A resolution will be presented to the Town Board on Wednesday, April 4, for the direct purchase of the Clark House from the Town’s general fund rather than by bond. This option is available to the Town Board because sales tax revenue for 2017 was higher than projected.
Purchasing the Clark House parcel outright will benefit the Town and taxpayers by lowering the overall bonding amount, reducing financing costs and lowering the projected per household payback cost from an estimated $11 per year for 29 years to between $9 and $10 per year.
Direct purchase of the Clark House will lower the overall costs for this parcel from the projected $260,000. Separating the Clark House parcel from bonding also eliminates IRS tax implications that could restrict or complicate future uses of the property.
After closing, the Town will perform general maintenance to the Clark House and its grounds.
The Town will bond the purchase of the remaining 206 golf course acres as originally planned.