2012-04-20-CPC-min - Laserfiche WebLink

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The decision of the Wright family to retain a portion of the land required the recalculation of the appraised value of the portion offered for sale. Mr. Hamilton stated that the agreed price of the land to be purchased by the Town was $2,950,000 and that the parcel to be retained by the family was valued at $500,000. Town Manager Carl Valente passed out copies of the two supplemental appraisals, which were updates of those submitted on February 1, 2012. The Foster Company appraised the portion of the land to be sold at $3,110,000 and Avery Associates at $2,950,000. Mr. Valente also distributed a Draft Letter of Intent which he stated represented the agreement just reached between the Wright family and the Town. However, the Letter of Intent has not yet been executed by the parties. Mr. Hamilton returned to his presentation and highlighted the importance of the land's conservation value. He explained that the parcel offers wildlife habitat, trail connections to the Burlington landlocked forest and the Bedford reservoir area, and a scenic gateway to the Town. Ms. Weiss questioned the initial appraisal which had been for $3.4M for 12 lots, while the subsequent one was for $2,950,000 for 10 lots. Ms. Manz, consulting the earlier appraisals, noted that the Avery appraisal was for $3.5M and the Foster appraisal for $3.68. Mr. Adler noted that the assessed value of the house lot was presently $735,000 per Assessor's records. He questioned whether a Chapter 61 A exemption would still apply to the house lot. Mr. Valente responded that it would not, due to a minimum acreage requirement. Mr. Valente addressed the house lot (or outparcel), noting that an agreement had been reached with the family to give the Town an option to purchase the lot with a "Current Agreed Value" of $500,000. The value of the lot would be adjusted over time based on changes in the CPI -U, the Consumer Price Index (all items). The intent of this agreement was to retain the possibility of using the house and perhaps the barn at some point in the future. Ms. Manz sought clarification of a phrase in the Avery appraisal dated April 18, 2012, which stated, regarding the parcel being offered to the Town, that "the terms ...... do not specifically indicate that the acreage will be kept in conservation only. In fact, the land would be open to any and all municipal uses." The paragraph further referenced community farming as a potential use. Mr. Manz, Chairman of the Board of the Selectmen, responded to this reference, stating that the Board had voted (4-0) to put the 12+ acres in conservation, and that it would be done through the instrument of a Conservation Restriction. Ms. Weiss stated her concerns with the acquisition, noting that she appreciated the opportunity that all identified stakeholders had been part of the initial executive session with the Board of Selectmen in November 2011 to hear their interest in the property. However, she noted that the housing 2