4/12/2010 BOARD OF SELECTMEN Executive Session

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i Board of Selectmen Minutes-Executive Session April 12, 2010 Discussion relative to the ac uisition ofread provert (continued) It was agreed the Selectmen would request from Catic, a New England based title insurance under inter, the title insurance policy secured by the Mills Family to ensure the Town's interest in the property is of fair value and so that all pre-existing rights and interests of the §ubiect parcels will be disclosed prior to the transfer. Notion made by Selectman Cahlane to accept the condition of the Mills FainY Lands at Santuit Pond having met the conditions relative to the certification of good and marketable title in accordance with the Town Meeting vote of May 7, 2007, and further approve the existing rights of the abutting owners as referenced pending the issuance of the title insurance policy to ensure fair marketable value. Notion seconded by Selectman Cock. VOTE: Unanimous. 4-0. Roll Call vote: Selectman Myers, yes Selectman Cook yes Selectman Cahalan , yes Selectman.Taylor,yes Selectman Richardson, absent Opposed, none As a result of prior matters relative to the certification of clear title, it was- disclosed a Purebase and Sale (P&S) Agreement has not been developed to date between the representing parties. Discussion followed with respect to the purchase price as it relates to the three-year appraisal and securing a new appraisal for the subject property. The initial real estate appraisal as prepared by the Cape Cod & Islands r Appraisal Group slated January 15, 2007 for the 15.235 acres of contiguous and non-contiguous lana is $835,000. At the time, the Con rnunity Preservation Act Committee negotiated a price with the Mills Family to purchase said parcels of land for$720,000. The CPC Committee was noted to have submitted an application to the Town of Bamstable for Community Preservation Act funds. The Town of mstble agreed'to contribute in CPA funds, the sura of$150,000 towards the purchase of-the hills property.