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Town to exercise buyback clause to reacquire vacant former town-office lot for $1
Summary
Staff told the board the developer missed the completion deadline and the town will exercise a clause to buy the vacant lot back for $1; town staff will process paperwork to retake ownership and seek a future sale.
Staff reported the developer did not complete work on a long-vacant lot (formerly the town office site), and the town will exercise its contractual buyback clause to reacquire the property for $1.
At the meeting the staff member explained, "their time has ended... the town will be exercising their clause to buy it back for a dollar," and said a municipal official (Rich) is preparing paperwork to transfer the parcel back to town ownership so it can be offered for sale to another buyer.
Board members discussed past efforts to interest buyers and noted that private negotiations between the town and potential purchasers are outside municipal control. No formal price or buyer was identified at the meeting; staff described the reacquisition as the immediate next step so the town can pursue resale options.
