Three in line at land bank
Stow is moving closer to setting up a bank account that will be plenty green but contain no money.
Concerned that all the suitable land will be gone when the time comes to build a new school or fire station, Stow put out a call for owners interested in selling their property . Three responded by Monday's deadline, with proposed selling prices ranging from $1.5 million to $4 million.
Janet Wheeler, chairwoman of the Board of Selectmen, acknowledged that it was unusual, if not unprecedented, for a town to buy land without a particular project in mind.
``On the one hand, we don't have plans for a specific use," Wheeler said. ``But land could disappear before we get there. It's a little bit of a Catch-22."
Wheeler noted that the town has ``a lot of conservation land, but we don't have any municipal land " that can be developed .
The board plans to pick one of the three properties and ask Town Meeting for the purchase money by spring or earlier, according to Selectman Steve Dungan, who is spearheading the land bank proposal.
Dungan said the board has yet to find another town in the state undertaking a similar effort.
``We've tried to find precedents," Dungan said. ``It appears we are on the forefront."
Before last spring's election, land banking divided the selectmen. But two foes of the concept, Ross Perry and Jack Clayton, have since left the board.
Selectman Jason Robart is the only one of five sitting selectmen opposed to the policy.
``It's difficult for me to understand how to value a proposal for land if I don't know what that purchase is for," Robart said. ``I really struggle with whether it is practical and whether it would work."
He said he was concerned that the town may purchase a property that officials down the road may decide really isn't appropriate for municipal needs.
Wheeler said she really didn't see a downside, as the town could always sell the property.
The town received bids from Sweeney Charitable Remainder Trust and Colonial Realty Trust, which offered a total of 37 acres off West Acton Road for $4 million; Steve Glover, who offered his Athens Street property for $2.2 million, or $2.9 million with its access road ; and William Snow, who offered 13 acres off Old Bolton Road for $1.5 million. The assessor's office could not verify the acreage of the Glover property.
Earlier this year, a town study group identified Snow's property as a prime candidate for a fire station, affordable housing, or recreation center.
Dungan, however, said he couldn't comment on how the properties compare. He noted acreage alone, for example, is meaningless since some of the property could be unbuildable wetlands.
``We have a lot of work to do in addressing topography" of the properties, he said.
Dungan said the town couldn't tap Community Preservation Act money for the land purchase, as it is not for any particular purpose. Instead, it would have to find another funding source, such as taking out a bond or applying for state money.
