Arlington Town Meeting Votes To Set Up Revolving Fund For Important Property

ARLINGTON, MA — Town Meeting members voted to establish a revolving fund for the property at 17 Irving St. during the second night of the annual event on Wednesday.

Select Board Chair John Hurr presented the warrant article to attendees, describing how the fund will collect income from the town-owned property that is being rented out to residents and then used for maintenance. The article was brought to Town Meeting after the Select Board voted unanimously in favor of it themselves.

Town Manager Jim Feeney said the proposition was brought forth now because of a recent lease agreement reached with the Arlington Children's Center, which is one of the tenants in the space.

“The town pays utilities when we get the bill as the customer, and then the respective share to the tenants in the building is apportioned proportionate to the square footage that each tenant occupies," Feeney said. “We would pay the bill and submit and invoice to the tenant, and that money would come back into the revolving fund and be used to pay the utility bill in the next month.”

He also said the fund will be used to segregate the funds collected by tenants who are required to pay a capital project contribution.

According to Feeney, a failure to pass the bylaw amendment would make it more difficult to ensure that all the money received gets reinvested into the structure.

Monthly rent is not included in the plans for the revolving fund. Expenditure rates are expected to be established after one year of the fund’s operation, and Feeney estimated the capital projects fee to be worth $40,000 overall and the utilities bills at less than $100,000.

“It is generally the case that rents paid under a lease for long term are general fund receipts,” Feeney said.

The vote passed by a total of 169 in favor and 24 opposed. Town Meeting is scheduled to resume on Monday, May 4.

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