Acquisition of 828 West Avon Road Approved at the June 4th Special Town Meeting

-A A +A
Acquisition of 828 West Avon Road Approved at the June 4th Special Town Meeting
 
On Monday June 4, 2018, the Town’s acquisition of the property located at 828 West Avon Road was approved by voters during a Special Town Meeting held at the Avon Senior Center.
 
The 38 acre parcel is noted as one of 21 properties in the Town’s Plan of Conservation and Development (POCD) that are a high priority for acquisition. The Town is purchasing the property for general municipal use, with no restrictions, at a purchase price of $2,000,000.
 
Closing is anticipated to occur in summer 2018. At that time, the Town will take title to the property outright. At the same time, the Town will lease back to the Seller a “buffer zone” of approximately 22 acres at the rear of the property for a period not to exceed 18 years, to be used solely for agricultural and farming purposes. No portion of the property will be available for public access while the lease with the Seller is in effect. The Town also intends to lease the remaining 16 acres closest to West Avon Road to a yet to be determined private party for agricultural purposes. A public Request for Proposals (RFP) process will be conducted to select a lessee for this portion of the property.
 
The total cost of the acquisition including interest payments and soft costs (attorney’s fees, bonding costs, etc.) is $2,173,250. The first payment of $400,000, due at closing, has been included in the adopted Fiscal Year 2018-2019 capital budget. The remaining $1,600,000 will be financed through a bond privately placed with the Seller at an interest rate of 1.75% payable Fiscal Year 2019-2020 through Fiscal Year 2025-2026. Soft costs in the amount of $70,000 have also been funded through the adopted Fiscal Year 2018-2019 capital budget.
 
Should you have further questions regarding the approved acquisition, please call the Town Manager’s Office at (860) 409-4300.