Board of Selectmen Announce Purchase of the North 40

The Board of Selectmen announced the execution of a Purchase and Sale Agreement with Wellesley College today.  You can watch the announcement streaming live on Wellesley Media Channel. * Please note these a my quick notes while watching the stream.

Cost is $35 million.

Town will pay the property taxes and reimburse taxes since July.

At least 50% to remain open space

No roads to be created to impact Wellesley College on Route 135. There will be a buffer to the college.

Two  representatives from Wellesley College will be on Planning Board committee

Community Garden will stay for 3 years

House will be leased for 5 years to Wellesley College

Environmental – Town will start Phase 1 now with help of Wellesley College funding. Town will then take on responsible (with some exceptions).

Buildings erected will meet LEED Gold Standard.

Lighting to comply with Dark Skies Standard.

TIMELINE

Dec 18th – Sign Purchase and Sale Agreement

January 5th – Selectmen Meeting

January 7th – Advisory Meeting

January 20 & 21 – Special Meeting

January 22-April 30th – Due Diligence Period

March 3rd- Town Meeting on Debt Exclusion

May 29th – Closing

Watch announcement live at http://www.wellesleymedia.org/wellesley-government-channel.html

***Copies of documents and the presentation will be available on Town North 40 website

http://www.wellesleyma.gov/Pages/WellesleyMA_North40/index

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