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Acquisition of the Scottish Rite Property on Marrett Road Special Town Meeting Vote: At the Special Town Meeting on March 18, 2013, Town Meeting Members approved the acquisition of the historic Scottish Rite property on Marrett Road for a purchase price of $10,950,000. This parcel included the historic mansion with its modern addition, the adjacent carriage house and sweeping grounds. Its acquisition provides a unique opportunity for long- sought after space for a Community Center. (For additional information about this project, please see the CPC Report to 2013 Special Town Meeting dated March 18, 2013.) Of the agreed -upon price for the property, $7,390,000 was eligible for CPA funding — driven by an appraisal of $8.2 million and reduced by parcels excluded from the sale. An additional $362,000 of CPA funding was appropriated in ancillary costs, which broke down as follows: survey, $15,000; legal (including the cost of a permanent historic preservation restriction on the property), $120,000; site assessment, $12,500; and short term debt service and issuance costs, $115,000. Design and engineering costs of $100,000 have also been recommended for appropriation from CPA reserves and will be discussed when the Town's budget comes under consideration under Article 14(n). The Acquisition's Impact on the Community Preservation Fund: During the process of reviewing this proposal, the CPC was involved in numerous discussions with the Board of Selectmen, the Town Manager, the Assistant Town Manager for Finance, the Capital Expenditures Committee and the Appropriation Committee. The CPC paid special attention to the impact of the Marrett Road acquisition on the projects currently under consideration for FY 14 funding as well as those which are anticipated in future years. As part of the these discussions, the CPC was presented with a model, prepared by Rob Addelson, Assistant Town Manager for Finance, that demonstrated that the CPC could responsibly vote to approve the appropriation for the Marrett Road acquisition, while meeting the ongoing and future requests for CPA funding. Among the most important of these future applications was the design and engineering work proposed for the Cary Memorial Building in FY 14, and its renovation funding anticipated in FY 15. The Committee believes that this work should continue on schedule, and confirmed its commitment to the FY 14 funding of the design phase in a (7 -1) vote on March 27 The CPC believes this two - phased project is well underway and that CPF budget modeling indicates that it can be responsibly funded. Other claims against the CPF in the CPC budget model included debt service on the Wright Farm, renovations to the Marrett Road property, a potential Center Pool project and a potential Center Track project. There are additional projects that the CPC will also keep in mind as it refines its budget model in upcoming years. These include renovations to the Stone and Hosmer buildings, commitments to LexHAB's community housing work including work on the Leary and Busa parcels, support for the Lexington Housing Authority, Police Station renovations, upgrades to the Visitor Center, and future athletic field renovations. As part of the Marrett Road acquisition, the CPC carefully reviewed the term of the bond which is anticipated to be issued in FY 15. The CPC currently anticipates that the Marrett Road acquisition and its renovation, the Cary Memorial Building design and engineering and the Cary Memorial Building renovations will be bonded for a term of ten years. The CPC and Assistant Town Manager for Finance are committed to keeping a careful eye on CPF revenue and setting debt service terms to accommodate the Town needs. To date the CPC has not had to vote down 2