ 18,399,316 The noncontrolling interest in consolidated subsidiaries at December 31,2011 consists of the following: I j Triangle Rental, L.P, $ (456,918) Liberty Square Housing, L.P. 1,803,376 New Merrimack Street Housing, LLC 429,859 New North Canal, LLC 6,669,687 Middlesex Street, L.P. 597,827 St.Joseph's Apartments, LLC 2,447,754 Acre High School LLC 3,841,508 Unity Place LLC 3,165,839 North Canal Housing Trust Inc. (62,562) Acre Merrimack Inc. (7,890) Triangle Rental Inc. (3,895) Moody Street Center Inc. (12,029) Liberty Square Housing Inc. (4,924) New North Canal Housing Inc. (3,124) New Acre Merrimack Inc. (1,661) Call PP LLC (2,856) St.Joseph's MM LLC (696) Acre High School MM Two LLC 21 $ 18,399,316 18. Note Guarantees CBA and its affiliates have made the following guarantees: Liberty Square Housing Limited Partnership: To fund operating deficits through the end of the compliance period as defined in the partnership agreement.Amounts furnished to fund operating deficits incurred prior to the development obligation date shall be deemed special capital contributions and amounts furnished to fund operating deficits incurred after the development obligation date shall constitute operating expense loans. Affiliates of the general partner are entitled to an annual cumulative supplemental management fee payable from cash flow. If any amount is not paid by the eighth anniversary on which the fees were accrued,the general partner will be required to make a capital contribution to the Partnership to pay such unpaid fees. At December 31, 2011 unpaid fees totaled$96,000. 32 I COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 18. Note Guarantees(continued) Middlesex Street Limited Partnership Any operating deficits shall be first funded from the Operating Reserve account. Any amounts in excess of the balance of the operating reserve account are required to be funded by the General Partner in the form of Operating Deficit Capital Contributions. Notwithstanding the foregoing, the General Partner shall not be required to make operating deficit capital contributions to pay principal on the permanent loan,or interest in excess of 20%of the total interest accruing under the permanent loan. New Merrimack Street Housing LLC The managing member is required to provide operating expense loans if required. Amounts so furnished to fund operating expenses incurred prior to the development obligation date shall be deemed special capital contributions. Amounts furnished to fund operating expenses incurred on or after the development obligation date shall constitute non-interest bearing operating expense loans. New North Canal LLC The managing member is required to provide operating expense loans if required. Amounts so furnished to fund operating expenses incurred prior to the development obligation date shall be deemed special capital contributions.Amounts furnished to fund operating expenses incurred on or after the development obligation date shall constitute non-interest bearing operating expense loans. St.Joseph's Apartments LLC The managing member is required to provide operating expense loans if required. Amounts so furnished to fund operating expenses incurred prior to the development obligation date shall be deemed special capital contributions. Amounts furnished to fund operating expenses incurred on or after the development obligation date shall constitute non,interest bearing operating expense loans. Triangle Rental Limited Partnership CBA and ATCDC have agreed to advance funds as unsecured loans, to the General Partner for the purpose of making capital contributions to the Partnership to fund operating deficits to the extent that funds are not available in the operating reserve account. In no event shall obligations under this agreement exceed$385,388. i 33 i I I COALITION FOR A BETTER ACRE,INC.AND AFFILIATES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS December 31,2011 19, Investments CBA determines the fair market values of its financial assets and liabilities, as well as non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis, based on the fair value hierarchy established in the accordance with Accounting Standards Codification 820, Fair Value Measurements. Level 1: Quoted prices in active markets for identical assets or liabilities. The Corporation's Level 1 assets include short term and long term investments which are measured at fair value on a recurring basis. Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The j Corporation's Level 2 asset includes the discount rate used to measure the present value notes receivable. The Corporation currently has Level 2 assets or liabilities that are measured at fai r value on a recurring basis. Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include items where the j determination of fair value requires significant management judgment or estimation. The Corporation currently has no Level 3 assets or liabilities that are measured at fair value on a recurring basis. Investments are carried at market value measured at Level 1 and consist of the following at December 31,2011: I Endowment Fund-GLCF Endowment Fund-Enterprise Beginning balance $ 119,412 $ 175,812 100,000 Deposits 5,246 13,957 Interest and dividends Unrealized gains(losses) (10,529) (20 90g ) Realized gains(losses) 2'181 4181) Account fees 1 Ending balance $ 15,992 F$ 268,861 These investments are comprised of the following: Endowment Fund-GLCF Endowment Fund-Enterprise Available for sale - $ 72,696 Cash and equivalent $ 117,961 Equities Held to maturity - 78,204 Fixed income 115,992 - Pooled fund investments 115,992 $ 268,861 Total fair value $ i 34 I i l i SUPPLEMENTARY INFORMATION f I f i it COALITION FOR A BETTER ACRE,INC.AND AFFILIATES SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS December 31,2011 S I j Federal Agency or Federal Grantor/Pass-through CFDA Pass-through Federal Grantor/Program Title Dumber Number Expenditures U.S.Treasury 21.000 NeighborWorks America $ 584,322 U.S. Department of Housing 14,914 Mass Lowell _ 1� 937 and Urban Development Ba 29 i Basis of Presentation 1 The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Coalition for a Better Acre, Inc. and affiliates and is presented on the accrual basis of accounting. The i information in this schedule is presented in accordance with the requirements of OMB Circular A-133 "Audits of States, local Governments and Non-Profit Organizations". Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. 35 1. COALITION FOR A BETTER ACRE, INC.AND AFFILIATES Statement of Financial Position Coalition for a Better Acre and Wholly Owned Subsidiaries December 31,2411 ASSETS CBA ATCDC CBAAH MSHLP MSCLP NMTC Total Current assets Cash and cash equivalents Operating $ 1,874,075 $ 154,988 $ - $ $ 133,248 $ $ 2,162,309 Accounts receivable 83,588 297 - - - - 83,885 Tenant security deposits 4,050 - - 4,348 - 8,398 Prepaid expenses 11,178 2,840 1,292 15,310 Total current assets 1,968,841 162,173 138,888 2,269,902 Property and equipment,at cost Land and land improvements - 76,886 1,725,415 148,997 49,674 2,000,972 Buildings - 529,640 - - 3,172,632 3,702,272 Property held for rehabilitation and sale 124,971 - - - - 124,971 Furniture and fixtures 120,669 21,995 6,916 149,580 Total 245,640 628,521 1,725,415 145,997 3,229,222 5,977,795 Less:accumulated.depreciation (115,073) (174,462) - - (853,080) (1,142,615) Net property and equipment 130,567 454,059 1,725,415 146,997 2,376,142 4,835,180 Other assets Mortgagee escrow deposits - 39,072 - - - - 39,072 Reserve for replacement 81,109 - - 90,711 - 171,820 Operating reserve - - - - 36,574 - 36,574 Endowment fund-GLCF 115,992 - - - - - 115,992 Endowment fund-Enterprise Bank 268,861 - - - - - 268,861 Investment in corporations 361,614 160 - - - 53,443 415,217 Loans and notes receivable 8,578,534 - 2,053,371 95,026 - - 10,726,931 Due from related pates 856,966 3,436,451 760,957 - - 2,100 5,076,474 Deferred charges,net of accumulated amortization 3,600 - 3,600 Total other assets 10,181,967 3,556,792 2,834,328 95,026 130,885 55,543 16,854,541 TOTAL ASSETS $ 12,281,375 $ 4,173,024 $ 4,559,743 $ 244,023 $ 2,645,915 $ 55,543 $ 23,959,623 See independent auditors'report 36 .-..--...--- - - - COALITION FOR A BETTER ACRE,INC.AND AFFILIATES Statement of Financial Position (Continued) Coalition for a Better Acre and Wholly Owned Subsidiaries December 31,2011 LIABILITIES AND NET ASSETS CBA ATCDC CBAA14 MSHLP MSCLP NTMC Total Current liabilities Accounts payable Trade $ 9,375 $ 5,742 $ - $ - $ 2,497 $ - $ 17,614 Development - - - - 9'986 Accrued expenses 114,129 2,291 - - 8'162 = 124'582 Security deposits - 1,994 4,342 6,336 Accrued mortgage interest - - - - 1,856 Current portion of mortgages payable - - 16,466 - 16,466 Total current liabilities 123,504 10,027 43,319 176,850 Long-term liabilities _ Mortgages payable,net of current portion - - - - 375,842 375,842 Notes payable and accrued interest 620,000 - - - - - 620,440 Due to Office of Community Services 30D,DD0 - - 300,000 Total long-term liabilities 920,000 - 375,842 - 1,285,842 Other liabilities Development fee payable and accrued interest - - - 617,511 - 617,511 Due to related parties 2,841,465 60 53,899 2,895,424 Total other liabilities 2,841,465 60 - 617,511 53,899 3,512,935 Total liabilities 3,884,969 10,087_ - 1,036,672 53,899 4,985,627 Net Assets Unrestricted 6,378,467 4,162,937 4,559,743 244,023 1,609,243 1,644 16,956,457 Board restricted 625,853 - - - - - 625,853 Temporarily restricted 43,400 - _ _ 43,400 p y _ - Permanently restricted 1,348,686 - - - 1,348,686 Totalnetassets 8,396,406 4,162,937 4,559,743 244,023 1,609243 1,644 18,973,996 TOTAL LIABILITIES AND NET ASSETS $ 12,281,375 $ 4,173,024 $ 4,559,743 $ 244,023 $ 2,645,915 $ 55,543 $ 23,959,623 See independent auditors' report 37 COALITION FOR A BETTER ACRE,INC.AND AFFILIATES Statement of Activities Coalition for a Better Acre and Wholly Owned Subsidiaries For the year ended December 31,2091 C$A ATCDC CBAA14 MSCLP MSCLP NMTC Total Temporarily Permanently Temporarily Permanently Unrestricted Restricted Restricted Total Unreshided Unrestricted Unrestricted Unrestricted Unrestricted Unrestricted Restricted Restricted TOTAL ' Revenue and support ' Grants and contributions $ 253,673 $ 74,900 $ - $ 328,573 S - S - $ - S - $ - $ 263,573 s 74,900 $ - S 326,573 Capital grants - - 300,50D 300,606 - _ _ - - 300,600 39D,600 Development fees 93,938 93,938 - - _ 9s,936 - - 93,938 Davelaper overhead 267,427 - - 267,427 - - - 267,427 - 267,427 Partnership management and investor service fees 92,700 - - 92,700 - - - - 2,000 94,700 - - 94,700 Rental income,net ofvacancles and concessions - - - - 172,051 - - 150,549 - 322,600 - - 322,600 Ground lease income - - - - - 209,091 19,501 - • 228,592 - - 226,592 Interest income 366,594 - - 368,594 242 86,309 - 414 - 455,559 - - 455,559 Incomefromendowmentfund-GLU (1,239) - - (1,239) - - - - - (1,239) - - (1,239) Income fro m endowment fund-Enterprise Bank (6,951) - - (6,951) - - - - - (6,951) - - (6,951) Income from investment in corporation 144,482 - - 144,482 - - - - - 144,482 - • 144,482 Sale ofstate tax credits 820,000 - - 820,000 - • - - - 820,000 - - 82D,000 Other income 18,700 - - 18,700 - - 9 - 18,709 - - 16,709 Net assets released from restrictions 207,953 (129,000) (78,953) 207,953 (129,000) (78,953) Total revenue and support 2,259,277 {54,100) 221,647 2,426,824 172,293 295,400 19,501 150,972 2,000 2,599,443 (54,100) _ 221,647 3,066,990 Expenditures Salaries 601,020 - - 601,020 16,424 - - 12,451 - 529,925 - - 629,925 Payroll taxes and benefits 175,637 - - 175,637 2,747 - - 2,190 - 180,574 - - 180,574 Managementfees - - - - 5,736 - - 5,112 - 10,848 - - 10,848 Professional fees 64,654 - - 84,654 - - - 111 - 64,765 - 64,765 Contracted services 56,002 - _ 56,002 27,067 - - 14,851 - 97,820 - 97,920 Utilities 13,325 - - 13,325 17,207 - - 17,297 471529 - • 47,829 Office supplies and expense 40,032 - 40,032 2,336 - - 1,574 - 43,942 - - 4$,942 Occupancy 65,741 - - 65,741 - - - - - 65,741 - - 65,741 Program supplies and expense 52,100 - - 62,100 - - - 62,100 - - 62,100 Telephone 8,465 - - 8,465 1,196 - - 1,064 - 10,725 - - 10,725 Meetings and travel 13,990 - - 13,990 - - - - 13,990 - - 13,990 Stafftraining 10,307 - - 10,307 24 - - - 10,331 - - 10,331 Real estate taxes - - - - 31,985 - - 21,096 - 53,083 - - 53,083 Insurance 5,568 - - 5,568 9,945 - - 3,553 • 19,066 - - 19,066 Interest 15,000 - - 15,000 - - - 53,849 68,849 - - 68,849 Depreciation 1,927 - - 1,927 10,350 - - 85,092 - 97,369 - - 97,369 Amortization - - - - - - _ 240 - 240 - - 240 Grants contributed - _ _ - _ _ - _ Miscellaneous 19,154 19,154 70 456 19,680 19,680 Total expenditures 1,152,922 1,152,922 125,067 216,512 A56 1,495,977 1,496,977 Increase(decrease)in net assets 1,105,355 (54,100) 221.647 1273,902 47,208 295,400 19,501 (67,540) 1.544 1,402,466 (64,100) 221,647 1,570,013 Net assets,beginning ofyear 5.697,965 97,500 1,127.039 7A22,504 4,115,731 4,264,343 224.522 1,575,783 - _ 15,179,344 97,500 1,127,039 17,403,803 Currentyear capital contributions 100 100 100 Net assets,end ofyear S 7,004,320 $ 43,400 S 1.348,686 S 8,398,406 $ 4,162,937 _$_4.559,743 S 244,023 $ 1,609,243 S 1,644 $17,581,910 S 43,400 S 18,686 S 18,973,996 See independent auditors' report 38 i II COALITION FOR A SETTER ACRE,INC.AND AFFILIATES Statement of Cash Flows Coalition for a Better Acre and Wholly Owned Subsidiaries Ir For the year ended December 31,2011 i CASH FLOWS FROM OPERATING ACTIVITIES $ 1,570,013 Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities: 97,609 Depreciation and amortization (144,482) Income from investment in corporations 15,000 Accrued interest not currently payable a able 31,582 Accrued interest on developer fee payable no#currently p y Changes in: (42,840) Accounts receivable 8,671 Prepaid expenses (3,563) Accounts payable-trade 8,809 Accrued expenses (74) Accrued mortgage interest (1,546) j Prepaid rent (1,000) Tenant security deposits, net 1,538,179 j Net cash provided by operating activities I CASH FLOWS FROM INVESTING ACTIVITIES (136,871) Cash paid for fixed assets (4,686) Mortgagee escrow deposits,withdrawals and interest earned,net 26 3g8) Reserve for replacements deposits,withdrawals and interest earned, net (26,398) (679) l Operating reserve deposits,withdrawals and interest earned, net (89,628) Funding of endowment fund (53,443) Investment in corporation 28129 Distribution from investment in corporation (1 842,748) Advances on notes receivable 2126,324) Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES 100 Capital contributions received (15,618) Mortgage principal payments 541,616 Repayment of advances from related parties, net 526,097 Net cash provided by financing activities NET DECREASE IN CASH (62,048) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,224,357 CASH AND CASH EQUIVALENTS,END OF YEAR $ 2,162,309 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION $ 22,341 Cash paid for interest l See independent auditors'report 39 I i NOVOGRADAC 1 & COMPANY L-Lrm CgRTIFIE.6 PUBLIC ACCOUNTANTS I I Independent Auditor's Report on Internal.Control over Financial ftepoirting and on Compliance and Other Matters Based on an Audit cif Financial Statements Performed in Accordance with Government Auditing standards To the Board of Directors of Coalition for a Better Acre, Inc.and Affiliates We have audited the consolidated financial statements of Coalition for a Better Acre,-Inc, and AMBates as of and for'the year ended 1?ecember'31 241'1, and have issued our repot thereon dated Juno 27,20,2. We conducted our audit in accordance with auditing standards generally accepted ih the United:States of America and the standards applicable to firiandal'audits contained iii Government Auditing Standards, issued by the Comptroller General of the United States. lnteriial Control Nu Financial Reporting In planning and performing our'audit,we considered CoUtiort for a BetterAcre, Inc,and Affiliates'internal control over.financial reporting a basis 'for designing oiir auditing procedures for the putpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Coalition for a Better Acre, Inc.and Affiliates'internal control over.financial.reporting. Accordingly,we.do not express an opinion on the effectiveness of the Organization's internal control over financial:reporting. (.,•.•rs.-.lt A deficiency in infernal control exists when the desig n. or operation of a 'control does riot allow mariagemerit or.employees; in the norfhal coarse of performing their assigned functions, to prevent, or. _ detect anil correct tnisstateirlen#s.orl a#jmelyasis..A trratetfal ItieakCtes is a deficiency; or a carnbinatioh of deficiencies, in internal control such that there 1s 0 reasonable pos$ibility that a material"misstatement of the entity's financial statements will not be prevented,or detected.and corrected on a timely basis. Our consideration of internal control over financial reporting was-for the limited purpose described in the first paragraph of this section and was not desighect to identify all deficiencies in internal control over finandal reporting fhat might be deficiencies,signiflcarit deficiencies, or material weaknesses.We did not identify any deficiencies in interrjai control over finaitoial reporting #hat rNe, consider to be material weaknesses,as defined above. Compliance and Other Matters As part of obtaining reasonable assurance about whether Coalition for a'Better Acre, Inc.and.Affiliates' financial statbinertts afe`free of material misstatement, we perfoiined tests of its compliance wth-certain provisions of'laWs, regulatibris,contracts,and grant agreeMents,noncom,piiarice with which could have a direct and material'effect on the dete•rrnination of financial_statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit,and accordingly,we do not express such�an.opiniori. The results of 'our tests disclosed no instances of noncompliance or other matters-that are required to be reported under G.overnm..ent Auditing Standards. This.report is intended solely for the'info nnatlon and use.of management, Board of Directors, others Within the entity, and federal awarding agencies and-pass-thrdugh entities and is not intended to be and should not be used by anyone other than these specified partles. June 27,2012 Boston,Massachusetts 40 101 ARC.I3 STREET', Surrr woo, BOSTON, MA t '02110 TELEPHO99(617)330-1920 FACSIMILE(617)$30-19'22 hitp://ivwcv.novoco.com li i VOGRADAC & COMPANY -CERTWMjj PUBLIC ACCOUNTANTS I I i lndeperident Aud'itor's Report on Compliiance with lRequirenients That Could Have a Direct and irideoerl Effect di Each Major Program and ain'lnterual Coiifral ovgv Coiripiiance iri Acco'rdanco with G€rcularA•133 To,the Board of girectors of Coalition fora Better" Acre,Inc.and Affiliates Compliance p es of compliance i/Ve'have audited Coalition for Bette`Aare, Inc.and-Affiliates'tom fiance With the typ- requirements described in the O1 f8•Circular A-133-Compliaride.5upp�emenf that could have a direct aiid material effect on each of Coalition for.a Bitter Acre., lne. and Affiliates' rriajor federal progrq ms for the year ended pecertiber 31, 2011. Coalition for a Better Acre, lnc, and Affil€aces'major federal programs ' are Identified in the summary tauditor's u results seotioll of-the ements of laws-reg€ations, ying a ts,aridi grants applicablo I i questioned costs.Compli - to its major federal pragrarrr is the respopsibility of Coalition for a Better Aoi•e, Inc.. and Affiliates management.Our responsibility is to express an opinion on.Coalition for a.Better Acre,Inc.and Affiliates' i compliance based on our audit. We.coriduc#ed.our audit of-compliance in accordance with auditing standards generally accepted in the Un€fed'States of Arrieriaa;the standai`ds applicable to financial audits contained'in.Government Auditing Stariclards, issued by the Camptrofler General of-lie United Mates;and OMB Circular F-133,Audits of Sfafes, La'ca! Governments, and NQ07PrOfif QryanizafioPs, Those standards and 4CNB Circular A-133 i reguira.that we plan and perform the audit to obtain reasonable as:surarice about wElethet noncofnpliange with the types.of compliance requirements referred to above that codId have a direr#and material effect on a maior federal program occurred. An audit•Includes examining, on a tes# bas'i-s, evldehce about Coal€tion for a Better Acre, Inc. and Affiliasees iiOthehcncums�ta ces We requirements ve that our and l provides ca a#her'procedures as-W6 cansldered necessary reasonable basis for our opinioia.Our-audit does not proviife a legal deter rination of it for a Better Acre,Inc,and Affiliates'compliance•with those requirernerits, vrith the in our opinion, Coalition{$or a Better fo Aorejnq. d A'I llhaveca cii rc��and lmatetraleffet�on its major compliance reguIrem _. federal program for the year ended December 31,2011. Interr!al Cohtrol over Compliance Management of Coalition for a Bettor Acre, Inc• and Affiliates is responsib€e for 'e6taf3t(shir<g and th he fi.malnta rtirrg effe.'ctive irite�nal control over ra p51 lnCelafin ngtand perform ngtOuroaiaei t,vvercansaiderec{ contracts,and grants applicable tb federal prog...m ,- p Coalition fora Better Acre, inc.and Affiliates'internal control over compliance with the requirements that could have a direct and material effect on a major federal,program to determine the auditing procedures far the purpose of expressing our opinion ula�A 1331 but not•fof fhe purpb e of expressing an opinion on compliadob in accordance vilth OM the effectiveness of iritdrnai control over compliance.Accordingly,We-do not express an gpinion on the effectiveness of Coalition for 8 Bett-erAcre,Inc,and.Affiliates'6ferhal.cootrol oval compliance:• 4`l t GL7 33d-1922 11tIp:/hYw1a.novoca.aom 161 ARCS STREET, SUITE 1000, DaSTON, MA 02110 TL•'LEPRON-9 (b17}330-1920 PACSTNULT[ ) III . I A deficiency in internal control over compliance exists when the design or operation of a control over compliance does hot allow rrianagement or employees,.in the riormal course of performing their assigned functions, to prevent, or detect and correct, noncornpliance with a type of compliance requ i:emenf of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of 'deficiencies, in internal control over compliance, such that there is a reasonable.possibility that material noncompliance with a type•of compliance requirement of a federal program will not be preyented,or detected and corrected,on a timely basis. Our consideration of internal control over compliance was for the-limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal coritroi over compliance that alight be deficiencies, significant deficiencies, or material weaknesses; We did not ci identify any deficienes in internal control over compliance that we consider to be material weaknesses, as defined above. This report is intended solely'for the information and•use of management, Board of Directors, others within the entity,and federal awarding agencies and pass4brough entities and is not intended to.be.and should not be used by anyone other than these specified parties. June 27,201.E Boston,Massachusefts j 3 I I II s I �M— _ a Ili I I - I I ' III l I 42 COALITION FOR A BITTER ACRE,INC.AND AFFILIATES SCHEDULE OF FINDINGS AND QUESTIONED COSTS December 31,2011 f A. Summary of Audit Results 1. The auditors report expresses an unqualified opinion on the financial statements of Coalition for a Better Acre, Inc,and Affiliates i 2. No material weaknesses were identified during the audit of the financial statements. 3. No instances of noncompliance material to the financial statements were disclosed during the audit. 4. No material weaknesses were identified during the audit of the major federal award programs. 8. The auditors'report on compliance for the major federal award programs for the Company expresses an unqualified opinion. 6. No audit findings relative to the major federal award programs for the Company were disclosed during the audit. 7. The programs tested as a major program included: I U.S.Treasury CDFA#21.000 I 8. The threshold for distinguishing between Types A and B programs was$300,000. i f 9. The Company was determined to be a high-risk auditee. i B. f=indings—Financial Statement Audit No findings were disclosed during the audit of the financial statements of Coalition for a Better Acre, [no,and Affiliates C. Findings and Questioned Costs—Major Federal Award Programs Audit U.S.Treasury CDFA#21.000 No matters were reported D. Summary Schedule of Prior Year-Audit Findings An audit of federal award programs for Coalition for a Better Acre,Inc, and Affiliates for the prior year was not required. i 43 �,,,- ,ti. ,' �FI !� � � �� i ` � ' ` �: i �� I �� I ;: ', f �� : "' ,. I I ', � , I I i i i p Y. ! I I (,. �: I V, - - I. �, I �. i .'�" '� I f i Information on CBA Real Estate Development Portfolio i Ii � s a 3' I-.r I Y F f. I r s ri � L , Development OVER 30 YEARS IN LOWELL to. Over$100 Million Invested-"Lowell since 1482 l- Own and operate 425 high quality rental units lowelPs Community Development Corporation o.The coalition po 0 r ears Better in tl at timeg CBA has been responsible for'the,dev,development of 425 resid nt al rental Units,50 erties for the past Y homeownership units,plus retail,.affice,Community center,and contmerdal Incubator space:In a broad array of project types,including a large garden-style apartment complex'a geslinclud including the use}1of Low-IncometHou i g Tax SCredits,HOME has demonstrated expertise with complex financing p program,Affordable Housing Trust Fund;the Federal Home Loan Bank's Affordable Housing Program,Mass Housing perrtnecship Fund,NeighborWoiks,LISC and other private and public funding sources. coalition for a Better Acre ' r 517 Mocdy Street,Lowell MA 01854 978-452=75231 realestate @cbacre.org t 1 J www.coalitionforabetteracre,org ��h�®PIIIIOr�{S° CHARTERED 11AEMRER ver.114/2013 Record r w ( The Coalition for a Better Acre has been actively involved in the development of housing and commercial properties for the past 30 years.In that time,CBA has been responsible for the development of 425 residential.rental:units,50 homeownership units,plus retail,office,a community center,and commercial incubator space.In d broad array of project types,including a large garden- style gparlment complex,duplexes,and the adaptive'reuse.of historic buildings,the organization has demonstrated,expertise with complex financing packages,iricludingtire use of Housing Tax Credits,HOMe Program,CDBG,Affordable Housing Trust Fund,Mass Housing Partnership Fund,NeighborWorIlse LISC and other private and public funding sources. I f t 1983 Acre Homeownership i Suffolk Adams,Cross and LaGrange.S#reels CBA's redevelopment of a severely blighted section of the Acre.Thrrty4ive units of newly constructed homeownership for first time Coalition fora Better Acre buyers and two rental units were created on several previously troubled parcels.The project required soplitsticated scattered site 517 Moody Street, constiuction management. Lowell MA Of 854 978-452 7523 1989-North Canal Apartments I Moody Street[$26 million The highly successful rehabilitation and financial re=structuring'of a failing HUD expiring-use.267 unit property..i`lorth Canal was realeslate @cbacre.org widely considered to be one of the most technically challenging,privately owned income restricted houshig developments in the www.coalitionfotabetteracre.org county ,,involving g a financing package that includes several community lending institutions in Lowell. 1989-7riangle Rental I Broadway,Suffolk and Market Streets 1 $4 million Residential and mixed-use rehab development comprising twenty-six housing units and three commercial units.-Two of the four buildings'in the development were restored to preserve their historical significance in the neighborhood., 1990-Meriimack tfreetApatfinenfs [442=460 Merrimgcic Street i $2 rriillian Historic rehab of a mixed-use property with twelve rental apartments and six comme,rdal storefronts.Several of the.retail spaces are occupied by small,minority-owned businesses. 1996-,Fletcher Street Condorninhims 1 199.,14-'4 Fietcher.Slreef 1$l million Three-bedroom townhouses built througli high quality modular construction for greater durability and lower maintenance costs. Eight homeownership units were developed on three previously troubled lots and sold to first-time homebuyers 2002-Moody Street Center 1 517 Moody Street j$2.6 million Conversion of the historically significant former St.Joseph's Convent into q community center for North Canal'residents with,two floors of new office spoeeabove.The building was restored according to historic preservation standards. 2003-252 Fletcher Street 1 $300,000(approx.) A new duplex was built for two first-time homebuyers on a comer lot with off�street parking and yards..This project continued the Improvement of the Fletcher Street neighborhood that was begun with the 198-242 Fletcher Street project and which was further continued with the Liberty Square project in the building at 63 Fletcher Street. 2004=Liberty Square Housing I Fletcher,.5tiffolk,Broadway,Cork/Marion Streets .107.1 million A mixed-use development project involving both new construction and rehab of 33 residential units,with five.uiiits of retail com- mercial space.The financing package was complex,using eight different Sources of funds.Three of the four buildings were re= liabbed according to historic standards.Construction was completed in December,2004.CBA was co-sponsor .and co-developer. 2005.-S uffolk Street Joint Venture(with Residentsfirst pevelopment Corp.) 176-132 Suffolk.,Street[ $1.5 million A development of five,three-bedroom duplexes for moderate-income homeownership,each with an attached rental.unit.The buildings weredesigned to match the ityles common In the early twentieth'cenfury and,as such,provide a handsome'gateway'to the Acre,Re-vitalization area.CoMtrucfiotl-.was completed in January,200.5.CBA was co sponsor and co-developer. 2007--North Canal Apartments I Moody Street 1 $33 trillion CBA re-financed and re-syndicated this 267-unit rental property which is awned and managed by a partnership that includes CBA and the North Canal Tenant Council.The project included moderate to substantial rehab,'making what was already a'key stone of.CBA's assets into a showcase for the neighborhood and involved resident participation and decision-making.Energy- efficiency upgrades make it one of Loweil's greenest apartment complexes.Further,in 2011,in partnership with Boston Commu- nity.Capital,solar panels werelnstaped on the rooftops engineered by Lowell based Borrego Solar. 2007-Merrimack Street Apartments 1442460 Merrimack Street[ $1.8 million Redevelopment of an expiring use{tax credit)property with 4%tax credits which brought a new financing package for acquisi- tion and moderate rehab,preserving the property as housing for families(12 units)and retail space(5 storefronts). 2008-St.Joseph's Apartments 1 511 Moody Street I $4;8 million 2010-:Acre High School Apartments 1760 Merritnack Street 1$7.5 million The adaptive reuse oftwo historic school buildings that had been vacant for many years into attractive,energy efficient housing with a 15 unit property and a 22 unit property.The restoration of these beautiful historic buildings is strategic in the revitalization of the Moody Street corridor and has stimulated significant Investment by neighboring property owners. 2071 -Unity Place Aparments 1462 Moody St.11$4.7 million New construction of 23 energy efficient housing units where two blighted buildings previously stood-CBA"s crowning achievement in its multi-year implementation plan to stabilize the Moody Street corridor.In 2,012 the building received the'Lowell Green Build- log Award for implementing green design measures. 1t� ver.114/2013 fghboi rksp CHARTERED MEMriER Z ' Architect. ' Winslow.Architects,.lnc. Builder: " 'Curtis Construction Company k e. Financing: MHEF Equity Fund Massachusetts Dept.of Housing z &Community Development Affordable HousingTrusfiPun:d i Enterprise Bank _ CEDAC - - City of Lowell Neighborworks America. Property Manager: 23 Units Maloney Properties,Inc. New Comtruction Unity Place Apartments involved the redevelopment of two troubled buildings as a new,23-unit structure.This property had:passed through numerous ownerships and fareclosures through the years,finally:cuim nating1n.condemnation and a place on the City of Lowell's"Troubled and Abandoned Property List".CBA acquired the approximately 17,000 square foot parcel.in M.ay and subsequently demolished the two existing structures. In their place, CBA.constructed a 4-story elevator building,incorporating the latest in energy conservation measures.The property includes six service-enriched units for farrillies trans.itioning from homelessness.In April 2012;the project received the Green Building Excellence Award from the City of Lowell. Unity Place Apartments 482 Moody Street, Lowell, MA i r^ II 1A Rebirth of a Neighborhood Id Un 'ity Place Apartments s r I 3 i I Unity Place Apartments is the crowning achievement in CBNs$80 million A transformation of the Moody Street corridor over the past two decades, lbrally rebbilding and,giving new life to a neighborhood that had been crumbling and deteriorating around us and completing the circle of reinvestment in these critical blocks that has been a catalyst to new Coah ion fora Better-Acre private reinvestment in neighboring properties. N,66rC •Y• .. E ar , rt F n a _ 5 a " i(F a? Architect: ' Winlsow Architects, Inc.. _ Builder: Northeast Interiors Financing: Y MHEF Equity Fund Massachusetts Dept.of Housing — -- &Community Development Enterprise Bank Affordable Ho°usitg:Trust Fund Mass Historic Commission City of Lowe_II C.EDAC Neighb:orworks America .Property Manager: Maloney Properties;,Inc: — -- — -- 22 Units Historic Renovation of Landmark.Structure into Affordable fordable Housing The Acre High School Apartments involved the Historic Preservation.of the former St.Josephs High:School.Vacant for many years,in December,2010 C.BA transformed.the property into 22 attractive,well_built,energy-efficient apartments while preserving the historic attributes of the building interior and exterior. The,project success was the result of multiple:funding:sources and a highlyskilled d.evel,op;mentteam. that finished on schedule and Within budget. The.building is listed on the National Register of Historic Plaices. Acre High School Apartments 760 Merrimack Street, Lowell., MA �Jl F fi. I `a :IIIIIIIIIIIIIIlIIIIlIL!! �' r � � � p,,�' ► 1 � e 1 ' 11 . ° 1 r' �',�'a Aitapttve reuse of a liistonc sel�pl< Am� ihu"rI "e�r re�"Ptofesst6�a�lymana ��Iuttt�s¢ �� butlditSg'that ha'd been vacant and in'Itt�e�tn revel aiz uond�tonih an ale pang r x ,� haitdic�paecessihla6u0diii�andunit�Lhnihan�erevatoy r �" � „�- unused for many years commhriltVraom o and on sjfcfautid Iaall�esyP x t New use well provide beautiful Ddveloped Gy tha Caalhion tora�etlerpere os lriR ar w � r ,m5 a Nelghborhood'Stabtllmiion Strategy Lhat tneturjes the` homes for the Lowell community, �rgtlavelopjnenf nfjh tormer St ins' phs ElemenfarX all with affordable rents. Schooland the fulmer SWasupbS Convent ablacFr nWayonMopdyStritet„ . r ,Tr I" mcu 60' rry -,CM MERRIIMAILC " . N STREET t � 1p Wig g„� Ts US Rut wAtrrtwforao RAc I y �J � �� fi""� 'r ! y RE I � L ` �t ka 'V TVci.+ ecxi �.i x.:= r 4.bP s 8 - '� ym, ✓a .i �r�i Ij --2 3 a xx '• �' E a � � at ® 4 rtt 1 1 Architect: Winslowl:Architects,,Inc. Builder: Northeast,interlo:rs Financing: , MMA Financial Enterprise Bank Massachusetts Dept:of Housing Comrnunity.Development Affordable HousingTrust Fun. City of Lowell National Park Service -Mass Historic Commission CEDAC ' Lowell Housing Authority _ Neighborworks Americas a Property Manager: Maloney.Properties; Inc. I S Apartments Historic Preservation of Landmark Structure into Affordable<Housing The 5t.Joseph's Apartments resulted.from the conversion of a.long-vacant historic school building into 15 affordable rental units.CBA managed a committed development team that assembled financing from multiple sources, met federal historic rehab standards,finished on time,and stayed within budget. The building is listed on the'National Register-of Historic Places. Saint Joseph'S Apartments 511 Moody Street, Lowell, MA sr`i a 1 'M k: +I St Joseph's Apartments i i / t s� 3' eg a u y A C A v" rr 'III s 4 i I I ,.2ar' ,glfd I i I rs S " ors m I I ver.17412013 �� .. M CHARTERED MEMBER i I I i i r s.� x My y t I i I G Archttectr Newilorth Canal Apartments Domenech,.Hicks&1,crockmalnic Builder: CWC Builders MOODY.AIKEN,JAMES,&RA`CE STREETS Acquired and Rehabbed 1'939,Refinanced arid Ren 30 ovated 07 Financing: MMA Financial ® 267 Apar1men1s Mass Housing Partnership CBA ee-financed and renovated this M6 -unit-rental property which is owned.and managed by MassD.evelapment a partnership that includes CBA and the North Canal Tenant Council.The project included TD Sank North NeighltioMorks America moderate to substantial rehab,malting what was already a key:CBA asset into d showcase for the neighborhood. Properly Manager; Maloney Properties This is the second renovation oUNorth Canal by CBA.Widely considered to be one of the most technically challengingi privately owned housing developments in the country,the 1989 renovation involved a financing package that included several community lending institutions in Lowell. The 2007 renovation included significant u rades to ener efficient s stems making North 9 pg energy- Y Y , g Canal one of the most energy efficient apartment.complexes in Lowell,The project Was accomplished with significant resident participation and decision-malting.In 201 1,solar panels were installed on the roofs to further enhance the green elements of the property. m Coalition for a Better Acre I 517 Moody Street Lowell MA 01854 x 978-452-7523 i reaiestate@cbacre.org wwtN.coalitiontorabetteracre.org 11 ver.1/4/2013 HeIghboi�®rlis- tHan-rera�a m�m�iri i a� 1 st M A 1 . I l 'I �I I i - I I Architect: Merrimack Street py :. WinslowArchitects,Inc. Builder: Maloney Properties 442-460 MERRIMACK S`f EV 0- Acquired and Rehabbed 1990,Renovated2007 Financing: Mass Housing Partnership 0- 12 Apartments and six commercial units Lowell peveiopment Financial Corp. Merrimack Street is a successful.mixed-use project that currently houses twelye rentoI MMA Financial MassDevelopment apartments and six ground-floor retail spaces;severdl of which are occupied by small, Life Initiative minority=owned_businesses.C13A first undertook the Merrimack Street project in 1990 and NeighboiWorks.Ammerica refinanced in 2007. Property Manager: Merrimack Street is one of CW5 historic properties,rehabbed to Federal standards of Historic Maloney Properties Preservation and is,located within the Downtown Lowell Historic District. Coalition fora Better Acre 4{ 517 Moody Street;Lowell MA 01854 978-452-.7523 j reaiesfate@cbacre.org t: www.6oalitionforabotteractO.org ver.1/4/2013 � g�bvrV1�Iork� I CHARTERED IOEWiii Moody Sto Corridor Redevelopment - 1989-2011 Through a P-._ f _,_ � %, „ M OODY STREET comprehensive : PLAYGROUND approach with wide base at MOODY STREET CENTER :'•�-=.�., - ter. > > 2010 - neighborhood 2002 : T',, �. Lt [, City Park Renovation with TE-. . support,CBA has 517 Moody 54 r "X,;,-. ` > : CBA support al - HISTORIC REHAB cs: > kz completed:multiple : „- > i community - �y''f development initiatives in the - 1 > - t �I 1 C� �NORTH CANAL APTS Moody Street I '3 ',.syy-.:a+�:To-•> .•,K' `> L >,�•� >?r L.; �� 7 989/2007 Corridor which have } L>;y a d .. $}} a �••'�'_::`:'{ :5 :�.I I Ly Mood St 267 units levers ed.over 81 REFINANCE AND REHAB Million-in new ''•7'• "='*� `'.,,�'`• �aY: .investments.This UNITY PLACE APTS ` long-term work has ®I'� l� :;�:; ..1_ ..;^y; - _ - 2017 ,transformed,the ►tI;LT ::`.' 2 Moody 5t 1 23 units if I ae oo once troubled I t� v L F a: vrT NEW CONSTRUCTION 4 ne' hborhobd into a 3:'s=: >? desirable lace.to �j'�l ✓ :ter'> s'> ld work and ST.JOSEPH'S APTS ive an has stimulated �LfK'>a'•' ,. 2008 investment b Y 517 Moody St 115 units � �;,•>,d�v�.?�_•.,?�^,r :,•.,,v +" ` neighboring HISTORIC REHAB •property owners:, ao HIGH SCHOOL APTS MERRIMACK ST APTS 760 Merrimack St 122 1990 2008 t 1 units HISTORIC REHAB 444-446 Merrimack St t 1 12 units plus street re4oil „ HISTORIC REHAB OBOA 8 1 sea I 1 9. 0 11 .6- 0 'J" r ' i TOWN OF NORTH ANDOVER,MASSACHUSETTS Police Department f 1475 Osgood Street North Andover,MA. 01845 Tel.978-683-3168 Office of Chief of Police Chief Paul Gallagher MEMORANDUM TO: Andrew W. Maylor,Town Manager FROM: Paul J. Gallagher,Chief of Police RE: Ms.Stella M. McClintock Donation DATE: January 4, 2013 Attached please find a donation in the amount of$50.00 from Stella McClintock for the Police Department. It is my request that the Board of Selectman accept this donation towards any needed services or materials the department may require. Thank you for your assistance with this matter. (Attachment-1) Ili I t j STELLA M.McCLINTOCK 6169 120 WOODCREST DR. 3 53-7054/2113 f NORTH ANDOVER,MA 01845 C Z 135 E Date Pay to the _ Order of �� `©o Becurity Features Dollars Beck. Bank Americas Most Convenient Bank® For i -_ I�!!- Vl- Uz-±�:1)'u.__. 1: 2 L L370545I: 2900 L L7I ii' 6 L69 6 TOWN OF NORTH ANDOVER Fire Department Fire Prevention Office Central Fire Headquarters 124 MAIN STREET NORTH ANDOVER,MASSACHUSETTS 01845 Telephone(978) 688-9593 FAX(978)688-9594 Andrew Melnikas Fire Chief aelnikas @TownofNorthAndover.com Lt Frederick McCarthy Fire Prevention Officer E McCarthy @townofnorthandover.com January 11, 2013 To: Andrew Maylor, Town Manager From: Andrew Melnikas, Fire Chief Re: 14 Ft Aluminum Boat The Fire Department is in possession of a 14 Ft Mirro Craft aluminum boat. Originally this was donated to us by the Andover Fire Department some years back .It is now in need of repair in order to make it serviceable. I believe that the value of this item is in the area of salvage versus resale. As a result I would ask that this equipment be included on the surplus list currently being compiled by the Town. Respectfully submitted, w Mel ' a , Fire Chief III l TOWN OF NORTH ANDOVER,MASSACHUSETTS OFFICE OF Information Technology 120 MAIN STREET,01845 NORTH 3�O�,�T�eo 6'6-yo E d y T 9 A�RA7fOWP'pp .iG? �SSACHU$E� Matthew Killen, Telephone(978)794-1504 Director mkiIIen @townofnorthandover.corn Memorandum To: Andrew Maylor From: Matthew Killen Date: January 18, 2013 re: asset disposal Please find attached a list of assets for disposal.Each of these has been determined to be of no value to the Town.Please let me know if you have any questions regarding these items. Town of North Andover 1/18/2013 Office of Information Technology Equipment Disposal Worksheet Make Model Serial Number Description Reason for Disposal 1 APC SYBT5 UD1238102845 Backup battery Battery dead 2 APC SYBT5 UD1238102835 Backup battery Battery dead 3 APC SYBT5 UD1238102834 Backup battery Battery dead 4 APC SYBT5 UD1231108672 Backup battery Battery dead s APC SYBT5 UD1244103406 Backup battery Battery dead 6 APC SYBT5 UD1238102839 Backup battery Battery dead 7 APC SYBT5 UD1238102838 Backup battery Battery dead 8 Barracuda Spam Firewall 300 BAR-SF-152145 Spam filter No longer useable 9 Dell Dimension 2300 300QO21 Dell Desktop Obsolete-all useable parts removed so Dell Dimension 2300 4C8T011 Dell Desktop Obsolete-all useable parts removed 11 Dell E551 CN07GO7664180 15" CRT Monitor Failed 12 Dell N/A MX08G1524760517" Dell Monitor Failed 13 Dell N/A N/A Mouse Failed 14 Dell N/A N/A Mouse Failed 15 Dell N/A N/A Keyboard Failed 16 Dell N/A N/A Keyboard Failed 17 Faro DTC525 A2360229 ID card printer Failed 18 GATEWAY 4300 0034796977 PC Obsolete - all useable parts removed 19 GATEWAY E-SERIES 0032954753 PC Obsolete-all useable parts removed 20 GATEWAY N/A 0026748237 Laptop Obsolete- all useable parts removed 21 NEC LCD1850E 212271612 15" Flat Monitor Failed 22 Tripp Lite BC600LAN N/A Backup battery Battery dead I I COMMUNITY DEVELOPMENT DIVISION Building Conservation Health Planning Zoning MEMORANDUM TO' Andrew W. Maylor,Town Manager FROM: Curt Bellavance, Director RE: Affordable Unit Resale DATE: January 15, 2013 CHAPA(Citizens' Housing and Planning Association), has notified the Town that the following affordable unit is up for sale. CHAPA manages the resale of affordable units at the Oakridge-Maplewood Reserve development. 1 Harvest Drive, Unit 307 at Oakridge-Maplewood Reserve The Board of Selectmen has to determine if they want to exercise their right of first refusal. Our office would recommend that the Board of Selectmen should not exercise their right of first refusal for the affordable housing unit. If the Town chooses to exercise its right,then it would be the responsibility of the Town to purchase the property or locate an individual to purchase the property. CHAPA,which is the monitoring agent for the Town and several other communities, has better resources to preserve the unit as affordable and has recently hired new staff to manage the marketing of the unit. The timeframe is 120 days to find an applicant that meets the affordable criteria. Our office continues to work with the Housing Partnership Committee and North Andover Housing Trust to ensure that the units stay affordable. The deadline to act is February 13. if the Board does not act the right of first refusal is deemed authorized. It is recommended that the Board of Selectmen not exercise their right of first refusal. 1600 Osgood Street,North Andover,Massachusetts 01845 Phone 978.688.9531 Fax 978.688.9542 Web www.townofnorthandover.com Board of Selectmen Appointments January 28, 2013 Committee Applicant Term Affordable Housing Trust Fund, Stephen L. Bernard, Esq., June 30, 2013 Board of Trustees 61 Country Club Circle Maylor, Andrew From: Stephen L. Bernard [steve @sbernardlaw.com] Sent: Wednesday, January 16, 2013 4:13 PM To: Maylor, Andrew Subject: Trust Hello Andrew: It was a pleasure meeting you today. I look forward to working with you and the Trustees. If I can be of any help, please do not hesitate to contact me. Thank you. Steve "Please note my new contact information: Stephen L. Bernard Attorney at Law 68 Main Street Andover MA 01810 Tel, 978-409-2909 Fax. 978-475-1001 steve @sbernardlaw.com This e-mail and any files transmitted with it are confidential, may be protected by the attorney-client privilege, and are intended soley for the use by the addressee(s). If you are not the intended recipient or the person responsible for delivering e-mail for the intended recipient, be advised that any use, dissemination,forwarding, printing, or copying of this e-mail is strictly prohibited. If you believe you have received this e-mail in error, please immediately notify Stephen L. Bernard by telephone at 978.409.2909.Thank you. Please note the Missachusett,>Secretary of States office has determined that most emails to and from municipal offices and officials are public,records.For mare information please refer to:http://www.sec.state.ma.us/pre/preidx.htm, Please consider the environment before printing this email. 1 I I I, I Johnson, Adele To: Johnson, Adele Subject: FW: Request for Board of Selectmen meeting Attachments: Board of Selectman 2013.docx From: Paul Boulanger [mailto•paul @turtielanemaplefarm.com] Sent: Tuesday,January 22, 2013 2:00 PM To: Johnson, Adele Subject: Request for Board of Selectmen meeting Adele, Nice talking with you today. It's that time of year again, as we are looking to get on the Board's agenda for permission& approval for research, tapping and harvesting maple sap from maple trees located on town property. As promised here is the letter we are hoping to have signed at the meeting (on town letterhead). This is the same letter we have been getting signed for years,with the date and members changed. Let me know if you need anything else. Thanks, Paul and Kathy 978-590-8437 Please€x;�e lire Wssachusetts Secretary of State's office has determined that rnost emails to and from rni.micipai offices and officials are public recants.For me}re information please refer toy hftp://www.sec,state.ma,us/lDre/preidx.htm. Please consider the enuironrrient Before printing ttris ernail. _ 1 . ti�TZED�, Town of North Andover Town Manager North Andover Town Hall 120 Main Street all North Andover,MA 01845 e-mail: amaylorotownofnorthandover.co �j Andrew W. Maylor Telephone (978)688-9510 Town Manager Fax (978)688-9556 January 28, 2013 Mr. Paul Boulanger Ms. Kathleen Gallagher Turtle Lane Maple Farm 25 Turtle Lane North Andover, MA 01845 Dear Mr. Boulanger, Please be advised that the Board of Selectmen has approved your request to research,tap and harvest maple sap from maple trees located on town property. If you have any questions,please feel free to contact the Town Manager's office. Good luck and thank you for sharing nature, history,math and science with the community, as well as giving attention to the wonders our town has to offer. Sincerely, Andrew W. Maylor Town Manager William F. Gordon Rosemary Connelly Smedile Donald B. Stewart Richard M.Vaillancourt Tracy M.Watson i II, TOWN OF NORTH ANDOVER OFFICE OF TOWN CLERK 120 MAIN STREET NORTH ANDOVER,MASSACHUSETTS 01845 of NoRTij �f41LEO Fs'6NOO '. Joyce A.Bradshaw,CMMC ~ A Telephone(978)688-9501 Town Clerk, FAX(978)688-9557 ��SSACH�`'�54� MEMORANDUM TO: Rosemary Connelly Smedile, Chairman, Licensing Commission Members of the Board of Selectmen Andrew Maylor, Town Manager ^^`` FROM: Karen A. Fitzgibbons,Asst. Town Clerk DATE: January 22, 2013 SUBJECT: One Day Wine &Malt Request Attached please find a One Day Wine&Malt Request from Darcey Adams on behalf of Spectrum Adult Day Health Program, 1820 Turnpike Street. The event is to be held at that location on Sunday, February 10, 2013 from 2:00 pm to 3:00 pm. It is a one hour concert with the proceeds earmarked to assist the Spectrum clients. Ms. Adams is respectfully requesting that the Board waive the fee of$75. Included in this packet are favorable recommendations from the Police Department, Fire Department and Building Inspector. If you have any questions or concerns please do not hesitate to contact me. Thank you. TOWN OF NORTH ANDOVER ONE DAY LIQUOR LICENSE APPLICATION (30 DAY NOTICE STRONGLY RECOMMENDED) Organization holding event; (�- Name&Address of Responsible Party: P..� llv urn S � (�iS�'a Contact Number&e-mail t�1%� D9` �DQ f0 d! lid - 4f �frr •d Location of Event: Lf�daii�j -x, uph 4 Type of Event: is the event being catered? Yes No Name of Caterer„ A ,U�7 T"� � Date&Time of Event; - ` pen Non Pro fitOrganization l` 3� Other Than Non Profit Wine &Malt All Alcohol Wine&Malt ALCOHOL MUST BE PURCHASED BY THE LICENSEE FROM A WHOLESALER Has permission been received from the property owner to hold this event? Who is serving the alcohol? ,._ Does the server have liquor liability Insurance? i Have servers had training in alcohol service? 1,the undersigned, understand and agree to the restriction and responsibilities of holding a One Day Alcohol License and certify that I am not prohibited from holding such license. I agree that the Town of North Andover Is in no way responsible for the actions of the applicant. Applicant's Signature Date I!i i Spectrum Adult Day Health Program January 15, 2013 Dear Selectmen, i As a long time North Andover resident, I am very proud to bring a therapeutic program to the community that I am raising my family in. Spectrum Adult Day Health programs specialize in care for people and their families who have been diagnosed with Alzheimer's disease or related memory disorders. Spectrum is the only day program in the region recognized by the Alzheimer's Association for our commitment to staff training and support. Our sensitive, caring, multidisciplinary team is uniquely qualified to care for individuals with cognitive impairments. This cost-effective option for caregivers can enable those with Alzheimer's disease or other types of memory loss to maintain independence and remain in their own homes. As a response to the increase of need for this specialized service, and following on the highly successful model of the 20-year-old Spectrum Adult Day Health Program at Beverly, Spectrum North Andover opened in April of 2011. Spectrum is a registered not-for- profit 501(c) (3) program with a 20 year Program Philosophy to maximize the quality of life for both our clients and their caregivers. Working closely with family members, Spectrum offers education, counseling and support groups to assist families and friends in their caregiving roles. Our professional staff consists of nurses, social workers, activities specialists and certified nursing assistants. Spectrum nurses work closely with family, primary care physicians and other healthcare partners to assess each client's health on an ongoing basis. Spectrum is uniquely designed to accommodate the cognitive changes individuals with memory disorders face as their disease progresses. The lighting, colors,furniture and flooring have all been carefully and thoughtfully selected keeping in mind the visual, spatial and physical changes and challenges individuals with all types of memory loss experience. Spectrum provides individualized programming for participants with mild to moderate memory disorders, and focuses on their particular strengths and interests. Regular assessments ensure that an appropriate plan is in place to meet each client's specific needs. An enhanced care option is available for clients with more intensive needs. We provide a 1:4 staff client ratio, medial monitoring and medication administration, nutritious breakfast and lunch as well as healthy morning and afternoon snacks. All activities including outings and seasonal celebrations are designed to be failure-free to promote positive feelings and self-esteem. Our secure outdoor patio and therapeutic garden, hairdressing and podiatrist services are many of the amenities offered to our members. At full capacity, Spectrum at North Andover will be able to serve 60 clients a day, nearly 200 clients this year from our community. When Spectrum opened in April 2011, we opened our doors to just one client a day. Since, our average daily census has grown to just over 30 clients per day. While some Spectrum clients pay privately to attend,the majority are eligible for third party payment via I i MassHealth or the Veteran's Administration, Mystic Valley Elder Services, Minuteman Senior Services, Elder Services of the Merrimack Valley, Greater Lynn Senior Services, North Shore Elder Services and SeniorCare Inc. In addition, some long-term care insurance plans may cover the cost of the program. Spectrum is a not-for profit agengcy dependent upon the philanthropy of our community. It is only with private donations that we are able to offer these activities. Our activities include lunch outings, musical entertainment and field trips. Our emergency care fund allows for those who may not be able to afford our services, including transporation to and from the program to attend worry free while allowing familes well deserved respite and peace of mind that their loved ones are in a safe and uplifting enviornment. On behalf of Spectrum, I am respectfully requesting a one day liquor license to permit the consumption of beer and wine. We are fortunate to have a North Andover family member with a personal connection to Seth Glier, a Grammy nominated singer songwriter. We have scheduled our benefit to raise the much needed funds to support the daily needs of our members to be held at Spectrum in North Andover, located at 1820 Turnpike Street on Sunday, February 10, 2013 at 2:00 pm. Seth's concert will be an opportunity to experience his brilliant talent in an intimate setting. One hundred percent of the proceeds from the event will directly support the Spectrum clients. In addition, and with consideration to the premise of the event, I am respectfully requesting your consideration to waive the$75.00 application fee for a one day liquor license. It is only by the generosity of our community, families and stakeholders that we are able to continue to provide this much needed service. Sincerely, Darcey Adams, LICSW, C-ASWCM Vice President of Community Programs And Care Transitions Lahey Senior Health I i TOWN OF NORTH ANDOVER Fire Department Central Fire Headquarters—Fie Prevention Office 124 MAIN STREET NORTH ANDOVER,MASSACHUSETTS 01845 NORTF{ Andrew Melnikas 3a°ty; "O� Telephone(978)688-9593 Fire Chief 0 0 FAX(978) 688-9594 Lt.F.McCarthy <; h � amelnikas @townofnorthandover.com Fire Prevention Officer 9SS US EC finccgAliy @townofnord-iandover.corn Town Clerk's Office 120 Main St. North Andover,Ma January 22,2013 Karen, The Fire Department recommends favorable action in granting a 1 day.Jiquor and malt license to Spectrum Adult Day Care. 1810 Turnpike St on February 10,2013 Respectfully, Lt Frederick McCarthy Fire Prevention 978-688-9590 Fitzgibbons, Karen From: Brown, Gerald Sent: Thursday, January 17, 2013 12:03 PM To: Fitzgibbons, Karen Subject: RE: One Day Application Building dept has no issues From: Fitzgibbons, Karen Sent: Thursday,January 17, 2013 11:05 AM To: Carney,John; McCarthy, Fred; Brown, Gerald Subject: One Day Application Good Morning All, Attached please find a letter and application from Darcey Adams, a North Andover resident, for a One Day Wine&Malt License for a concert to be held at Spectrum Adult Day Health Program. As this item would need to be on the Jan. 28th BOS agenda, I would need your recommendations no later than Tuesday,January 22"d. Thank you for your co- operation. Karen Please note the Massachusetts Secretary of State's office has determined that most emails to and from municipal offices and officials are public records.For more information please refer to: httr):/Iwww.sec.state.ma.us/pre/l)reidx.htm Please consider the environment before printing this email. 1 I TOWN OF NORTH ANDOVER, MASSACHUSETTS Police Department ' 1475 Osgood Street North Andover,MA. 01845 Tel:978-683-3168 To: Karen Fitzgibbons From: Lt.John Carney RE: One Day License—Spectrum Date: January 17, 2013 The Police Department does not object to one day license application for Spectrum Adult Day Health Program on 02-10-2013 as outlined in the application. I Capital Project Status Report January 28, 2013 Stevens Estate Masonry Repairs—Patriot Restoration worked on the building for several weeks but suspended operations in late December due to cold weather conditions. Work will resume in late winter/early spring and the company expects to complete the project by mid-April. Stevens Estate Windows Replacement—Contract was awarded to Vareika Construction. Company is working on a sample window to be presented for approval by architect and Board of Trustees. Work is expected to take place in'Spring 2013. Raleigh Tavern Lane Water Main Replacement—project is underway and approximately 95%complete. This project was mostly completed by the end of calendar year 2012,with the exception of surface restoration and paving,which will be completed in spring 2013. Sutton Street Sewer Line—the design of this project is 95% complete. Funding is already appropriated for this project with bids to be solicited in the winter and construction scheduled for spring-2013. School Street and Bunker Hill Street Sewer Line—the design of this project is 75%complete. The intent is to put the project out to bid in early 2013, complete pipeline installation in 2013, with final paving in 2014. School Department Administration Building—An initial planning meeting was held with all concerned parties and a tour of the existing facility was conducted. Programming needs assessment currently underway. Questionnaires have been distributed to Central Office staff to help ascertain space needs. Kittredge School Gym—The School Building Committee instructed Peterman Architects to prepare a design for a location that will attach the structure to the modular classrooms. This is the location with the lowest estimated cost, and the one Peterman believes gives the best chance of staying within budget. Peterman has completed the initial design with estimates. The School Building Committee is working through the specifics of the initial design to proceed with a project that remains within the established budget. The final approved project will be presented at Town Meeting for approval. Job PostingNacancy Log January 24, 2013 Date Posted Position Department Hiring Status Manager 8/27/12 3 Reserve Fire Fire Chief A. List Established. Fighters Melnikas 10/11/12 Reserve Police Police Chief State civil service representative approved the hiring Officer Gallagher of two additional reserve police officers for a total of 5 from current list. Interviews to be conducted on February 1. Applicants signed list, applications disseminated and back ground checks are pending. Pending Civil Service List, Certification List received Notification letters sent, candidates must sign by December 12, 2012. 10/23/12 I T Systems I T Matt Killen Hired Hung Cho Ho who started working on January Support 14. Interviewed 4 candidates, checking references of Analyst top candidate. Interviews scheduled for week of 12/17/12. Reviewing approximately 30 resumes received to date. Posted on NA website, advertised in Eagle Tribune on 10/28/12, posted on Monster.com. 12/12/12 Staff Engineer Public Works G. Willis Interviews held on January 8 and 10 resulting in the B. Thibodeau hiring of Thomas Capraella who starts on 2/4. Resumes reviewed, interviews being scheduled for the weeks of 1/7 and 1/14. Advertise in Eagle Tribune on 12/16/12 and post on Monstencom. 1/24/2013 10:22 AM I I� i