On Tuesday, March 3, 2009 the Town of Preston, Connecticut, said it is trying to determine if it can close on the Norwich State Hospital property by March 13, 2009.
Robert Congdon, First Selectman of Preston, stated that the town's attorneys and the state's attorneys are trying to determine if the State of Connecticut will pay for the liability insurance at the time of closing. The liability insurance is estimated at about $60,000.00 per year.
Preston's finance board can appropriate up to $20 thousand without a town meeting. From 420 thousand to $100 thousand the town would be required to hold a town meeting and anything over $100 thousand would require a referendum (vote).
The second problem is that the DEP (Department of Environmental Protection) requires a Phase 1 environmental study to be less than 6 months old at the time of closing on the property. This is necessary for the town to be able to avail itself of future federal and state funds.
Congdon said that several firms have been contacted about doing the environmental study for the town. He said the firms could have the study done by the March 13, 2009 closing date.
Hopefully Preston can pull this off. It would be nice to see the land across the Thames River from the Mohegan Sun developed. Hopefully it will be businesses that will lead to tax relief and benefit to the town of Preston. What do you think?
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