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<p align="center" style="margin-top: 1; margin-bottom: 1"><b>
<font face="Verdana" size="5" color="#0000FF">Community Preservation Act</font></b></p>
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<p class="MsoNormal" style="margin:1 5; " align="left"><b> </b><p class="MsoTitle" style="margin: 1 5" align="center">
<font face="Verdana" size="4">Report to Town Meeting</font></p>
<p class="MsoTitle" style="margin: 1 5" align="center">
<font face="Verdana" size="4">The Community Preservation Act</font></p>
<p class="MsoSubtitle" style="margin: 1 5" align="center">
<font face="Verdana" size="2"> </font></p>
<p class="MsoHeading7" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana" size="2"><span style="color:windowtext">Submitted by
the Community Preservation Act Study Committee</span></font></p>
<p class="MsoSubtitle" style="margin: 1 5" align="center">
<font face="Verdana" size="2"> </font></p>
<p class="MsoSubtitle" style="margin: 1 5" align="center"><u>
<font face="Verdana" size="4">Executive Summary</font></u></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The CPA Study Committee was mandated by Town
Meeting last May to study the Community Preservation Act (CPA) and report
back to this year�s Town Meeting with its findings and recommend a course
of action for Town Meeting relative to CPA. The committee has spent the
past eight months studying CPA and makes the following recommendations to
Town Meeting.</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"><b>The CPA Study Committee unanimously
recommends an affirmative vote on Article 59 that places a referendum on
the November 2004 ballot for the voters of Needham to decide whether to
accept CPA. The committee also recommends an affirmative vote on Article
60 that establishes a Community Preservation By-law to be effective <i>
only</i> upon passage of a CPA referendum. In addition, the committee
also recommends an affirmative vote on Article 68 that will continue the
CPA Study Committee.</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
This Report to Town Meeting includes the following sections:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">An overview of CPA</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Recommendations of
the CPA Study Committee</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Considerations in
the committee�s recommendation</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">An Addendum that
includes; </font>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="circle" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul2a.gif" width="12" height="12" hspace="15" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Effects of a CPA
surcharge on the average tax bill</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul2a.gif" width="12" height="12" hspace="15" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Past projects for
which CPA funds could have been used</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul2a.gif" width="12" height="12" hspace="15" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Future projects
for which CPA funds could be used</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 align="center" style="text-align: center; margin: 1 5"><!--mstheme--><font color="#330099"><u>
<font face="Verdana" color="#000000" size="3">Overview</font></u><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Many Massachusetts towns have availed
themselves of the provisions of the Community Preservation Act (CPA). The
May 2003 Town Meeting voted to form a committee to study CPA and report
back to May 2004 Town Meeting with a recommendation on whether Needham
should take the necessary steps to accept CPA. </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Town Meeting has considered CPA in the
past. Shortly after the state legislature passed the enabling
legislation, Town Meeting voted against placing CPA on the ballot in
2001. Since then approximately 60 cities and towns have adopted CPA,
providing the study committee with additional information to consider in
its deliberations. The information below is offered to help in the
consideration of warrant articles 59 and 60 at this year�s Annual Town
Meeting. </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
What is Community Preservation?</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">MGL
Chapter 267 of 2000, Section 2, defines community preservation as �the
acquisition, creation and preservation of open space, the acquisition,
creation and preservation of historic structures and landscapes and the
creation and preservation of community housing.�</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
What is the Community Preservation Act?</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">The
Community Preservation Act (CPA) enables towns to set up a Community
Preservation Fund to be used for:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">The acquisition,
creation and preservation of open space; </font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">The acquisition,
preservation, rehabilitation and restoration of historic resources;
</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">The acquisition,
creation and preservation of land for recreational use; </font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">The creation,
preservation and support of community housing; and </font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">The rehabilitation
or restoration of open space, land for recreational use and community
housing that is acquired or created as provided in this section.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">CPA funds do not need to be used in the year
they are collected. They can be set aside for future uses. The statute
mandates that at least 10% of the CPA funds be used for open space, 10%
for housing, and 10% for historic purposes. A maximum of 5% can be used
for administering CPA. The remainder of CPA funds can be used in any
percentage for open space, housing, historic, and recreation purposes.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
Where do CPA Funds come from?</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Funding for a town�s Community Preservation Fund comes from two sources:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">A surcharge on
property taxes up to 3%.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Matching funds from
the state according to a formula set forth in M.G.L. Chapter 44B. Since
CPA�s inception, the state has been matching local contributions at 100%
although this percentage may change as more town take advantage of the
fund source. Matching funds are disbursed in October for revenues
collected in the previous fiscal year.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">State funds for CPA are raised through fees
on real estate transactions. Each time a Needham resident pays recording
fees for a home purchase or refinance, they are contributing to the
state�s CPA fund. To date, Needham residents have contributed about
$850,000 to the fund. Presently, the state has more than $126 Million
dollars in the fund, and has been disbursing approximately $27 Million
annually to cities and towns that have adopted CPA. </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
Are There Exemptions to CPA?</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
M.G.L Chapter 44B allows three exemptions, by local option, from the
property tax surcharge:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Property owned and
occupied as a domicile by a person who would qualify for low income
housing or low or moderate income senior housing </font>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="circle" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul2a.gif" width="12" height="12" hspace="15" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Low income is
defined as �those persons and families whose annual income is less
than 80 per cent of the area wide median income. The area wide median
income shall be the area wide median income as determined by the
United States Department of Housing and Urban Development.�</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul2a.gif" width="12" height="12" hspace="15" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana"><font size="2">Low or
moderate income senior housing is defined as �housing for those
persons having reached</font><span style="font-size: 10.0pt"> </span>
<font size="2">the age of 60 or over who would qualify for low or
moderate income housing.�</font></font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">$100,000 of the
assessed valuation of Class One, residential parcels</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Class Three,
commercial, and Class Four, industrial, properties in cities or towns
with classified tax rates</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
How does a town adopt CPA?</b></font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">A town adopts CPA by local option. To take
effect, both Town Meeting and referendum approval are required. An
affirmative vote of Article 59 by Town Meeting will put a CPA referendum
on the November 2004 ballot for voters to decide. </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">Can
a town rescind CPA?</font><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Yes. However, once a town adopts CPA, it
must remain in effect for 5 years. After 5 years, a town can vote to
reject CPA using the same process outlined above. However, the funding
mechanism for the Community Preservation Fund (real estate tax surcharge)
must remain in effect until all obligations undertaken through CPA have
been met, if such obligations exist.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">Can
the town change the surcharge percentage?</font><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Yes, the town can increase or decrease the
surcharge, within the parameters of the law, by a vote of Town Meeting and
approval by the voters.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
How is CPA Administered?</b></font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">If the voters accept CPA, the town is
required to form a Community Preservation Committee (CPC) to <u>evaluate
proposals and make recommendations to Town Meeting for the appropriation
of Community Preservation Funds.</u> Article 60 is a proposed bylaw that
establishes the CPC and details its duties.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
There are 5 statutory members on the CPC, one each from:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Conservation
Commission</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Historical
Commission</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Housing Authority</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Parks and
Recreation Commission</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Planning Board</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">In addition, the town can appoint or elect
up to 4 additional members. If appointed, the appointing authority is
left up to the town to decide. </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
If Needham adopts CPA, when does it get CPA funds?</b></font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The date on which the CPA property tax
surcharge takes effect is determined by when the Selectmen set the
tax-rate. They set the tax rate for the fiscal year in December. The CPA
surcharge cannot be collected until after the tax rate is set in the
fiscal year in which CPA takes effect. Needham can disburse the revenue
from the surcharge as soon as the town receives it. However, the state
matching funds are not disbursed until October 15, and are based on CPA
revenues the town received in the previous fiscal year. </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">For example, if the voters approve CPA in
November 2004, the first CPA surcharge would appear on tax bills due no
earlier than August 2005. The first time Needham could receive state
matching funds would be October 2006.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">Who
pays for the administrative costs associated with CPA?</font><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2" color="#000000">The state law permits up to
5% of CPA funds to be used for administrative costs associated with the
CPC. The Finance Committee would review this budget item and Town Meeting
would vote on it. This cost would not come from the general town budget.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<u><font face="Verdana"><b>CPA Study Committee Recommendations</b></font></u></p>
<p class="MsoHeader" align="center" style="text-align: center; margin: 1 5">
<b><font face="Verdana" size="2">April 15, 2004</font></b></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoBodyText" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The CPA Study Committee unanimously
recommends that Town Meeting vote to allow the voters of Needham to
decide, through referendum, whether or not to adopt the Community
Preservation Act.</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">To accomplish this, the CPA Study Committee
has placed three warrant articles on the 2004 Town Meeting Warrant.</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Article 59: Enables a referendum</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Article 60: A bylaw that becomes effective
if the voters approve CPA</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Article 68: To continue the CPA Study
Committee</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The eleven-person CPA Study Committee was
formed following a vote of Town Meeting in May 2003. The committee has
met at least once a month beginning in September 2003. In its
deliberations, members of the committee talked with town officials and CP
Committee members in a number of communities that have adopted CPA.
Members also discussed in detail the provisions of M.G.L. Chapter 44B, the
process required for the town to adopt CPA, and the way in which CPA would
affect interactions between town boards and the budgetary process.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Results of Research</font><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Each member of the committee interviewed
officials in one or two towns that have adopted CPA. In all the committee
researched more than twenty towns. Committee members were surprised to
find that reactions to CPA were universally positive. This was
information that was not available when Town Meeting last considered CPA
in 2001. Based on this research, the committee quickly reached a
consensus that it would be advantageous for Needham to adopt CPA.</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Another phenomenon the committee found was
that CPA adoption in other towns did not appear to be affected by previous
overrides and did not affect subsequent overrides. The committee�s work
then moved on to discuss the steps necessary to present Town Meeting
enough information to make an informed decision. The committee engaged in
numerous discussions of:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">The
advantages and disadvantages of CPA</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">How
the at-large members of the CPC should be appointed</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">The
amount of the surcharge and exemptions from it</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">The
timing of warrant articles, ballot questions, bylaws, etc.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The CPA Study Committee suggests that people
interested in more information on CPA look at the website of The Trust for
Public Land: <a target="_blank" href="http://www.tpl.org/cpa">
http://www.tpl.org/cpa</a>, The Community Preservation Coalition:
<a target="_blank" href="http://www.communitypreservation.org">
http://www.communitypreservation.org</a>, or The Massachusetts Executive
Office of Environmental Affairs:
<a target="_blank" href="http://commpres.env.state.us/content/cpa.asp">
http://commpres.env.state.us/content/cpa.asp</a>.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Specific CPA Committee Recommendations</font><!--mstheme--></font></h2>
<ol style="margin-top: 0in; margin-bottom: 0in" start="1" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">In
Article 59 of the Town Meeting Warrant, the CPA Study Committee had to
make two key decisions regarding exemptions and the surcharge amount.
There was quick consensus regarding exemptions. There were lengthy
discussions at several meetings regarding the percentage surcharge to
recommend.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<!--mstheme--></font><!--msthemelist--><table border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The committee unanimously voted to accept
the $100,000 and low-income/low or moderate senior income exemptions
from the property tax surcharge.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The committee voted 9-1 to recommend a
property tax surcharge of 2 percent. The percentage was reach through
compromise, and the reasons for recommending 2 percent are as follows:</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<blockquote>
<ol type="a">
<li>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The committee felt that it was important
to raise enough revenue to be able to undertake not only small
projects but larger projects with a significant impact.</font></li>
<li>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The committee wanted to keep the average
surcharge under $100. At 2 percent, the surcharge would be
approximately $86 a year, and raise approximately $1 million.</font></li>
<li>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The state would, for the foreseeable
future, match Needham dollar for dollar, totaling an additional $1
million.</font></li>
<li>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">A 2 percent surcharge will provide
enough revenue to fund large capital projects such as Town Hall, as
well as smaller qualifying projects that, otherwise, would be included
in the operating budget such as feasibility studies and design
projects.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Information on the effects of the
surcharge follows in an addendum to this report.</font></p>
</blockquote>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="2" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">In
Article 60 of the Town Meeting Warrant, the CPA Study Committee is
recommending that all members of the CPC hold staggered terms, and that
the four additional members (not defined by statute) be chosen evenly by
the Selectmen and Moderator.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Important Considerations in the CPA Study Committee�s Recommendation</font><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">In
its deliberations, the committee decided on its recommendation based on
several other factors.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="1" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">CPA
is an additional source of funding, up to 100% state matching funds for:</font></li>
</ol>
<blockquote>
<!--mstheme--></font><!--msthemelist--><table border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="top" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">High priority projects the town will
need to fund anyway;</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Qualifying projects that would otherwise
be funded from the Town�s operating budget;</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Lower priority projects which, while
desirable, have little chance of being implemented in the current
fiscal climate.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</blockquote>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="2" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">
Unlike other state programs like the School Building Assistance Program,
the State grants and delivers CPA matching funds to Towns on an annual
basis. Needham is in complete control of when and how these funds are
used and can earn interest on unspent funds accumulating in the CPA
�account.�</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="3" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">
Since the inception of CPA in 2000, residents of Needham have
contributed approximately $850,000 to the state CPA fund used to match
local CPA funds. In the years to come, this amount will increase. In
effect, Needham is helping fund worthwhile projects in other towns while
receiving no benefits. In the first year of adoption of CPA, Needham
could realize a net gain of funds received from the state fund versus
fees paid into it.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="4" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">The
$100,000 exemption that the committee is recommending reduces the burden
on all homeowners. In addition, the surcharge won�t affect qualifying
senior citizens and low-income individuals.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="5" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">The
CPA will not change the way in which Needham makes its financial
decisions. The Finance Committee will need to review proposals for CPA
projects, and Town Meeting will need to approve any expenditure of CPA
funds.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="6" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">CPA
funds do not need to be used in the year in which they are received.
They can be set aside in reserve funds for future use. This provides
flexibility in funding projects and will help ensure that projects are
funded in a thoughtful manner.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="7" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">The
members of the committee, through their research and observation,
believe that CPA will not hinder the town�s ability to raise additional
funds in the future through operational and debt exclusion overrides, if
necessary, because:</font></li>
</ol>
<blockquote>
<!--mstheme--></font><!--msthemelist--><table border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="top" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Voters consider overrides on their own
merits, depending on how they�re packaged and promoted, and how much
is requested.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">CPA funds may actually mitigate the need
for the town to seek overrides for certain projects pertaining to open
space, housing, historical preservation, and recreation. In addition,
as an additional source of funding, CPA may relieve pressure for
future overrides and help lower the town�s indebtedness.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</blockquote>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="8" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">In
the past several years the town has found it necessary to fund more and
more capital projects from the tax levy. While this has maintained a
stable debt burden for the town, it has put increasing pressure on the
operating budget and often resulted in the deferment of new equipment or
maintenance. CPA will enable some of the otherwise deferred projects to
be funded without affecting the debt burden or operating budget.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="9" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">CPA
can be an important part of an overall strategy for managing the town�s
finances.</font></li>
</ol>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<ol style="margin-top: 0in; margin-bottom: 0in" start="10" type="1">
<li class="MsoNormal">
<p style="margin: 1 5" align="justify"><font face="Verdana" size="2">
Finally, the committee feels that it is important for Town Meeting to
take action now. The longer the town delays voting on CPA, the more
money it �leaves on the table� and the longer it will take to undertake
badly needed and worthwhile projects. </font></li>
</ol>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h2 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">Why
did the CPA Study Committee Put a By-Law Article (60) on This Year�s
Warrant?</font><!--mstheme--></font></h2>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">The decision to put a Community Preservation
By-Law on this year�s Town Meeting Warrant was related to timing. This
bylaw only takes effect if Town Meeting approves Article 59, and the
voters pass a CPA referendum in November. It will enable the Town to
quickly form a CPC and take advantage of CPA as soon as possible.</font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5" align="justify">
<font face="Verdana" size="2">Additionally, Article 60 provides critical
information about how CPA would work in Needham, answering questions, and
giving Town Meeting Members the ability to make a more informed decision.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoBodyText" style="margin: 1 5"><font face="Verdana" size="2">
If you have questions, please call members of The CPA Study Committee:</font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">John
Comando, Chair</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-449-5338</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana">Louis
Hutchins</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-444-0132</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Roy
Cramer</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-444-3134</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Dan
Matthews</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-444-1067</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Paul
Denver</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-444-4112</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Ron
Ruth</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-449-5519</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Bill
Dermody</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-444-0973</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Paul
Siegenthaler</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-453-9984</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Cheryl
Gosmon</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-455-9261</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Richie
Weitzen</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
781-444-0914</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Moe
Handel</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">781-
449-2850</font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana"> </font><!--mstheme--></font></td>
<td width="160" valign="top" style="width:119.7pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana"> </font><!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p style="margin: 1 5"> </p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>Addendums to CPA Study Committee Report</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h6 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">Tax
Surcharge Effects, FY 2004 Example</font><!--mstheme--></font></h6>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2">
Assumptions:</font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2">
Residential Tax Rate: $9.45</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Average Single Family Home Assessment: $554,681</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Average Residential Tax Bill: $5,241.74</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none" bordercolordark="#000000" bordercolorlight="#999999">
<tr>
<td width="94" valign="top" style="width: 70.25pt; border: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Surcharge</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Rate</font><!--mstheme--></font></td>
<td width="107" valign="top" style="width: 80.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Yearly</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Surcharge</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">(avg. tax bill)</font><!--mstheme--></font></td>
<td width="104" valign="top" style="width: 78.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Quarterly</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Surcharge</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">(avg. tax bill)</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 83.7pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Town Revenue</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Estimate*</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 84.25pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">State Matching Funds at 100%</font><!--mstheme--></font></td>
<td width="109" valign="top" style="width: 81.9pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Total </font><!--mstheme--></font></td>
</tr>
<tr>
<td width="94" valign="top" style="width: 70.25pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">1.0%</font><!--mstheme--></font></td>
<td width="107" valign="top" style="width: 80.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$42.97</font><!--mstheme--></font></td>
<td width="104" valign="top" style="width: 78.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$10.74</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 83.7pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$481,261</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 84.25pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$481,261</font><!--mstheme--></font></td>
<td width="109" valign="top" style="width: 81.9pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$962,522</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="94" valign="top" style="width: 70.25pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">1.5%</font><!--mstheme--></font></td>
<td width="107" valign="top" style="width: 80.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$64.45</font><!--mstheme--></font></td>
<td width="104" valign="top" style="width: 78.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$16.11</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 83.7pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$721,891</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 84.25pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$721,891</font><!--mstheme--></font></td>
<td width="109" valign="top" style="width: 81.9pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$1,443,782</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="94" valign="top" style="width: 70.25pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<u><font face="Verdana"><b>2.0%</b></font></u><!--mstheme--></font></td>
<td width="107" valign="top" style="width: 80.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<u><font face="Verdana"><b>$85.93</b></font></u><!--mstheme--></font></td>
<td width="104" valign="top" style="width: 78.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<u><font face="Verdana"><b>$21.48</b></font></u><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 83.7pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<u><font face="Verdana"><b>$1,002,626</b></font></u><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 84.25pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<u><font face="Verdana"><b>$1,002,626</b></font></u><!--mstheme--></font></td>
<td width="109" valign="top" style="width: 81.9pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<u><font face="Verdana"><b>$2,005,252</b></font></u><!--mstheme--></font></td>
</tr>
<tr>
<td width="94" valign="top" style="width: 70.25pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">2.5%</font><!--mstheme--></font></td>
<td width="107" valign="top" style="width: 80.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$107.42</font><!--mstheme--></font></td>
<td width="104" valign="top" style="width: 78.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$26.86</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 83.7pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$1,253,283</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 84.25pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$1,253,283</font><!--mstheme--></font></td>
<td width="109" valign="top" style="width: 81.9pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,506,566</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="94" valign="top" style="width: 70.25pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">3.0%</font><!--mstheme--></font></td>
<td width="107" valign="top" style="width: 80.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$128.90</font><!--mstheme--></font></td>
<td width="104" valign="top" style="width: 78.35pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">$32.23</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 83.7pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$1,503,939</font><!--mstheme--></font></td>
<td width="112" valign="top" style="width: 84.25pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$1,503,939</font><!--mstheme--></font></td>
<td width="109" valign="top" style="width: 81.9pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$3,007,878</font><!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">*
Town revenue estimate assumes a 96% collection rate due to low-income and
senior surcharge abatements.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h6 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">What
Other Towns are Doing with CPA Funds</font><!--mstheme--></font></h6>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse">
<tr>
<td width="319" valign="top" style="width:239.4pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<h4 style="margin: 1 5"><!--mstheme--><font color="#330099"><u>
<font face="Verdana" size="2" color="#000000">Recreation</font></u><!--mstheme--></font></h4>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
Irrigation Systems</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Holliston</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Newton</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Wareham</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">New
Ball Fields</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Amherst</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Cohasset</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Holliston</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">North Andover</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Scituate</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Wareham</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
Playgrounds</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Braintree</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Chatham</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Norwell</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">
Skateboard Parks</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Amherst</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Bedford</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Norwell</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana"> </font><!--mstheme--></font></td>
<td width="319" valign="top" style="width:239.4pt;padding:0in 5.4pt 0in 5.4pt"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<h4 style="margin: 1 5"><!--mstheme--><font color="#330099"><u>
<font face="Verdana" size="2" color="#000000">Historic Preservation</font></u><!--mstheme--></font></h4>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana">Town
Hall Renovations</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Ashland</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Bedford</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Braintree</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Chelmsford</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Holliston</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Rowley</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana"><b><u>
Housing</u></b></font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Helping fund Habitat
for Humanities projects</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Purchasing land to be
used for affordable housing</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Buying down purchase
prices for affordable housing</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Buying down density of
40B projects</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Providing down payment
assistance</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Converting existing
units to low income housing</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<h4 style="margin: 1 5"><!--mstheme--><font color="#330099"><u>
<font face="Verdana" size="2" color="#000000">Open Space</font></u><!--mstheme--></font></h4>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Purchasing land</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Purchasing easements</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana">Improving public
access</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" align="center" style="margin: 1 5"> </p>
<p class="MsoHeader" align="left" style="margin: 1 5">
<font face="Verdana" size="2"><b>Recent Needham Projects that Could Have
Used CPA Funds</b></font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2">
Please note that these are examples of the types of projects only. The
CPA law didn�t go into effect until 2000.</font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><u>
May 2000 Town Meeting </u></font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2">
(Projects worth $224,000; $124,000 from the operating budget) </font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Memorial Park ADA
Improvements, $90,000 from the operating budget</font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Repairs to Fields, Fences and
Building at Cricket Field, $34,000 from the operating budget</font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Rosemary Pool Renovation
Design, $100,000 </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><u>
May 2001 Town Meeting</u> (Projects worth $421,000; $121,000 from the
operating budget)</font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Memorial Park Parking Lot,
$46,000 from the operating budget</font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Rosemary Pool Feasibility
Study, $75,000 from the operating budget</font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Rosemary Pool Repair, $300,000</font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><u>
November 2001 Special Town Meeting</u></font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Town Hall Feasibility Study,
$75,000 from the operating budget</font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><u>
November 2002 Special Town Meeting</u></font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Emery Grover Building Repairs,
$120,000 from the operating budget</font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><u>
May 2003 Town Meeting</u></font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Well Field Watershed Study,
$16,000 from the operating budget</font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><u>
Requested for May 2004 Town Meeting</u></font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Rosemary Pool Sandblasting,
$35,000 from the operating budget</font></p>
<p class="MsoHeader" style="text-indent: -.25in; margin: 1 5">
<font face="Verdana"><span style="font-size: 10.0pt">�</span></font><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Verdana"><font size="2">
</font></span><font face="Verdana" size="2">Rosemary Pool Roof
Replacement, $40,000 from the operating budget</font></p>
<h5 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana"><b> </b></font><!--mstheme--></font></h5>
<h6 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Possible Projects Suggested by Town Boards or in Capital Plan</font><!--mstheme--></font></h6>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">The
CPA Study Committee asked the Conservation Commission, Housing Authority,
Historical Commission, and Parks and Recreation Commission to provide it
with some examples of projects for which CPA funds could be used. Some of
the projects are listed in the most recent capital plan. These projects
are presented as examples only. Any and all projects would need to be
approved by the CPC and funded by Town Meeting.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h4 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Historical Commission</font><!--mstheme--></font></h4>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Bridge Maintenance & Repair</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Echo Bridge
(National Register)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Needham St. Bridge
(National Register)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Fisher�s Bridge
(1875) (Mass. State Register)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Newell�s Bridge
(1847) (Mass. State Register)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Municipal Buildings</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Feasibility Studies
for Town Hall and Emery Grover Buildings</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Restoration of Town
Hall (1902) (National Register)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Rehabilitation of
Emery Grover (1898) (National Register)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><b>
Housing Authority</b></font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Increase the number
of affordable housing units at High Rock Estates</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Redevelop and/or
renovate public housing units on Linden St.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Build new
affordable multi-unit housing on yet unidentified land</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Buy down affordable
units in existing or proposed multi-unit developments</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Buy down 40B
development density</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h4 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Conservation Commission</font><!--mstheme--></font></h4>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Hire a consultant
to help complete Open Space Master Plan</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Survey portions of
the 73 acres purchased by the town in 1989, and create trails connecting
the land with existing Ridge Hill trails</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Construct a
permanent trail from Ridge Hill to the Charles River</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Undertake
educational projects</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Purchase open space
or conservation restrictions from property owners</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Purchase easements
from property owners for access the Charles River and other areas</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Renovate Ridge Hill
Kitchen </font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<h4 style="margin: 1 5"><!--mstheme--><font color="#330099"><font face="Verdana" size="2" color="#000000">
Parks & Recreation</font><!--mstheme--></font></h4>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Install sun shelter
awning at Rosemary Pool</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Repair Mills Field
tennis courts</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Purchase and
install rubberized surfacing at DeFazio playground area</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Replace playground
equipment at Cricket Field</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Install basketball
court at DeFazio Park</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Resurface and
re-line track at Memorial Park.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Renovate bathrooms
at Claxton Field and make handicap accessible.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Install irrigation
systems at Avery and Pollard fields</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Create a new
multi-purpose grass field at a site to be determined</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Create a skate park
at a site to be determined.</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Memorial Park
Parking Lot</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">DeFazio Complex
Parking Lot and Road</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Athletic Field
Irrigation Program</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Landfill Reuse</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"><b>
Project Example: Town Hall Renovation</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Needham�s Town Hall will need to be renovated. Structural problems have
been identified and parts of the building are in need of repair.
Presently, Needham will need to pass an override to do the work. CPA
funds could be used for all or part of the project, possibly eliminating
the need for an override and its effect on the Town�s total indebtedness
and debt service. With CPA, the state would, in effect, pay for half of
the project, in advance -- not at some later time.</font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">The
following table illustrates an example of how CPA funds might be used to
fund Town Hall renovation. </font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"><b>
Example: Possible Use of CPA Funds for Town Hall Renovation</b></font></p>
<p class="MsoNormal" style="margin: 1 5"><font face="Verdana" size="2">
Assumptions:</font></p>
<!--mstheme--></font><!--msthemelist--><table style="margin-top: 0in; margin-bottom: 0in" type="disc" border="0" cellpadding="0" cellspacing="0" width="100%">
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">2% Surcharge</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">State continues to
match town CPA revenues 100%</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">Project cost =
approximately $10 million</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">40% of town CPA
fund dedicated to Town Hall debt service</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">10% of town�s CPA
fund dedicated to Housing (mandated by statute)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">10% of town�s CPA
fund dedicated to Open Space/recreation (mandated by statute)</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--><tr><td valign="baseline" width="42"><img src="../_themes/copy-of-blends/blebul1a.gif" width="15" height="15" hspace="13" alt="bullet"></td><td valign="top" width="100%"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p style="margin: 1 5"><font face="Verdana" size="2">40% of town�s CPA
fund discretionary - to be spent on any qualifying project</font><!--mstheme--></font><!--msthemelist--></td></tr>
<!--msthemelist--></table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<div align="center">
<center>
<!--mstheme--></font><table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none" bordercolordark="#000000" bordercolorlight="#999999">
<tr>
<td width="79" valign="top" style="width: 59.4pt; border: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>Year</b></font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>CPA Revenue</b></font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>Historical </b></font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>(Town Hall)</b></font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>Housing</b></font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana" size="2">(statutory 10% minimum)</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>Open Space</b></font></p>
<p class="MsoBodyText2" style="margin: 1 5"><font face="Verdana">
(statutory 10% minimum)</font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b> </b></font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana"><b>Discretionary</b></font></p>
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana" size="2">(for use for historical, housing, open
space, & recreation purposes)</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">1</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">2</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">3</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">4</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">5</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">6</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">7</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">8</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">9</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">10</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">11</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">12</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">13</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$200,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$800,000</font><!--mstheme--></font></td>
</tr>
<tr>
<td width="79" valign="top" style="width: 59.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="center" style="text-align: center; margin: 1 5">
<font face="Verdana">Total</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$26,000,000</font><!--mstheme--></font></td>
<td width="114" valign="top" style="width: 85.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$10,400,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,600,000</font><!--mstheme--></font></td>
<td width="102" valign="top" style="width: 76.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$2,600,000</font><!--mstheme--></font></td>
<td width="139" valign="top" style="width: 1.45in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in"><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
<p class="MsoNormal" align="right" style="text-align: right; margin: 1 5">
<font face="Verdana">$10,400,000</font><!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica">
</center>
</div>
<p class="MsoHeader" style="margin: 1 5"><font face="Verdana" size="2"> </font></p>
<p class="MsoNormal" align="left">
<p class="MsoNormal" style="margin-left:.25in" align="left"> <!--mstheme--></font></td>
</tr>
</table><!--mstheme--><font face="Trebuchet MS, Arial, Helvetica"><!--mstheme--></font></body>
</html>