Selectmen sign purchase agreement for Verizon property

By Ruth M. Lyon

Turley Publications Reporter

EAST BROOKFIELD – It’s official. Selectmen met Monday night to sign the purchase and sale agreement between the town and Frederic Antell for the property commonly referred to as the Verizon property on Route 9.

Board members Larry Gordon, Joe Fish and Leo Fayard agreed that the property has been inspected and approved regarding hazardous waste and Title 5 septic system. One remaining inspection, to determine whether the lift on part of the building, is in proper working order, is to take place within a day or two, Gordon said. Should there be problems, a clause in the agreement would allow the selectmen to withdraw from the agreement or negotiate different terms or price. “We certainly don’t anticipate that happening, but should there be a serious problem with it, that would be an expensive repair. We just wanted to be sure not to be confronted with that sort of unexpected expense,” Gordon said.

The board has decided, Chairman Leo Fayard said, to seek funding for a period of five years, rather than ten, as originally contemplated. At a recent hearing, the board presented to the public information regarding the reluctance of financial institutions to loan $550,000 for ten years at a rate of 4.5 percent. “That’s just too long a term for what is to them (banks) a relatively small amount of money,” Fayard explained then. Projecting an interest savings of $90,000 over the five-year life of the now-proposed loan, board members noted that, though the savings would be substantial, and the terms likely to attract more interest from lending institutions, they wanted to inform the voters, as the change would raise the tax rate by 20 cents per $1,000 of appraised valuation over original estimates.

In the ensuing time, Gordon said, the board has received little or no objection to the new plan, and has in general received approving commentary. Additionally, some local banks have indicated interest in considering the loan, Fayard added.

The total cost of the brick-faced cement block building, to be used as a department of public works facility, with approximately four acres of land, is $950,000. Closing is tentatively scheduled for May 6, Fayard said.