The committee discussed amending the funding category for the recently approved acquisition of 74 College Highway. Initially categorized under the historical fund, members concluded that it would be more fitting to utilize open space general and reserve funds. This shift follows recommendations from the Community Preservation Coalition, acknowledging that the property, while it may have historical significance in the future, does not currently qualify for historical categorization. The committee swiftly voted on this change, aligning the funding with the Coalition’s guidance.

In addition to the reallocation of funds, the committee addressed the need for additional administrative funds to cover the increased cost of appraisals, including conservation restriction appraisals, for the 74 College Highway property. The appraisal cost rose from $1,500 to $2,000, which the committee deemed an appropriate use of administrative funds. This increase was necessary to accommodate the complexities involved in assessing the conservation restriction value, which requires multiple appraisals and comparisons.

The committee also clarified that it cannot fund 100% of the property acquisition since the town is not purchasing the land. Instead, they can only cover the conservation restriction’s value at the time of purchase and deed. This distinction ensures that the Historical Society, or any other purchasing entity, secures additional funding for the remaining acquisition costs.