FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to authorize the Mayor to issue a “Letter of Commitment” to Avalonia Land Conservancy, Inc., in response to their request of $80,000 from Account #210-101210-12101-58920 (Open Space Fund) to provide financial support/town share with the acquisition of acquire1069 Colonel Ledyard Highway; 20.23 +/- acres of Open Space to be payable to Avalonia Land Conservancy, Inc, Seller or closing law firm at the time of the closing.
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Background:
This Town Share funding would allow Avalonia to acquire1069 Colonel Ledyard Highway 20.23 +/-acre parcel is adjacent to the Town owned 1087 Colonel Ledyard Hwy and also the trail head to the Tri Town Trail.
Department Comment/Recommendation:
Finance Director Comment/Recommendation:
Mayor Comment/Recommendation:
The funding level in the Open Space Account has an unencumbered balance of $476,702.95.
These commitments for 173-175 Stoddard’s Wharf Road and 1069 Colonel Ledyard Highway would leave a balance of $298,702.95.
The Open Space Fund grows by about $50,000 annually.