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Board approves $427,500 working‑waterfront allocation for Stonington Lobster Co‑op
Summary
The board confirmed a $427,500 allocation from working waterfront funds to support a fee/covenant acquisition for Stonington Lobster Co‑op; the appraisal oversight committee recommended use of a 25% covenant rule and staff reported no public comments during the notice period.
The Land for Maine's Future Board voted to confirm a $427,500 working‑waterfront allocation to support acquisition-related infrastructure for the Stonington Lobster Co‑op.
Staff presented the project as the co‑op's second application to LMF; the appraisal oversight committee recommended acceptance of the appraised fair market value of $1,710,000 and used the board's established 25% rule to derive a covenant value. Staff said the derived board obligation would be $427,500 and that the appraiser's value was slightly lower than a prior estimate but acceptable to the parties. Public notice of the project ran in the Bangor Daily News on June 28 and staff reported no public comments were received.
A board member moved the recommendation to confirm the $427,500 allocation "subject to standard conditions"; there was a second and the motion passed. The board recorded the result as unanimous in the meeting record.
Ending: Staff will move forward with project documentation and standard closing conditions; board members were reminded there may be additional closings before the September meeting.
