2013 RPT of CPC to STM-March-final

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Town of Lexington Community Preservation Committee Report on Article 2 This report addresses the application to the Community Preservation Committee by the Board of Selectmen for CPA funding for the acquisition of land off Marrett Road known as the Scottish Rite property. ARTICLE 2 - LAND PURCHASE - OFF MARRETT ROAD The Community Preservation Committee (CPC) received the application for this project in the form of a "place holder" on October 30, 2012 for the "33 Marrett Road Purchase". The Town commissioned two appraisals of the property,which were received by the Selectmen in December, 2012. These appraisals were requested in the fall of 2012 and were funded from the CPA administrative budget. Funds from this account were also used to hire an architect to evaluate the property and the buildings for their suitability for Town use. Negotiations were ongoing throughout the winter of 2012/2013. On December 19, 2012, the CPC voted in Executive Session (8-0) to support the acquisition in concept, understanding that the cost of acquisition and potential future renovations would be substantial. On February 20,2013,the CPC met in Executive Session to discuss the proposal, and voted (8-1) to recommend the designation of"some" CPA funds for the acquisition, should negotiations prove successful. On March 5,2013, the CPC met with the Assistant Town Manager for Finance in Executive Session and was informed that the Town's outstanding offer at that time was $10,500,000. Notwithstanding the offer—which was a function of the bidding process -the highest appraised value of the property was $8.2 million,which as a matter of law, establishes the upper limit of funding that can come from CPA funds. Further, of the $8.2 million,it was determined that only $7.39 million of the appraised value is eligible for funding with CPA funds, the difference being the value of the Commander's lot, and land set aside for the possible construction of a gymnasium,which are excluded from the sale. (The pine grove, noted in the aerial photo on page 6,is not part of the proposed acquisition.) The CPC voted (7-1) at its March 5th meeting to approve $7,390,000 in CPA funds for the acquisition of the Scottish Rite property, and on March 14th, reaffirmed this vote for historic resource purposes by a vote of(7-0). Subsequent to March 5th, as a result of continuing negotiations, the Town's offer was raised to $10,950,000,with the CPC contribution remaining at$7,390,000. The CPC 1