Sections 3 to 7 of Chapter 44B of the General Laws of Massachusetts, also known as the Community Preservation Act, (the 'Act') establish a dedicated funding source for the: acquisition, creation and preservation of open space; acquisition, creation, preservation, rehabilitation and restoration of land for recreational use, including parks, playgrounds and athletic fields; acquisition, preservation, rehabilitation and restoration of historic resources; acquisition, creation, preservation and support of community housing; and rehabilitation of restoration of open space and community housing acquired or created as provided under said Act. In Westborough, the Act will be funded by a a surcharge of 0.5% on the annual property tax assessed on real property and by matching funds provided by the state, to take effect beginning in fiscal year 2024. The following exemptions from said surcharge, permitted under Section 3(e) of the Act, will apply: (1) property owned and occupied as a domicile by any person who would qualify for low income housing or low or moderate income senior housing in the Town of Westborough, as defined in Section 2 of said Act; (2) $100,000 of the value of each taxable parcel of residential real property; and (3) $100,000 of the value of each taxable parcel of class three, commercial property, and class four, industrial property as defined in Section 2A of G.L. c. 59. The surcharge to be paid by a taxpayer receiving an abatement or an exemption of real property authorized by G.L. c. 59 or any other law will be reduced in proportion to such abatement or exemption. A Community Preservation Committee must be created pursuant to bylaw and include local residents who will make recommendations on the use of the funds. Town Meeting must approve any such recommendation before the funds may be expended for any purpose.