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70 -1 Selectmen' s Meeting September 7, 2016 A regular meeting of the Board of Selectmen was held on September 7, 2016, at 4:10 p.m. in the Selectmen Meeting Room of the Town Office Building. Ms. Barry, Chairman, Mr. Cohen, and Ms. Ciccolo; Mr. Valente, Town Manager; Mr. Addelson, Assistant Town Manager for Finance; Mr. Goddard, Director Public Works; and Ms. Burke, Recording Secretary, were present. Letter of Intent 171 -173 Bedford Street Mr. Valente said the Board has been negotiating with the owners of 171 -173 Bedford Street. The property has been on the market. On August 29 we reached agreement on the purchase price. He clarified that it is one piece of property: 171 is the address that the Town has and 173 is the address of the property owner uses. He proceeded to note the highlights of the Letter of Intent: The negotiated purchase price is $4,300,000. The owners of the property have accepted that purchase price. It is currently occupied by two entities: Liberty Mutual on the ground floor and until recently RCN on the second floor. We are currently in the due diligence period where the Town has an opportunity to survey the property and make a determination if the property will meet our needs. The due diligence involves two aspects: one, an environmental review to make sure there is no contamination on the site, and secondly, the Facilities Department is doing an architectural and engineering review to assess the building again for Town needs. Our due diligence period goes through our Special Town Meeting, September 21. During this period the broker for the property will stop marketing the property as the Town has exclusive right to purchase the property. If Town Meeting approves the purchase, the Town has 5 days to sign the Purchase and Sale Agreement. Town Counsel is currently drafting the P & S. Ms. Barry asked about the provision on "Publicity and Confidentiality" on page 3 of the Letter of Intent. She indicated people seem confused about this provision. Mr. Valente explained to the attorneys for the seller that in government, everything is public. They understood we could not keep this Letter of Intent private. It would go not only to boards and committees but the meeting agenda packet on the website which is available to the public. Ms. Ciccolo was concerned about the short timeline from Town Meeting to when we have to execute this contract, and when will we be able to see this at one of our meetings. Mr. Valente will check with Town Counsel on the status of the draft. Ms. Barry thanked Mr. Valente for moving so swiftly to bring us to this point. Article Positions & Assignments for STM 2016 -5 Article 2 -- Land Purchase -- 171 -173 Bedford Street - -$4.3 Million.In addition to the figure in the warrant, Mr. Valente indicated there would be an additional cost of $200,000 in