2008-04-17-CPC-min.exe - Laserfiche WebLink

Browse Search

COMMUNITY PRESERVATION COMMITTEE Executive Session Board of Selectmen Meeting Room Thursday, April 17, 2008 4:00 p.m. Present : CPC Chair, Betsey Weiss, Joel Adler, Norman Cohen, Marilyn Fenollosa, Wendy Manz, Leo McSweeney, Richard Pagett, Judy Pearson, Sandy Shaw and Dick Wolk. Also Present : Deborah Brown and John Bartenstein from the Appropriation Committee; David Kanter, Charles Lamb and Shirley Stolz from the Capital Expenditures Committee; Joyce Miller from the Conservation Commission; David Williams from the Land Acquisition Committee; as well as Town Manager, Carl Valente, Assistant Town Manager for Finance, Rob Addelson and Selectman, Jeanne Krieger. At 4:06 p.m. a motion was made and supported unanimously by roll call vote for the Community Preservation Committee to go into Executive Session with intent to return to open session. The purpose of the Executive Session was to discuss financing options and recommendations relating to the land acquisition articles in the 2008 Annual Town Meeting Warrant. Dick Wolk of both the CPC and Conservation Commission shared background for why the Town desires to acquire conservation land. He talked of procedures, timing and cost and asked the group assembled to discuss funding and financing. Dick handed out maps identifying four parcels of land. Two Goodwin parcels, Article 13, were first discussed. The approximate cost for these two parcels – including appraisal, legal and surveyor fees is approximately $175,000. The two other parcels, owned by Cataldo, are separate articles but they are a combined, united project and have to be treated as one per the seller’s request. The approximate cost – including appraisal, legal and surveyor fees, for these two parcels, Articles 10 and 11 combined, is approximately $3,175,000. Discussion of borrowing verses paying cash followed. Charles Lamb, on behalf of the CEC, reported that the CEC voted unanimously to pay cash for the parcels. Jeanne Krieger reported that the Board of Selectmen would recommend borrowing rather than paying cash. General conversation followed – about bonds, BANs, paying cash for some, borrowing for some, investment income verses the cost of borrowing. Carl suggested he have a conversation with Legal Counsel and also suggested he and Rob discuss this matter further and come back with a recommendation. th It was agreed that the CPC would meet next on April 29 at 6:30 p.m. At that time, Carl will bring forward a financing recommendation. In the meantime, Rob will provide a balance sheet update. The CPC, by straw vote, 8-1, shared support to purchase the land parcels regardless of financing. Following this discussion, a motion was made and supported unanimously by roll call vote to go out of Executive Session and return to open session at 5:25 p.m. Respectfully Submitted, Judy Pearson Administrative Assistant to the CPC J. Pearson CPC Meeting 04.17.08 Executive Session Minutes