2017-10-05-CPC-min - Laserfiche WebLink

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School students on this project but hoped they could be utilized for the Wright Farm project. Ms. Fenollosa asked about the timing of the request and if it could wait until the Annual Town Meeting in the spring. Mr. Kennedy advised that he would rather bring the request to the upcoming Special Town Meeting because he didn't want to run out of money. After a motion duly made and seconded, the CPC voted (9-0) to approve a supplemental appropriation of$750,000 for development of community housing on the Busa property. 4) Mr. Kelley presented the CPC with a request for an unknown amount of CPA funds to be used for the acquisition of a parcel of land at 44 Adams Street. He explained that a developer recently purchased the lot and demolished the existing house in preparation for a larger home to be built in its place. The developer agreed to delay construction and provide the Town with the opportunity to purchase the lot in order to add it to the adjacent Town-owned Chiesa Farm conservation land. Mr. Kelley did not have a cost or appraisal to present to the CPC but asked the Committee to consider pursuing the acquisition. Ms. Fenollosa explained that the CPC could not issue a vote without a firm cost. She also advised that there was a statutory limit on the amount the CPC could recommend for the acquisition. CPA funds appropriated for a land purchase could not exceed the appraised amount. The Committee discussed whether the potential purchase price would include compensation for the developer's lost profit. Mr. Kelley was unsure but noted that would be part of negotiations. He also explained that the difference between the appraised value and the purchase price was expected to be funded with private donations. Several members expressed concerns about the potential cost while other members believed the acquisition would enhance the existing conservation land. There was also discussion about the CPC's financial capability to fund the purchase. Ms. Fenollosa called on Ms. Kosnoff to advise the Committee what funds were available for appropriation. Ms. Kosnoff recommended financing the potential acquisition in order to keep the customary$2 million balance in the Community Preservation Fund. The Committee also discussed the potential benefits the lot could provide for accessing the existing conservation land. 2