There are two agenda items regarding the purchase of a property located at 634 Charlestown Beach Rd, on the beachfront. Decisions will be made at the Council meeting on Monday, July 13, starting at 7 pm.
The first item would authorize the Town Administrator to execute a purchase agreement on the property, which includes a $49,900 non-refundable deposit.
The second item would add a vote to our November 2020 election ballot to authorize the Town to purchase that property for $2.5 Million.
Purchase of this property, adjacent to our existing Town Beach, may be a good thing. But there are some major concerns.
1. The asking price is $2.5 million. The property is assessed at $1.2 million and an appraisal estimates its fair market value at $1.45 million. This $2.5 million price is a huge premium over both the assessed and appraised values.
2. The Purchase & Sales agreement requires the Town to give the sellers a non-refundable deposit of $49,900. This would happen before we vote on the purchase.
3. If the voters reject the purchase on the November ballot, the property owner will keep the deposit money.
Asking the voters whether or not they want to purchase this property is a good thing. Paying more than double the assessed price, and gambling with $49,900 of the tax payers money is not.
Charlestown Residents United believes
1. This price is too high compared to the fair market value and for the small amount of beach frontage it will add to the Town Beach and
2. A purchase agreement with a non-refundable deposit should NOT be signed until the voters authorize the purchase.
Click here (page 7 of the document) for the backup information for the Town Council meeting.
The meeting is Monday, July 13, starting at 7 pm. Attendance is only online only with instructions here.