Town of Princeton, Mass. – March 28, 2016
Executive Session Minutes - BOARD OF SELECTMEN w/ Fieldstone Farm
Executive Session
4:05 PM The three selectmen took roll call vote in regular session and opened executive session. Present for Fieldstone Farm were Charlie Wyman, Tom Sullivan and Deb Cary. They reported that the APR portion of the farm has an estimated payment from the state’s APR program up to $580,000, with a P & S agreement from Hubbard Farm on one of the hayfields for $80,000. There is $580,000 expected from the state’s APR program plus $820,000 from DCR and $100,000 from Worcester Water Dept. for watershed protection. The farmhouse has a buyer and financing is in process, but Charlie mentioned there are no guarantees. The group has seen activity flatten with regard to donations, seemingly stalled at $420,000. The total needed may be $600-700,000 depending on land sales.
Selectmen repeated their desire for a parcel for future municipal use, such as a public safety or community center complex. Edith noted there is even need for more cemetery space, adding that it’s the selectmen’s obligation to secure something when the opportunity arises, for whatever municipal use, for 20—or 50—years in the future. There are not many 10-acre+ parcels available near the town center. Stan asked about the town getting “right of first refusal” if any offers came in for Parcel D which is 20 acres of backland in a hammerhead lot which is a single ANR as per frontage. It’s been estimated at $150,000 if sold as a single-family house lot, and there’s been no interest from developers in
building a road for a 6 – 8 house cluster under the OSRD provision in zoning—the only other option. No appraisals have been completed on Parcels C or D, only market estimates.
Stan pointed out that if Lot D were sold to the town for around $125,000, a stabilization fund (for infrastructure) could be used, or possibly free cash, or borrowing. Edith suggested the fund could then be replenished, after broadband needs are met, with sales of underutilized assets. Nina noted that state law prevents a municipality from purchasing real estate at more than appraised value.
BOS discussed the right of first refusal issue, and a purchase price not being set before ATM and using a generic article calling for ‘a sum of money for a portion of land at Fieldstone Farm.’ They want to be able to inform voters ahead of time and present a dollar figure at ATM, to avoid confusion.
4:35 PM The F.F. group asked to convene alone to deliberate and they moved to the small room.
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4:55 PM Group came back in and reported they would put the lots on the market immediately to test demand. Selectmen would have an informal right of first refusal, as they would be notified about any offers before any sale closing. The first draft of the ATM warrant may be available at the next BOS meeting on April 4.
5:02 PM Selectmen closed the executive session with Stan making a motion to adjourn, Jon seconded and in roll call vote they adjourned with Jon, Edith and Stan each saying “aye.” They returned to open session.
Respectfully submitted, Marie N. Auger, administrative assistant
Marie Auger
Administrative Assistant
Planning Department
978-464-2100
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