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Selectboard moves to accept VHCB conservation recommendation for Vondell property while seeking time to finalize purchase agreement
Summary
Woodstock Selectboard discussed accepting a VHCB recommendation for conservation funding and pursued an extension to complete attorney review and fundraising. Donna Foster of the Vermont Land Trust said the VHCB vote is scheduled for March 26 and paperwork is due the prior week.
The Woodstock Selectboard discussed moving forward with conserving the Vondell property and sought extra time to complete a purchase-and-sale and required legal review ahead of a Vermont Housing & Conservation Board decision.
Donna Foster of the Vermont Land Trust told the board that "the recommendation is for $605,000 to be voted on at the Vermont Housing & Conservation Board at the March 26 meeting," and that materials need to be in to board members by the week prior. Board members confirmed the town had previously discussed a $1,000,000 purchase price for the property with roughly $600,000 anticipated from VHCB and $400,000 from private fundraising, and debated timing risks if a signed purchase-and-sale could not be completed quickly.
Board members and volunteers emphasized the fundraising challenge and contingency language in the purchase-and-sale. One board member noted it would likely require additional selectboard sessions and attorney time to meet a March 9 turnaround for a signed purchase-and-sale; Donna Foster said an extension could be requested and that the March 26 meeting is when VHCB would decide. The board heard that leverage from local fundraising is valued by VHCB but that the grant is not strictly contingent on the town having raised the entire $400,000 prior to VHCB’s award.
The board approved a motion to seek an extension to permit attorney review and to proceed with the purchase-and-sale if that extension is granted. The motion carried by voice vote. The board later moved to executive session to discuss negotiation strategy related to the real estate transaction.
