CPA Projects – Detailed Report

The Daly property is a 2.5 acre land purchase that will create a pocket park for the South Main, Maple Street and South Street neighborhoods. The property is a woodland with tall, mature trees that would be a nice place for adults and children to observe birds and wildlife and “have the opportunity to play in the woods.” This purchase would protect in perpetuity a natural woodland. Whereas this request will provide a pocket park to a neighborhood that at one point thought twenty eight 40B condos would be built. This truly is a nice opportunity to provide a woodland area for a well-established neighborhood. The negotiations took over a year and started out at $750,000. The final purchase price of $200,000 will end the threat of a 40B project and have the land placed in a passive recreation land trust and will remain so in perpetuity. To make the first payment on the borrowing approved at Town Meeting to purchase Powers Farm ($800,000), the Rent Property ($425,000) and the Daly Property ($175,000). This will be the first of ten payments to payoff the bond. Whereas the Committee has made a commitment to pay the bond in a ten year period, instead of choosing a twenty year bond, the CPC will save approximately $225,000 in interest charges. The first year payment will be $126,500. In addition, the total amount of the borrowing is $500,000 less the total appropriated amount per the state grant awarded for the purchase of Powers Farm.