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Article 28 - Trust PowerPoint DIF V3 - April 1 presentation to the Finance Committee pdf file

Finance Committee · Date unavailable · Record 1a5f28e71b6a3120a4

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(ase                   FINCOM Presentation
~                                 April 1, 2024

Agenda: Article 28 -
Motion to revise DIF.

Define DIF                                              eo                                             %
Current Status of DIF                :       <                                             d
Article 28 Motion                    Seve

Support for Motion

[Original embedded text, retained for comparison]
Revere and Son Heritage Trust
                            FINCOM Presentation
                                April 1, 2024

Agenda: Article 28 –
Motion to revise DIF.           AG

Define DIF
Current Status of DIF
Article 28 Motion
Support for Motion

What is a DIF
• A District Improvement Financing Plan is established by a Town to
  provide dedicated funding to improve a specific district.

• The DIF for the Revere and Son Heritage site was defined by the
  development agreement and state financing regulations. It was
  approved by the Town at ATM when the Town authorized acquisition
  of the land.

• A Formulaic approach was used to fund the District Improvements
  and release tax revenues.

• Under current practice, most tax revenues from the District have
  been used solely for District improvements, and will continue until the
  sinking fund balance is sufficient to pay off the improvements in full.

Status of Heritage Site DIF
• By all measures, the acquisition of the Heritage Site and the
  Plymouth Rubber Development have been a tremendous success.

• The tax revenues for the district have FAR exceeded the original
  projections, allowing the Town to acquire all improvements to the
  district, including the Historic Barn and Mill on an accelerated basis.
  The DIF sinking fund is projected to accumulate enough funds to
  pay off the prior improvements by 2030.
                      (1)         (2)           (3)              (4)
                  R/E Taxes   Contribution Current Bond     Sinking Fund
  Fiscal Year     Collected   General Fund   Payments          Balance
       2024         1,424,700      246,840       570,907        1,367,000

    2029 Proj.     2,085,904        348,131       501,000      5,924,530
    2030 Proj.     2,294,494      2,294,494       485,750      5,438,780

Article 28 – Motion (version 3/27/24)
MOVED: That the Town appropriate the sum of Two Million Dollars ($2,000,000),
to be expended under the direction of the Select Board, in consultation with the
Revere & Son Heritage Trust Corporation, to pay costs of constructing, fabricating
and installing improvements to the property known as 2 Rolling Mill Way in the
Paul Revere Heritage Site, and that to meet this appropriation, the Treasurer, with
the approval of the Select Board, is authorized to borrow said amount under and
pursuant to G.L. c. 44, §7(1), or any other enabling authority, and to issue bonds or
notes of the Town therefor, all in accordance with the district improvement
financing program, fund and district authorized by Article 3 of the Special Town
Meeting of May 11, 2015 (the District) and the Special Act of the Legislature,
Chapter 150 of the Acts of 2020 to effectuate the purposes set forth in the said
special act; and to further, that the Town Treasurer, with the approval of the Select
Board, is authorized to allocate to the general fund any portion of the fiscal year
taxes collected in the District in excess of the appropriations required for the annual
bond servicing costs associated with this Motion and Article 3 of the May 11, 2015
Special Town Meeting.

Article 28 Impact
• Allows Select Board to authorize R&S to make additional $2.0
  million in District improvements. R&S intends to use funds to
  complete Museum – (Represents approximately 1/3 of the total cost
  to design and build the Museum)

• Authorizes the Canton Finance Director to modify the Current DIF
  financing arrangement to release excess taxes in the District to the
  General Fund.

• Improves the Financial Position of the town by providing early
  access to District tax revenues and promoting a more financially
  sound funding plan.

FINCOM Support
• R&S Is asking that FINCOM support this WIN – WIN – WIN
  proposal.

• Passage of Article 28 would allow R&S to complete its mission to
  build a Museum in the Historic Barn.

• Passage of Article 28 provides immediate access to the Excess Tax
  revenues generated in the district to support other Municipal needs.

• Passage of Article 28 provides immediate access to the Excess Tax
  revenues generated in the district to support School Department
  Costs.

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Revere and Son Heritage Trust

[Original embedded text, retained for comparison]
Revere and Son Heritage Trust