MARLBOROUGH ROAD PARCEL
FORMER ARBOR ACRES BUSINESS
FACT SHEET
JULY 2008
General Background
· Proposal to purchase 75+/- acre parcel located off Marlborough Road – former Arbor Acres facility with adjacent residential properties.
· Purchase price $1.75 million, subject to boundary survey and environmental analysis satisfactory to Town.
· Final Council action on or by September 30, 2008.
· Council public hearings on Tuesday, August 26, September 9. Public hearing potential for September 23 as needed.
· Closing subject to Seller meeting environmental conditions and remediation satisfactory to DEP and Town including landfill closure.
Environmental
· Seller has completed formal Remediation Action Plan (RAP) for various environmental remediation. State DEP has approved RAP. Seller responsible to complete environmental remediation pre-closing.
· Seller has prepared Landfill Closure Plan. State DEP has approved. Seller responsible to implement Closure Plan pre-closing.
· Town to conduct groundwater monitoring of former landfill area and monitor wells associated with Transfer Act obligations.
· Seller to serve as Certifying Party, complete remediation Verification Report for DEP approval, and prepare any Environmental Land Use Restrictions (former landfill area).
Building and Site
· Parcel satisfies a number of goals established by the Plan of Conservation and Development. “Protection of large tracts of land, connection to existing open space, land for recreation and municipal uses.” Site located adjacent to approximately 48 acres of town open space and 270 acres of state open space.
· Site includes 4 residential properties and various structures and outbuildings. Demolition and site restoration responsibility of Town.
· Demolition, site work and other Town obligations estimated at $750,000-$1 million subject to specific scope of work.
· Some future use potential for garage facility and former office structure. Requires analysis.
Miscellaneous
· Parcel zoned Rural Residence with subdivision potential (34+/- lots) subject to building demolition, environmental remediation and site restoration.
· October 1, 2007 assessment - $1.3 million with estimated annual taxes as of July 1, 2008 - $37,000.
· Independent appraisal by Town indicates estimated value of $2.7 million to $2.9 million after environmental remediation, demolition and site restoration.
· Purchase price and estimated cost of demolition and site restoration consistent with proposed purchase price ($1.75 million + $1 million = $2.75 million).
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