5/3/2010 BOARD OF SELECTMEN Minutes

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4 Board of Selectmen Minutes May 3, 2010 NEW SSSS: Review&Ex6cution.of phase & sale Agreement: In response to the Selectmen's request to obtain an opinion with regards to fair market value of the Mills Family Lands at Santuit Fond, the Community Preservation Act Committee reviewed ars updated appraisal for the 15.24 acres of land. Upon review and discussion,the Community Preservation Act Committee voted to accept$50,000 less which resulted in a net cost of$670,000. The vote was 5-1 Mn favor. Confirmation was received from Robert Mills attorney for the hills Family accepting the offer. Town Counsel indicated that all documents are approved to form and ready for signature. The Purchase & Sale Agreement was executed by the Mills Family on May 2, 2010, and the Quitclaim Deed has been prepared for the Selectmen's acceptance'. It was noted the closing and recording of the Deed tinmeline is effective until the date of May 7, 2 010. Town Counsel indicated the Title Insurance policy is deemed acceptable meeti the conditions relative to the certification of good and marketable title 1n accordance with the Town Meting vote of May 7, 2007. For additional.protection, Town Counsel recommended the Town secure an Owner's Title Insurance Policy, one time premium cost of$2, . 0. It was disclosed that outstanding tax payments due from the Tom and/or Water District shall be deducted from the purchase price. Motion made by Selectman Cook to approve and execute the Purchase& Sales Agreement between the Town of Mashee and mma o Mills Brennan and Elwood o.Mills,Jr. for the Mills Family Lands at sanuit Pond dated May 2,2010 and accept Quitclaim Deed as approved by Town Counsel using CFA funds. Notion seconded by Selectman Richardson. VOTE: Unanimous. 5-00 The CPA Committee will be notif ped regarding signatures required to authorize payment to the hills Family.