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

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Minutes of the Community Preservation Committee April 26, 2010 5:00 pm Room G-15 Town Office Building Present: Betsey Weiss, Chair; Marilyn Fenollosa, Vice Chair; Joel Adler, Norman Cohen, Jeanne Krieger, Wendy Manz, Nathalie Rice, Admin. Asst; Sandy Shaw and Dick Wolk. Absent: Leo McSweeney Also in attendance were Peter Kelley of the Board of Selectmen; Charles Lamb, Chair of the Capital Expenditures Committee and members, David Kanter and Shirley Stolz; Charles Hornig, Chair of the Planning Board, Robert Addelson, Assistant Town Manager of Finance, and Karen Simmons, Director of Community Development. Ms. Weiss called the meeting to order at 5:05 pm. The purpose of the meeting was to receive an update on the progress of the Cotton Farm Land acquisition from Mr. Cohen and to get an understanding of the financing alternatives from Mr. Addelson. 1.Cotton Farm Land Acquisition – Mr. Cohen opened the discussion and stated that the $3.8 million dollar purchase price was a firm part of the negotiations. He said the Cataldos, (the land owners), would be paid in three installments; $1.5 million upon closing, and approximately $1.3 million in FY12 and $1.0 million in FY13. He said these would be cash payments with no interest, and estimated that this would save the Town approximately $100,000 dollars over three years. He said this would effectively lower the acquisition price to $3.7 million, the value quoted in the second appraisal. Mr. Cohen said the entire price would be approximately $3,857,000 which included additional costs for legal work and site assessment. He said a hazardous waste assessment would have to be done, though no further survey work was anticipated. The cost of any site remediation work would be born by the sellers. Mr. Cohen said it was the intent of the Board of Selectmen to close in FY11, hopefully by September. Mr. Adler asked if the roadway would be used for construction purposes, to which Mr. Cohen replied that it would not. He said no construction could take place until a tar road was installed across the easement to the privately-owned lots in back. Mr. Addelson explained the financing alternatives for the acquisition. The CPC considered the impact of the acquisition on the CPA budget and 1