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HomeMy WebLinkAbout2010-03-11-CPC-min.exe Minutes of the Executive Session of The Community Preservation Committee Thursday, March 11, 2010 Room 207, Town Office Building 1625 Massachusetts Avenue 2:30 pm Present: Committee Members: Betsey Weiss, Chair; Joel Adler, Norman Cohen, Marilyn Fenollosa, Vice Chair; Jeanne Krieger, Leo McSweeney and Dick Wolk. Administrative Asst: Nathalie Rice At 2:30 pm, upon a motion duly made and seconded, it was voted by a roll call to enter into Executive Session under Exemption 6 to consider the purchase, exchange, lease or value of real property and to reconvene in Open Session; the Chair declaring that an Open Meeting might have a detrimental effect on the negotiating position of the Town. 1.Cotton Farm Land Acquisition – Mr. Cohen updated the Committee on the status of the negotiations for the Cataldo property (Cotton Farm). He stated that the appraised value for the 4.21 acres of land at 121 Marrett Road was $4,400,000 predicated on a 9-lot subdivision. The terms of the agreement for the proposed acquisition were the following: a. a purchase price of $4.0 million dollars, b. a deed restriction on approximately 2.5 acres bordering Marrett Road, such land to be mowed no more than four times a year, c. the existing driveway through what would be Town land, to be relocated when the Robert Cataldo family was no longer in residence in the existing house, d. a gift of the Hartwell Avenue parcel of 14.5 acres to the Town, e. a $200,000 gift to be made to the Town for a Cataldo Nature Trust Fund dedicated to the maintenance of the land, and f. the remainder of the property to be limited to four residential lots, two of which could be developed immediately, and two to be built when the existing home is torn down. The CPC discussed the pros and cons of the acquisition. Mr. Adler noted that the assessed value of the land was $1,268,000 (for a 6.33 acre parcel of Cataldo land) and that the land portion was assessed at $495,000. Mr. Wolk pointed out that assessed values cannot be used to judge the market value of a property, especially those that have remained in a family for some time. Ms. Fenollosa raised the issue of past appraisals, noting that the last appraisal in March of 1 2008, was $1,825,000 for 3.2 acres. The Busa parcel, she noted was 7.93 acres (14 lots) for $4.1 million. She said she felt the Cataldo property would be a hard sell at nearly a million dollars an acre. Ms. Fenollosa suggested asking the appraiser from 2008 to do an updated appraisal. A straw vote was taken at this point in the discussion on the acquisition as detailed by Mr. Cohen, passing 4-3, with two members absent. Members continued their discussion, and focused on the difference in the appraised value of the land over a two year period. It was asked whether the acquisition could go to a referendum, to which Ms. Krieger responded that it would be a highly undesirable alternative. Mr. Wolk summarized the values of the parcel reiterating the aspects of the acquisition that were beneficial to the Town, such as the Harwell land, valued at approximately $100,000 and the $200,000 gift for land management. In light of the concern over the $4.4 million dollar appraised value, the CPC voted to conduct a second appraisal on the Cataldo property. Ms. Rice will contact Ms. Mullins to arrange for a second appraisal with Mr. Valente’s approval. After a duly conducted roll call vote, the Executive Session was closed at 3:02 pm and the Committee returned to Open Session. Respectfully submitted, Nathalie Rice Administrative Assistant Community Preservation Committee 2