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Smithfield council directs manager to pursue purchase of The Grange for $6.5 million
Summary
The Smithfield Town Council voted to direct the town manager to negotiate and sign a purchase for a property called The Grange for $6,500,000 and approved a companion resolution allowing reimbursement from tax-exempt financing.
The Smithfield Town Council voted on March 3 to direct the town manager to sign and pursue purchase of a property known as The Grange at 10 Main for $6,500,000 and adopted a related resolution allowing the town to reimburse itself from the proceeds of tax-exempt financing.
Councilman Brooks introduced the motion to adopt a resolution directing the town manager to finalize the purchase and to engage financing tools, saying the town would use tax-exempt bonds or, if necessary, short-term cash.…
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