TOWN OF PRINCETON, MA Princeton Advisory Board Meeting Minutes
October 26 2015
Joint meeting with Princeton Board of Selectmen (BOS) and Princeton Advisory Board (AB), as a scheduled portion of the BOS meeting.
AB members in attendance were: John Shipman, George Handy, and Wayne Adams
Agenda AB portion of BOS Meeting
- Receive presentation on Smith Farm/Fieldstone Farm project with a focus on funding sources
- Review Answers to AB provided list of questions about Smith Farm
- Review the funding the options the BOS have and the timing of special town meeting
Fieldstone Farm
Mass Audubon and Princeton Land Trust made presentation on the details of the Farm parcels, identified funding sources, and options to generate revenue through land sale for housing development and farmstead sale for agricultural use.
Highlights:
- funds to be raised are $3.1M
$100K for fees and services for survey, perc, deeds, etc...
$3M to purchase farm
12/2014 appraisal based on buildable lots is $2.74M
- fund sources
PLT - $150K
Audubon- $150K
Project fund raising goal from private parties $500K
Town of Princeton $650K , $250K town funded ; $400K state grant
Other funding sources/potential sources don't have a dollar estimate yet, but target aggregate would be is $1.7M to reach $3.1M
- MA state agricultural preservation grant
- Dept of Conservation and Recreation (DCR)
- Worcester Watershed
- Sale of land/farmhouse
- land for farming - 60 acres
- current farmhouse
- up to four parcels, where each parcel can support 3-10 houses based on size of parcel. All parcels have been perc'ed
- future town tax revenue sources, rounded to the closest thousand:
before 2013 -Fieldstone Farm before "61" restrictions removed - $6K
2015 - Fieldstone Farm with restrictions removed - $14K
2017-2018, after land sale and new housing development - upto $82K with farm, farmhouse, and 15 homes at town average tax rate (2015) ; net incremental is $76 when compared in active farm use for 2013
- use of the land not sold, to be divided amongst program funders and their obvious interests. e.g. MA state agricultural restriction applies to existing and reclaimable fields, Worcester Watershed and DCR interests around watershed; Audubon for adjacent
property to existing sanctuary.
- Town of Princeton may be awarded 40 acres as conservation land.
- Town of Princeton has a desire to establish a new public safety cluster of buildings for police, fire, and ambulance. Not clear at this point in time how this planning need can be accommodated, if at all, and become part of the Farm funding and parceling.
BOS voted to hold a special town meeting vote on Dec 15 to approve the $250K funding with contingencies for the state grant to be made in the amount of $400K.
- BOS at next scheduled meeting to decide on funding options of excess levy or exempt borrowing, as well as the time-period to borrow for.
- Borrowing estimates and impact to average taxpayer with average home assessment vale of $305,000 are as follows:
- 1 year loan, $174 /year , $174/total
- 2 year loan, $89/yr , $178/tot
- 3 year loan, $60/year, $180/tot
- 4 year loan, $46/year, $184/tot
- 5 year loan, $37/year, $185/tot
More planning is required to understand taxpayer sensitivity to number of years of the loan, future town projects requiring multi-year funding (new town buildings), and current projects where funding obligations complete in 1-5 years (e.g. Four Corners).
Reference documents handed out to AB members :
- AB Fieldstone Farm Q&A from BOS
- Princeton draft warrants and funding options to fund $250K, as part of the $650K town commitment. Remaining $400K is planned as a state grant.
- PLT/Audubon presentation on Fieldstone Farm, its parcels, and possible options to resell parcels. [Same presentation delivered at Town Hall for public information disclosures]
Respectfully submitted,
Wayne M. Adams, AB Member
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