$2.2 Million Property On Ballot In East Lyme Referendum

Press release from the Town of East Lyme:

2023-10-10

The referendum by ballot regarding the purchase of the East Lyme Land Trust Properties known as Brainerd Road, Oswegatchie Hills, and Hathaway Farms will be Tuesday, October 17, 2023, from 8 AM to 8 PM at the Community Center, 41 Society Rd, Niantic, CT.

The purchase price of the properties is $2,250,000. The closings costs and fees are estimated to be less than $100,000, bringing the total purchase price to an amount not to exceed $2,350,000. The Town will use $200,000 from the Open Space fund and $400,000 from a grant held by the East Lyme Land Trust that will be transferred to the Town of East Lyme. These funding sources will reduce the cost to taxpayers to no more than $1,750,000.

The reason the ballot question specifies a cost not to exceed $2,350,000 is because Bond Counsel stated the actual purchase price, plus expenses, is what needs to be voted on prior to any reductions from Town or grant funds.

View the Public Hearing and PowerPoint presentation of 09/27/2023 at the East Lyme Middle School.

View the Public Hearing and PowerPoint presentation of 09/27/2023 at the East Lyme Middle School

The ballot questions are shown below. If you have questions, please contact the First Selectman’s office at 860-691-4110.

QUESTION 1
Shall the resolution appropriating and authorizing bonds in the amount of $2,350,000 for the purchase of the properties known as Brainerd Road, Oswegatchie Hills, and Hathaway Farms, be approved?
YES/NO

QUESTION 2
Shall the resolution approving the purchase of real property for a cost not exceeding $2,350,000 be approved?
YES/NO

This press release was produced by the Town of East Lyme. The views expressed here are the author’s own.