NORWICH STATE HOSPITAL PROPERTY

AFTER THE MEETING, ON THURSDAY DECEMBER 18, 2008, THE RESIDENTS OF PRESTON WALKED AWAY, FROM THE MEETING ABOUT THE NORWICH STATE HOSPITAL PROPERTY, WITH THREE CHOICES.

CITIZENS OF PRESTON'S THREE CHOICES WERE: 1) THE TOWN OF PRESTON COULD ASK THE STATE OF CONNECTICUT FOR AN EXTENSION, 2) PRESTON COULD NOTIFY THE STATE THAT THE TOWN INTENDS TO BUY THE PROPERTY (HOWEVER PROPERTY WOULD GO BACK TO STATE WITH THE HOPE THE STATE WOULD GIVE IT TO PRESTON) AND 3) NOTIFY THE STATE THAT PRESTON WILL BUY PROPERTY AND HOPE TO FIND A BUYER WHILE THE NEGOTIATIONS GO ON WITH STATE OVER THE PURCHASE. THE STATE OF CONNECTICUT, IN THREE LETTERS TO PRESTON, HAVE SAID THE STATE WILL NOT GRANT AN EXTENSION.

LAST NIGHT, SEVERAL THINGS BECAME APPARENT. FIRST PRESTON WILL EITHER HAVE TO FIND A BUYER OR PARTNER WILLING TO PAY THE ESTIMATE $40 MILLION TO DO THE ENVIRONMENTAL CLEAN UP OF THE SITE. A FUTURE BUYER (IF THEY WERE TO DO THE PROJECT ON THEIR OWN) WOULD HAVE TO COME UP WITH MILLIONS OF DOLLARS IN BONDS. TO GET ANY KIND OF PROJECT GOING COULD BE QUITE DIFFICULT CONSIDERING THE ECONOMY AND THE ABILITY TO BORROW MONEY TO CONSTRUCT A PROJECT ON THE SITE. IF PRESTON WERE TO BUY THE LAND AND COULD NOT FIND A BUYER, THE TOWN PROBABLY WOULD HAVE TO SELL BONDS TO PAY THE $40 MILLION CLEAN UP.

UNDER THESE CONDITIONS, THE TOWN OF PRESTON, IS TALKING ABOUT HAVING ANOTHER MEETING (POSSIBLY DECEMBER 30, 2008) , TO TALK ABOUT THE POSSIBLE PURCHASE OF THE PROPERTY. THE RESIDENTS OF THE TOWN WOULD HAVE TO VOTE AS TO WHETHER PURCHASING THE PROPERTY OR NOT. THE PEOPLE OF PRESTON WOULD THEN VOTE ON THE FATE OF THE 419 ACRE PROPERTY.

THE DEAD LINE, FOR INFORMING THE STATE ON THE HOSPITAL PROPERTY IN JANUARY 5, 2009.