The Stoughton Redevelopment Authority (SRA) moved to diversify its cash holdings and address deteriorating conditions at a town-owned facility during its Wednesday night meeting. Citing a desire to capitalize on current interest rates, the board authorized the transfer of significant funds into a higher-yield investment vehicle while receiving a positive report on their existing portfolio’s performance.

Investment advisor Rachel from West Island reported that the SRA’s portfolio reached a value of $362,956 as of late March, achieving a 5.56 percent return over the last eight months. The board recently transitioned to a 50/50 asset allocation between equities and bonds. Since 2014, you've contributed $500,000 and withdrawn $350,000. It's doing very well and doing what you want it to do, the advisor noted, adding that the SRA is currently beating its benchmarks. Chair Donna Carmichael questioned if the board should consider a more aggressive stance, asking, Moving forward with this new $300,000, do you think we should stay with the 50-50 or do you think we can go 60-40? The advisor cautioned the board to consider their short-term spending plans before increasing risk.

Prompted by the presence of nearly $382,000 sitting in a standard account, the board discussed moving a portion into a Certificate of Deposit (CD). New member Stanley Chin supported the move toward stability, noting that the market dips and crashes are extreme and quick at this point. Treasurer Rachel Rice suggested a conservative split to maintain liquidity for potential property acquisitions. I think it makes more sense to do a $100,000 CD and the rest stays in checking, Rice said, noting the bank offered a 3.6 percent rate for a six-month term. Motion Made by R. Rice to invest $100,000 from the Perry Street account into a CD. Motion Passed (4-0-0).

Operational safety became a focal point when member Bob Cohn raised alarms regarding the condition of the Page Street transfer station. Cohn described a scene of neglect, reporting full dumpsters, scattered trash, and deep mud pits that pose a hazard to residents. Going up to the transfer station, it seems like the rules are always changing. I've gone up there and the dumpsters have been full. There's trash all over; it's pretty disgusting, Cohn said. He advocated for a formal demand for improvements from town leadership. Motion Made by B. Cohn to send a letter to the Town Manager and Board of Health regarding the condition of the Page Street property. Motion Passed (4-0-0).

The board also addressed its ongoing interest in senior housing developments. Carmichael informed the members she is seeking a spot on the Planning Board’s agenda to discuss a long-gestating project near the Council on Aging. I've been working on this for four years. They are single homes, not a high rise. Little small homes, Carmichael explained. While focusing on future growth, the board also looked to save on administrative costs by opting for a multi-year software contract. Motion Made by R. Rice to approve a three-year prepaid software subscription to save the SRA money. Motion Passed (4-0-0).

Fiscal oversight sparked a brief debate regarding a $1,200 consulting bill related to solid waste regulations. Cohn expressed frustration with the lack of deliverables, stating, They're billing us for something that we haven't even received information on. It's my recommendation that we withhold those amounts. The board ultimately tabled that specific invoice but moved forward with other administrative payments. Motion Made by B. Cohn to pay Donna Carmichael's consulting invoice. Motion Passed (3-0-1), with Carmichael abstaining.

The meeting concluded with the adoption of a new social media policy, despite some lingering hesitation from Carmichael regarding the term Urban Renewal used in state-mandated language. Just because it says urban renewal doesn't mean we're a city, she remarked. Chin clarified that the phrase is standard state terminology. Motion Made by R. Rice to approve the social media and community outreach policy. Motion Passed (4-0-0).