2010-04-26-CPC-min - Laserfiche WebLink

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estimated how it might affect the $2.0 million reserve that the Committee wished to keep. Members were very concerned about the impact of such a large appropriation on the availability of funds for FY12. Mr. Lamb stated his view that the CPC should appropriate as much from their cash reserves as possible, and that if other large projects were to come up in FY12 or beyond, the CPC should then consider bonding. He cited the Wright Farm as one example of a project where future bonding would be appropriate. There was a lengthy discussion of the impact of the acquisition. Ms. Fenollosa said she objected to using CPA funds for projects which could be funded with Town dollars. She questioned the wisdom of spending down the CPA budget and losing the flexibility to support truly “worthy” projects in years ahead when there would be fewer funds available and a substantial debt burden. Ms. Manz agreed that CPA dollars should be used for projects that the Town cannot fund (like Cotton Farm), but felt these projects should not preclude the Committee from supporting truly worthy projects. She said she had greater comfort with the purchase price of $3.8 million with the receipt of the Avery appraisal (which came in at $3.7 million). She said she supported the project, but warned that in the near future CPA funds might not be available for municipal projects that did not align with the goals of the Committee. Mr. Adler questioned whether the acquisition of Cotton Farm was worth “sacrificing” Wright Farm and stated that he felt the Town would be paying twice what the Cotton Farm land was worth. He said it made little difference that the CPC could find a way to fund the project, and stated that it was his opinion that it set a dangerous precedent. Ms. Weiss added that Cotton Farm would cost the Town approximately $880,000 an acre, while a year ago, the Town was able to preserve the Busa property for $517,000 per acre. There was general agreement that it was unfortunate that the first appraisal of Cotton Farm was released prematurely. Ms.Weiss noted that if the negotiating team had waited for the second appraisal, the lower appraisal could have been instrumental in the negotiations. Ms. Shaw added that she was disappointed the landowner had not been more reasonable in agreeing to a price that was more favorable to the Town. It was also noted that the preservation of conservation land around the Cataldo property would enhance the value of any houses built on the back land. Ms. Fenollosa expressed her concern that greater effort had not been taken to regulate these house lots, which she predicted would become “McMansions” overlooking Town conservation land. The meeting was adjourned at 6:25 pm. Respectfully submitted, Nathalie Rice Administrative Assistant Community Preservation Committee 2