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' 11 <br /> Board of Selectmen <br /> Minutes <br /> March 24, 2008 <br /> Annual Town Meeting Warrant: (continued) <br /> Article 10: St. Vincent's Property - $3,146,800 <br /> Motion made by Selectman Taylor to exclude the re-authorization of <br /> previous bond proceeds,the sum of$509,973 from the St. Vincent's <br /> land acquisition article. <br /> Motion seconded by Selectman Green. <br /> VOTE: Unanimous. 5-0. <br /> "The article, if approved by voters at the Annual Town Meeting is <br /> contingent upon the attainment of Self Help grant funds($500,000)and <br /> grant funding from the Division of Fisheries and Wildlife ($500,000). <br /> Self Help grant funding must be reflected in the debt exclusion question <br /> on the May election ballot. If Self Help grant funding is attained,the <br /> Town is reimbursed. A requirement of grant funding from the two <br /> respective agencies is to place a conservation restriction on the entire <br /> subject property. <br /> It was noted the Community Preservation Committee voted 4-2 to <br /> contribute $500,000 towards the open space purchase using$177,267 <br /> from the 10%open space reserves and$322,733 from the budgeted <br /> reserve account. <br /> Potential Acquisition of St. Vincent's Property: 78.67 Acres <br /> Purchase Price: $3,146,800 $40,000/acre <br /> CPA Funding: 500,000 <br /> DFW Grant Funding: 500,000 (Division of Fisheries & Wildlife) <br /> Total Debt Exclusion: $2,146,800 <br /> Self Help Grant 500,000 (article contingent on grant award) <br /> Cost to the Town: $1,646,800 $20,933/acre <br /> Motion made by Selectman Taylor to recommend approval of <br /> Article 10 as amended. <br /> Motion seconded by Selectman Green. <br /> VOTE: 2-3. Motion does not carry. <br /> Selectman Cook, Selectman Cahalane, Selectman Myers opposed. <br /> The Finance Committee agreed to file a subsequent report for further <br /> information on Article 10. <br />