RE: Subject Property, House Bill 21 -- Acquisition of Silver Maple Forest

DT: May 3, 2007

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The purpose of this memorandum is to provide background on the property which is the subject of House Bill 21 -- the Silver Maple Forest, also known as the Belmont Uplands. I am delighted to provide additional detail as feel appropriate.

Address: 1 Acorn Park Drive, Belmont (this number is assigned by assessors for locational purposes only; no official street number)

Legal Identification: Map 40, Block 1 of the Belmont Assessing Department Records (http://24.61.156.140/Belmont/). The legislation as drafted refers to an adjoining triangular parcel in Cambridge. That reference is unnecessary. The essential target of acquisition is the Belmont portion -- the Cambridge parcel is approximately 2.7 acres and undevelopable.

Owner: AP Cambridge Partners II LLC, c/o ONeill Properties, 700 South Henderson Road, King of Prussia, PA 19406

Lot Size: 12.9 acres -- 561,924 Square Feet in Belmont

Zoning: Office or R&D. 40B Comprehensive Permit issued for 299 units of rental housing on February 16, 2007.

Conservation Restriction: Approximately 5 acres of the Belmont land area is substantially protected by a Memorandum of Agreement with the Town of Belmont which provides for the placing of a conservation restriction on the property. Additionally, a similar area would be protected under the terms of the 40B approval. The site abuts Acorn Park Drive. The developable highlands of the site are along Acorn Park Drive. The lower areas, which are protected by the planned conservation restriction form a half donut around the highlands.

Assessed Value: $13,879,000 (Fiscal 2007 Belmont Assessment of 12.9Belmont acres).

Appraised Value: $8,600,000 (9/30/2003 Prudential Insurance Company Appraisal -- refers to total of 15.6 acres, see note re Cambridge below)

Last Sale: $1,588,619 (July 2, 1999 from Arthur D. Little)

Online Documentation: At http://town.belmont.ma.us/Public_Documents/BelmontMA_BComm/Uplands40B/index, there is considerable visual and legal documentation of the site. See -- For images, see www.friendsofalewifereservation.org.