2020-08-05-CPC-min.exe - Laserfiche WebLink

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comparisons this year compared to 2018. Both the 2018 and 2020 appraisals were shared with the sellers. The land acquisition subcommittee met on August 4, 2020 and agreed to offer$4 million, which is below both appraisals. The offer has the added benefits of a tax write off for buying at a low fair market purchase price. Mr. Wyman explained that if they were going to go into the deal with LexHAB for parcel 2 conservation would be responsible for$3.5 million and LexHAB would be responsible for $500,000. Mr. Savage explained that the offer is a generous split and that he has semi endorsement from the board. This idea would be to turn the home into 2 units and keep the barn for storage or a workspace. Architect Colin Smith and builder Bob Phelan estimate that the renovation costs could be approximately$700,000 or$800,000. Mr. Savage suggested that an inspector come out and estimate the renovation costs and have the CPA administrative fund pay for the estimates. Ms. Fenollosa stated that is what the administrative account is for. Ms. Fenollosa asked if it would be good for the Town to buy the entire 5.09 acres and then transfer the housing parcel to LexHAB to avoid missing a Community Housing opportunity and to avoid developers buying the housing parcel. Mr. Hamilton explained that they have been considering many options and are well aware that LexHAB's commitment is not a sure thing. Ms. Fenollosa asked when Conservation will know if they have a deal with the sellers. Mr. Wyman responded that they told the sisters that they need a response this month. Ms. Fenollosa stated that it seems premature to put a detailed article on the Warrant and that a placeholder would make sense. Ms. Fenollosa explained to the Committee that Ms. Kosnoff prepared financial figures but she is not here to discuss the spreadsheet. Mr. Hornig stated that he disagrees with her analysis but it will be important that we are confident in the rehabilitation costs before we bring the project to Town Meeting. Mr. Horton agreed with Mr. Hornig that there needs to be a good handle on the renovation costs and whether the $4 million is a negotiable price or would Conservation go higher. Mr. Wyman said that it is tricky, and that Conservation has conveyed that $4 million is a firm figure but they would hate to lose the property over a nominal additional cost. Ms. Kreiger asked if LexHAB doesn't go through with the deal does Conservation risk losing the entire deal. Mr. Hamilton stated that Conservation would go ahead with the larger parcel and not the housing parcel. This would be a financial bonus to the sellers because they would be 2