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Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting February 5, 2013, Executive Session Date, Place, and Location: February 5, 2013, 5:00 A.M., Town Office Building, Reed Room (111) Members Present: Charles Lamb, Chair; Beth Masterman, Vice - Chair; Bill Hurley; David Kanter Member Absent: Jill Hai Other Attendees: Sara Arnold, Recording Secretary Documents Presented: None With Mr. Lamb, as Chair, having called to order at 8:02 A. M. the Open Session — which had been posted also to involve an Executive Session —he subsequently declared that an Executive Session was warranted under the Open Meeting Law Exemption 6 (to consider the purchase, exchange, lease or value of real property) as the discussion in an open meeting may have a detrimental effect on the negotiating position of the Town —and with the intention to reconvene in Open Session only to adjourn. A Motion to do so was made and seconded. Each member was polled and each voted "yes" The Committee went into Executive Session at 9:53 A.M. Potential Acquisition of Property at 33 Marrett Road The Committee reviewed and discussed the updates provided at the previous- evening's Selectmen's Executive Session (jointly with this Committee —Ms. Hai, Mr. Hurley, and Mr. Kanter in attendance; the Appropriation Committee; and the Community Preservation Committee) regarding the potential purchase of property at 33 Marrett Road. First, Mr. Kanter and Mr. Healy summarized the points made at that Executive Session: • February 12 was identified by the seller as the deadline for potential buyers to submit proposals —with the seller planning to make a decision by March 1St • The Town anticipates that four to six proposals will be submitted —with at least one being from an institution. • There may be a process for making counteroffers, but the seller hasn't said anything about that. • It is believed that the seller is not interested in selecting a proposal that includes affordable housing (including a Chapter 40B project). It was noted that if this were to be a contingency of the sale, then it reduces the value of the property. • The Town received two appraisals: One from "Foster" assumed approximately 50% institutional use and 50% residential use, and set the value at $7.7 million; the one from "Avery" assumed all residential and set the value at $4.9 million. Neither appraisal included a "by right" plan for how the property could be divided into individual lots. The Town separately contracted with "GCG" to develop such a plan. It reflects 11 or 12 lots —with 2 being reserved for storm - runoff retention. (The Selectmen believed a developer would find a way to handle the storm runoff without Page 1 of 3