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 $98,000 from Account #210-101210-12101-58920 (Open Space Fund) to provide financial support/town share with the acquisition of 173-175 Stoddard’s Wharf Road, 30.30+/- 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 acquire 173-175 Stoddard’s Wharf Road. This 30.3 +/-acre parcel is across from a recent Avalonia acquisition and will help the Tri Town Trail in extending a trail spur across Stoddard’s Wharf Rd and ultimately down Route 214 to the Thames River.
Avalonia has completed the A-2 survey and required appraisals
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.
In accordance with Ordinance #200-009 “Ordinance Providing for the Transfer of Revenue from the Real Estate Conveyance Tax to the Park and Recreation Capital and Non-Recurring Expense Fund”,
• Forty percent (40%) of the money received from the Real Estate Conveyance Fees goes to the Parks and Recreation Capital and Non Recurring Expense Fund;
• Forty percent (40%) goes to the town’s Capital and Non Recurring Funds, to be used only for capital/infrastructure expenses; and
• Twenty percent (20%) goes to the Capital and Non Recurring Funds for the Acquisition of Open Space.