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Town says School Street closing moving forward; bond note limited to purchase
Summary
The board reported a survey and title report are complete and closing documents are in production; the town will initially use general fund money for the purchase and the approved bond anticipation note will be used only for acquisition costs, not renovations.
Town staff reported that survey and title work are complete for the School Street parcel and that a firm representing the lender is preparing closing documents. The staff member said, "we should be able to close, you know, I guess, within the next few weeks," and the board discussed scheduling once the referee receives the closing package.
The chair clarified that the approved bond anticipation note would be used only for acquisition costs — purchase price and closing fees — and not to fund renovations. "The bond anticipation note will only be used for the acquisition," the chair said, and added the town will initially pay from the general fund and seek reimbursement from community housing funds only if the property is later used for a municipal housing purpose.
