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i ; Article 11 continues t Idoderator: Questions and discussion on some peoples minds, so lets open it up. Peter Lawrence: From the Towns ' standpoint .the purchase is fantastic. It is a part of the Town that has a great influence on our water shed. Up until 2:00 this afternoon I was against it but 2 am now for it. I have some quest ions. I think the Town would be crazy to let this go by. I do not think we will get the chance to purchase this type of property. I think the asking � ; price of X50.0,000.00 is outrageous. I understand we will get back x$260,000.00. ! .. .The land is, not buildable. I used to say that this land could be turned into Condominiumis but the chances are very slim because there is no access to it. The access comes in over private property. Most of the land is not build- able because of the bogs, and there are sand rights that go with the bogs. It says the owner has refused the asking price, that does not make any sense at all. Is the asking price IS500,000.00 or is his price 05000,000.00? r{yrs Thomas : I do not know all the answers. I have been trying to acquire thsm for tonight, but we do not ',mow trim all. The asking price was .45001000.00, but the appraisals came in at about 300,000.00, we asked ivir Narshall to meet with us to convince his people to lower their price. His response was no. Unfortunately I can not tell you if he will go lower than that. Peter Lawrence: Are there any others interested in the property? �Zrs Thomas: There are two individuals interested in the property. -Peter Lawrence: We know that no developer is going to buy it without access. He can not get into the property and can only develop about 20-30% of it. Krs Thomas: I am not sure you are correct on that, Peter, I understand there is approximately 80 acres that is buildable. Ancient Ways could be put into a condition so they could be access roans. I do not know the legal answer to f that either. Peter Lawrence: If you lump all of these things together, this guy is hold ing out a carrot to the Town by saying • 500,000.00 and if we vote this tonight, we have established the value of this property as 3500,000.00. So if what we have appraised it at is $300,000.00, and we could bujr it for "4001,000.00 and get 3240,000.00, it would cost us T60,000.00. Pauline Delory: If the price were 4400p000.00, the State would contribute it would not be 5'240,000.00. Krs Thomas : They will only give us 806 of 43609000.00. Peter Lawrence: I uo not think there is a tremendous number of people jumping in at $400,000.00. Rrs Thomas: These are unknow.-Lis. 1,,akepeace had a bonanza year this year, they moved 5000 barrels out of .there. This was an unusal year. We may not ever � see 5000 barrels taken again. The bogs have not been kept up in two years. There is a lot of work, they would be leased out to a grower. I am not going to tell you that this will pay for the whole operation. That would be ludi- crous. It will help us defray the cost. 'Peter Lawrence: We are tying ourselves into buying the property for 3500,OOQ- f by voting on that tonight. Mrs Thomas: You are voting for bonding authority. Peter Lawrence: We are saying this is worth five hundred grand. As of the last Town Meeting we were told we could raise and appropriate a certain amount of money. Then we were told we could not because the Assessors had not come up with the figures.based on the growth we should have been able to base our expenditures on. Do we know what the figure is? Pairs Thomas: I am in the same position I was in at the Annual Town Meeting, a it is a very embarm sling subject, I can not give you a factual figure. We do not have the figures to work with. Peter Lawrence: If we based all of the things we spent at the last Town Meet- Ing, 18 million dollars that we had in growth and it turns out to be 10 mill- ion dollars, ,!chat happens?