If the Town receives an acceptable proposal and the Town enters into a land disposition agreement, it would include safeguards that would return the parcel to town ownership if the development is not completed as proposed. The Town may alternatively choose to lease the land for a long-term 99-year lease which would have similar safeguards. In either case, the Town’s interests would be protected.
There are pros and cons to leasing the land or entering a land disposition agreement. The Town Counsel will advise on these and the Select Board will determine which is the most advantageous route for the Town to pursue at the appropriate time.
In addition, affordable housing apartments will be protected by an affordable housing restriction to ensure that the provisions are preserved in perpetuity.