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Volunteers report $402,000 pledged for Bridal conservation easement; board discusses options for use of funds
Summary
Volunteers said $402,000 in private pledges plus a $605,000 grant from the Vermont Land Trust/VHCB would bring more than $1,000,000 available for the Bridal conservation easement; the board discussed using proceeds to offset bond payments, invest as an endowment, or fund capital projects.
Mark Harris, one of the volunteers leading the Bridal Conservation Easement fundraising, told the board that pledges reached $402,000 and that the Woodstock Rotary and other partners are prepared to deliver funds to the town; he said the Vermont Land Trust has funds earmarked for transfer.
Town staff said roughly $75,000 has been deposited to the town so far and that the combined grants and private donations could exceed $1,000,000. Manager Eric Duffy and staff walked through a simple calculation showing that converting $1,000,000 into an annual revenue stream over 30 years would yield roughly $33,000 a year to offset bond payments (staff caveated the quick calculation as an estimate only). The board discussed alternatives: applying funds to annual bond payments, using funds as an endowment to cover perpetual land-management costs, or directing revenues to capital projects that benefit taxpayers broadly.
Board members said they prefer that funds be used for broad public benefit, urged review by the finance committee, and asked staff to circulate the conservation-easement and conveyance documents for close review before any final acceptance.
