After partnering with the schools to purchase the Dow property, the redevelopment commission may team up with the town council to save some money.
The RDC discussed possibly paying off the former Shell property lease during its meeting Tuesday night, May 28. The council agreed to purchase the former lot at the corner of Main and Pine streets to construct a parking lot.
In December 2008, the town offered $595,000 over a 10-year term to owner David Byard of Village Development One LLC. Money from the Food and Beverage Fund is used to pay off the purchase.
RDC President Mark Plassman said there would be significant savings to the town if the RDC were to use funds to pay for the lot.
“This idea became attractive because it frees up about $91,000 per year off our books,” said Town Manager Ed Mitro. “The interest rate is at 7 percent, so there would be quite a bit of interest savings.”
Commissioner Craig Anderson asked if there was any way to see if they could get a lower interest rate.
See Wednesday's Times Sentinel for the full story.