2018.07.09 Council Agenda Item 06
Summary
Presentation and discussion about a proposal for the Town to purchase remaining undeveloped land that is part of the Tidewater Master Development Plan.
A public comment period will not be included.
ACTION: Council action is not anticipated.
Description
The following is a summary of an attached proposal from the Falmouth Land Trust.
There are several undeveloped areas of the Tidewater Master Development Plan that are undeveloped. Some of those areas are protected from future development and other areas could be developed. Those areas being considered for acquisition by the Town include TV5, TF1, TF2, and TF3, as noted on the attached master plan.
The property owner has agreed to sell the property to the Town for $500,000. A condition of the sale would include the Town being responsible for invasive species controls and demolition of unusable structures.
The Falmouth Land Trust would be a partner with the Town and has prepared a presentation, attached, which will be offered at the meeting. The vision for the future ownership of the properties includes the following:
- TV5 – A portion of this property will be reserved for possible future wastewater treatment plant expansion. The other portion of this property will be conserved at a later date and hopefully associated with a wetland mitigation grant.
- TF1 – This property is already protected as conservation land. The Town will assign ownership to the Land Trust and the Town will remain the easement holder. This land consists of 28.5 acres.
- TF2 and TF3 – These parcels are currently developable lots. The Town will offer the Land Trust an option to purchase these parcels for $350,000. The Land Trust has interest in constructing a building that could be used as headquarters for the organization and a learning center.
Financing –
- Initial Town Appropriation $550,000 ($400,000 from unassigned fund balance and $200,000 from Wastewater reserve funds)
- Reimbursement to the Town at a later date, in accordance with options agreements between the Town and the Land Trust would be $350,000.
- Reimbursement to the Land Trust for any wetland mitigations funds received and associated with conserving a portion of TV5. These funds would be used as a stewardship fund to care for TF1
A proposal and PowerPoint presentation from the Falmouth Land Trust are attached.
