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Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting March 6, 2013, Executive Session Date, Place, and Location: March 6, 2013, 5:00 A.M., Cary Memorial Building, Ellen Stone Room Members Present: Charles Lamb, Chair; Beth Masterman, Vice - Chair; Jill Hai; Bill Hurley; David Kanter 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. A Motion to do so was made and seconded. Each member was polled and each voted "yes" The Committee went into Executive Session at 8:03 A.M. Potential Acquisition of Property at 33 Marrett Road Mr. Kanter briefed the Committee on what he had noted as having occurred at the Executive Session of the Community Preservation Committee (CPC) held the previous afternoon. That Session had also been called under the same Exemption, and for the same purpose, as this Session. Rob Addelson, Assistant Town Manager for Finance, had presented information on the portion of the purchase price being offered to the seller that was considered eligible for funding under the Community Preservation Act (CPA) and proposed the CPC should recommend to Town Meeting appropriating all of that portion from the Community Preservation Fund (CPF). He explained to the CPC that, even using very conservative assumptions, his model for the status of the CPF, starting with FY2014 and running out until FY2021, reflected that the CPF cover all the known and major claims while still having yearly allocations for future projects not currently known. (Mr. Kanter commented that model didn't run out until even the end of the first contemplated 10 -year bond.) Mr. Addelson also pointed out that his model didn't include the elimination of current claims that might be Indefinitely Postponed at the upcoming Annual Town Meeting (e.g., CPF funding for the Visitors Center Project) and relief from previous claims (e.g., the Project to upgrade the current Senior Center at the Muzzey Condominiums). The CPC discussed the basis for proposed portion of the purchase price relative to the higher of the two appraisals of the property —which is the one being used as the legal cap on how much the CPF can provide for a land purchase. Page 1 of 2