2018-10-04-CPC-min.exe - Laserfiche WebLink

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Mr. Wyman, Land Acquisition Committee, discussed two independent appraisals of the parcel. Each appraisal has a separate breakdown of conservation value and house value. The first appraisal totaled $4,100,000.00(conservation value $3,300,000.00 and house value $800,000.00). The second appraisal totaled $3,625,000.00 (conservation value $3,030,000.00 and house value $595,000.00). The difference between the two appraisals is $475,000.00. Mr. Wyman explained one reason for the difference is due to appraisers using different comps. He also noted that both appraisers have 30 years of experience. Mr. Wyman suggested that the Town take an average of the two in determining its offering price. It was suggested that the purchase proposal should be similar to the Wright Farm purchase. The CPC questioned if the total requested would adequately cover the costs for renovations, housing restrictions and legal fees. Ms. Mullins estimates that survey costs and legal fees will be approximately$ 40,000.00. Ms. Kosnoff suggested that that the project be funded through short term debt or financing. The CPC questioned the Conservation Commission's priority of projects since the funds requested are substantial. Conservation responded that this project has been their highest priority for the last two and a half years and they are not aware of any possible acquisitions in the near future. Mr. Savage suggested that students from Minuteman Technical School be utilized on the project to help mitigate costs. Mr. Hamilton confirmed it was the intent of the Conservation Commission to bring the acquisition of the parcel to Special Town Meeting in November. A proposal was presented to the sellers but the Town was still waiting on a response which was expected in the coming weeks. Without a formal proposal from the Conservation Commission or an exact dollar amount for the request, the CPC was unable to issue a recommendation but informally endorsed the proposal, provided that additional information be forthcoming. After a motion duly made and seconded, the CPC voted in a roll call vote (9-0) to exit executive session and return to open session to attend to the remaining agenda items. The following documents were used at the meeting: 1) Upper Vine Brook Appraisal A 2) Upper Vine Brook Appraisal B 3) Upper Vine Brook Summary 4) Conceptual layout subdivision 5) Conceptual layout 6) Connectivity map 2