Trust votes to request $134,200 from CPC, approves $4,200 appraisal for 187 Depot Street affordable units

At a trust meeting, members voted to amend their pending request to the Community Preservation Committee (CPC) to reflect $130,000 in support for two additional affordable units at 187 Depot Street in Dennisport, and approved a $4,200 appraisal payment to Shepherd Associates LLC, voting to request release of $134,200 from CPC/DAHT funds.

The chair explained that an earlier appraisal showed a difference between maintaining four affordable units and adding two more: the market value conclusion was $5,305,000 with four affordable units and $5,175,000 with six, a $130,000 difference (about $65,000 per additional unit). Because the CPC approval is constrained by the appraisal, the trust proposed reducing the previously discussed $150,000 contribution to $130,000 and separately covering the appraisal fee. “We got it passed pending the correction of the appraisal,” the chair said, noting the revised figures and the resulting $134,200 total request when the appraisal fee is included.

Committee member Speaker 2 moved to amend the original CPC request "to release funds for 2 additional affordable units at the project at 187 Depot Street, Dennisport, Mass, from 150000 to a 130,000, reflecting the value per the appraisal," and the motion was seconded (recorded as seconded by PJ). The roll-call vote was recorded as affirmative by a majority of members; the amendment carried.

Speaker 2 then moved to approve payment to Shepherd Associates LLC in the amount of $4,200 for the appraisal to be paid from CPA funds in the DAHT account; that motion also passed on roll call. Finally Speaker 2 moved to request release of $134,200 from CPC/DAHT funds (the $130,000 plus the $4,200 appraisal), and that motion likewise passed on roll call.

Members discussed whether the developer could accept the reduced $130,000 contribution. One committee member asked whether the developer objected; the chair said the developer had been "very much wants to work with us" and had been kept informed. Members also discussed alternative sources if additional funds were needed, including trust-held cash and possible predevelopment allocations; one member cautioned that using largely CPC-designated funds alongside other trust funds could raise procedural questions (“in a way, it seems like it's money laundering,” one member said), and the group agreed to explore options if needed.

The chair also announced upcoming public engagement: a joint hour-long meeting with the select board and a community meeting Monday the 23rd from 4 to 6 p.m. at the senior center to review relocation of buildings on the property and a consultant financial feasibility study. Staff said they would forward consultant materials and a PowerPoint to administration for inclusion in the select board packet.

The meeting closed after a final roll call and unanimous voice votes to adjourn. The trust’s formal actions were: amendment of the CPC funding request to $130,000 for two additional units, approval of a $4,200 appraisal payment to Shepherd Associates LLC, and a request for release of $134,200 from CPC/DAHT funds. The community meeting and select board coordination were set as the next steps.