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MASHPEE HIGH SCHOOL BUILDING COMMITTEE MINUTES <br /> NOVEMBER 23 , 1993 <br /> EXECUTIVE SESSION <br /> Executive Session convened at 8: 50 p.m. <br /> A quorum being present and a majority having voted to go into <br /> executive session , the chair states that notice and posting of <br /> the meeting was given, after executive session the meeting will <br /> reconvene, the purpose of this executive session is to discuss <br /> the purchase, exchange, lease or value of real property. <br /> All of the foregoing ' is hereby made part of .the official minutes <br /> of this body . <br /> Mr. Dick Dennis from Casey and Dennis was present to talk about <br /> the appraisals . He explained he used a sales comparison <br /> technique, he does research , analyzes the market activity and <br /> comes to a conclusion . This tells what other people would pay <br /> for that property. Both sites have large tracks of land and <br /> subdivision potential . Methodology which works best for those is <br /> direct sales comparison or subdivision analysis. Some lots are <br /> easy to analyze, larger ones are difficult. <br /> • Mr. Dinizio explained the Committee has decided to leave out the <br /> commercial property along Rte 130 . It has a higher and better <br /> use for the town. <br /> Mr . Dinizio asked if there is a significant difference to acquire <br /> either site? <br /> Mr. Dennis explained this information is confidential and should <br /> not leave this room. If there are court cases in the future <br /> anything said by a town official can and will be used against <br /> you. <br /> The total acquisition cost of the Center site including the <br /> commercial property (Kerrigan) is $900 , 000 . It increased a <br /> little since his preliminary estimate because of the <br /> determination from Town Counsel that the Als property is <br /> developable. With the commercial property removed ($100 , 000 and <br /> 60 , 000) total will be $740 ,000 . <br /> Total acquisition cost of the 151 site is $560 ,000. <br /> The sites are assessed at: <br /> Center - $1 , 900 , 000 . <br /> 151 - $ 920, 000. <br /> Mr. Casey said recent sales reflect that 50% difference. He was <br /> told the difference between his number and the assessment will be <br /> different when the new tax bills come out shortly . It will <br /> especially be different for the Cranberry Hollow (Grassetti ) <br /> . property because the permit is now dead for the 144 condos . The <br /> site can be developed for about 30 lots and the sewage treatment <br /> plant is of no value for 30 lots. <br /> There is no way to know if the assessed value of $920,000 for the <br /> 1 <br />