1982-03-BOS-min - Laserfiche WebLink

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.� Selectmen's Meet ing March 8, 19 Acting Chairman Crain, speaking as Chairman. of the Adams School Con- Adams Schoo: version Committee, gave a brief overview of the conversion process before Waldorf Sch the presentations. proposal H e stated that since the first meeting of the Committee on 9/23/81, thence had been a total of 15 C ommittee meetings including two major public informational meetings on Oc tober 4, 1981, and March 3, 1982. After advertisements appeared, the Committee received 29 letter of ntere t, ten sets of developer kits were sold and seven formal proposals were received. The Committee selected three developers to present propo als to the Committee and then determined that two of them should be explored further. one proposal was for congregate housing and the other for a 20 -yr. lease of the land and sale of the building to the Waldorf School. Following a lengthy meeting on March 3, the Committee voted 5 - 2 to recommend to the Selectmen the Waldorf School proposal. Mr. Stephen Levy, President of the Waldorf School gage a presentation and described the school's. operation as a private elementary school -- nu r-, ery through eight grade. He stated that no major modifications in the exterior are contemplated. The school has a staff of thirty and should not present a parking problem as there are presently +2 spaces. Mrs. Battin questioned Mr. Levy relative to arrangements for youngsters in the Town who are needy. M r. Levy stated that the school does have a scholarship policy and they would be happy to accommodate Lexington students who would be eligible. Mr. Levy stated that the school is .offering to pay. the taxes on the property when due based on the assessed value of the property. He stated that the proposal was in keeping with.: the neighborhood wanted and that they will respect the historical configuration of the church, library and the school as ell as the recreation land in the rear. He pointed out that the Town, will maintain long -terra control over the site with the idea that it might be needed again for a public school or other public purposes. After the twenty -year base has expired, if the Town feels that it is once again in its interest to use the building for public purposes, it will be available under term ..that world be negotiated to reclaim the build- ing. Use of the auditorium for neighborhood or other public functions would be offered. Mr. Levy read an excerpt fr a memo to Mr. Hutchinson from Mr. Perry ref-... ative to the financial stability of the organization. The memo indicated that Mr. Perry and a representative of Arthur Andersen & Co. had examined the finan- cial statements of the school for the last three years, prepared by Alfred W. Siegris t & Co, C.P.A., and it appears to be in sound financial condition . Mr. Perry indicated that al though the operating fund is just about on a "b reak- even�'b i " the building and equipment fund is "well off," Mr. Leery stated that the purchase price for the building would be $ 160,000, based on an independent appraisal of the fair market value. This would be paid in cash at the expiration of the present lease on August 31. He stated they are offering $7,500 per year for the lease of the land with both taxes and lease to be reviewed in five -year periods. Mrs. Fisher of the Committee expressed concern that the building should have sold for more than $160,000 fe ting that the Town should lease on a net base for 20 years. She stated that at the end of the 20 years, the Town mig be buying back $ building at quite a bit more. g y g Macs. Battin asked why the Committee did not consider long -term base.