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R <br /> 2 <br /> Nor. Whritenour commented that the$9.4 million dollar project contains a source of funding; <br /> i.e.,the g if courses which would pay for the debt, so you wouldn't require the 2-1/2 <br /> exemption. however,when you just buy that land,you lose the golf course and so you have to <br /> have it contingent upon the 2-1/2 exemption. <br /> There was discussion among the Selden and the Finance Committee members concerning <br /> the Land Bank and whether the Land Bank could be used as a source of funding for the land. <br /> It was noted that right now there is an agreement in principle. They have traded from th <br /> seller a draft purchase of sale agreement in that the purchase price is the amount that the land <br /> was appraised by the Town's appraiser,which i $2.3 million less the sum of all outstanding <br /> ta.x liabilities which are approximately,$300,000. amain contingencies in that agreement are <br /> the successful passage of the Town Meeting vote. If successful passage at Town Meeting of <br /> the main proposal,,legjlative approval as well for the ability to finance the project on a level <br /> debt service basis and to defer principal and interest payments until the course starts its first <br /> year of operation. <br /> There-was as lotto <br /> - thpxoprty by. t_wasa has <br /> been proposed as February 1, 1999, at this point. <br /> Ther-ewas- ' can which motion the n..willuse--_the 'on or <br /> the backup motion. They discussed going with the original motion otion and then using the ~ <br /> mendment motion. <br /> 5 <br /> Mr. whritenou r commented that with a purchase price of$2,000,000,the total payment in <br /> Year 1 would b $235,000 and that would be.1cents on the tax rate. He stated that this <br /> would be a 15 year note. <br /> was- Amendment to Vie_ Lp th F ; f the <br /> Mashpee National wildlife Refuge. Mr. Whritenour commented that the Amendment,as <br /> is not. Me stated that itis cxmti�t upor-a_v to of the LandB l i h is <br /> not legal to do. It also has more money in the Amendment. He commentcd that he would <br /> rather have the-amend t est tha-T n-CounciLdraned. <br /> Mr. Whritenour noted that the consultant will be allowed to Hake a presentation at the <br /> tonightw-biclwoukLdiscuss the concernsand_en ronment l i qsaieq oofthe golf <br /> course. <br /> OCT-OBER NX '___ N_ LTI -ARTICLE . <br /> T TALTC_R C TEE: <br /> Chairwoman Goulart noted that the Finance Committee has voted to indefinitely postpone <br /> e b ca in- estigoon. <br /> ... <br /> Mr. Golub stated that it would be a good idea to seek input from anyone who cares to give <br /> input-on the floor- s`to the issues that-we.am-confionted mdth this particadar <br /> Mr. whritenour noted that they should move to indefimitely postpone the Article and then the <br /> Finance n ommitt couUget..upLL explanation and state what th y_a .goin0o do <br /> 6.0 <br /> between now and May Town Meeting. 5 <br />