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151 site reflects an abatement because that is privileged <br /> information. <br /> Mr. Greelish asked how, in practical terms, does this effect what <br /> we offer for the property? <br /> Mr. Dennis stated the assessor and he disagree. The assessor is <br /> not wrong, he is just late, the value will come down . When the <br /> issue goes to court, it becomes an emotional argument. <br /> Mr. Griffin explained he spoke with Town Counsel regarding the <br /> difference between appraised and assessed values. Town Counsel <br /> agrees the appraised value is correct, unless you have a friendly <br /> taking which is unlikely for the large parcels, the first thing <br /> he will be in court with is the issue of the assessed value. It <br /> is difficult to convince a jury the appraisal is correct when <br /> there is such a high assessed value. After lengthy discussion, <br /> he would recommend carrying 75% of the assessed value (for use in <br /> negotiations) . You must be careful not to let that information <br /> become public. <br /> Mr. George Benway told the Committee he agrees with Mr. Dennis. <br /> He did a subdivision analysis. For the Center site, he took out <br /> the commercial property and the residential piece connected to <br /> • it. At this site, there is a huge discrepancy in figures to <br /> bridge plus multiple owners. <br /> The 151 site, he did the same, determining how many lots you can <br /> get from the property, cost to develop, etc. He did not factor <br /> in cost of money or real estate taxes. From a developers point <br /> of view, this site is less money and easier to develop. It also <br /> has good viability for a developer. <br /> Mr. Dennis said he would rather defend the 151 site , as an <br /> appraiser. <br /> Mr. Dinizio stated the Committee cannot develop a figure within <br /> $50, 000 with a strong basis, it is more conceptual . <br /> Mr. Benway added you cannot avoid a legal case with any amount. <br /> This Committee needs a budget to carry to the voters. <br /> Mr. Jones thinks, budgeting anything less than the assessed value <br /> is risky . <br /> Mr. Griffin stated the court will be looking at assessed values <br /> of the last few years, not just the new assessments about to come <br /> out. We should budget enough so the town can deal effectively, <br /> with negotiating. <br /> Mr. Greelish suggested presenting to town meeting the adjusted <br /> appraised values for the land but carry an agreed upon budget <br /> • figure in the overall budget. That way no one really knows what <br /> we are carrying for the land . The appraised value will be the <br /> only ones published. <br /> 2 <br />