Select board signs loan agreement for town purchase of Munger property; conservation commission readies survey and grant paperwork

The Brentwood Conservation Commission was briefed on the status of the town’s planned purchase of the Munger property, including financing and next administrative steps. The commission was told the select board has signed a loan agreement for $225,000 with a 15‑year term and annual payments of about $15,000; the loan application and bond are being put out to banks for bid and the interest rate in the loan package was set not to exceed 4.75 percent.

Commission members discussed timing for closing and next procedural steps. The presenter said closing could occur as early as September if bond proceeds arrive on schedule and that the warranty deed is the remaining document to complete with town counsel before settlement. The presenter also noted the commission previously authorized up to $23,100 for transaction costs related to the purchase.

The commission received notice that a grant application to the Great Bay Resource Transaction Program was approved for $13,250 to offset transaction costs. "We had to sign a letter of agreement... she confirmed on Monday that she received that so all is in order," the presenter said, summarizing the paperwork and reimbursement process; the commission will submit transaction‑cost documentation, including recorded volunteer time, to claim the funds.

Commissioners discussed verifying boundary markers before closing. The presenter said two surveying firms — Northam and Barry Surveying — were contacted for estimates after the commission asked for marker verification; earlier estimates ranged from about $4,000 to $7,300 depending on scope. The commission agreed the presenter may negotiate with the firms, share proposals with members for review, and, if satisfied, sign a contract before the July meeting so field work can be scheduled in August or early September.

Members also asked whether the town could refinance the bond later; the presenter said the loan has no prepayment penalty, so refinancing may be possible but will depend on bond counsel and timing. The commission asked staff to follow up with the town treasurer and bond counsel on refinance options and the bid timetable.

Next steps: finalize the warranty deed with town counsel, complete marker verification through selected surveyor, submit transaction‑cost documentation to claim the Great Bay grant, and continue coordination with bond counsel and the treasurer to schedule closing.