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Venuti Property Purchase Back on the Table

Posted by Shore Publishing on Oct 02 2008, 03:17 PM

 

By Sue Cornell, Source Correspondent:

KILINGWORTH:

 

    The town purchase of the 305-acre Venuti family property is one step closer to reality.

    The Open Space Committee has investigated and negotiated over the past several months, and presented its recommendations to the Board of Selectmen (BOS) regarding the $8.5 million purchase of the land, the number negotiated with family trustee Michael Venuti. The property in northwest Killingworth is the town’s largest undeveloped tract of land and considered among its best parcels of open space.

    The selectmen have not formally voted for the acquisition but did agree in a public meeting on Sept. 22 to endorse the concept of the town purchase.

    “We sent it to the Board of Finance asking them the feasibility of this and, if interested, if there’s anyone we can partner up with the purchase, and then looking into how we would pay for it,” First Selectman Richard Cabral said.

    The selectmen await a response from the Board of Finance (BOF), which next meets as a committee on Oct. 14, as does the BOS. Cabral feels the discussion would happen at that time, “and then they would kick it back to us.”

    “We will look for input from the town's Board of Finance on how the proposed purchase price breaks down for the town,” said Open Space Open Space Committee Chairman David Gumbart. “In the meantime, we are looking into potential funding partners to see if the bottom line obligation to the town may be lowered.”

    After the finance committee provides feedback, the BOS would then decide whether it would recommend the purchase. If they do and the BOF agrees to move forward, hearings will be held.

    “Some of those hearings could happen while all of this is happening–just hearings to hear from the townspeople as far as purchasing. Eventually, it has to end up at a town meeting where it would then be sent to referendum,” Cabral explained.

    “For me, personally, this has gone on forever,” said Venuti. “Everyone is analyzing and overanalyzing. I was told 45 days ago when I made this deal with the town that this would be coming right to a vote between the Board of Selectmen, the Board of Finance, and all of you people. I’m a little disappointed that we haven’t gotten there yet, and I’m not sure we’re going to get there,” he admitted.

    According to Venuti, he has always been willing to talk to the town “and give the town the first shot.”

    There will be uses for the property, he believes, even 200 to 300 years from now.

    “My objective has always been to at least give the townspeople a shot at voting on the property. Whether they want it or not it’s up to them,” said the lifelong resident.

    As trustee, Venuti has found himself “in a hard balancing act.” He said, “I can kind of take care of the Venuti family and also take care of the town.”

    In 1997 townspeople voted to spend $4.4 million for what was thought to be 339 acres owned by the family. But, because of title problems on a portion of the acreage, the sale was nixed and the amount of land owned by the family was reduced. Over the following years there were occasional negotiations. In 2003, selectmen refused the $8 million asking price.

    An appraisal performed by Chris Buckley of East Lyme and commissioned by the town set the market value at $8.2 million. An appraisal by Miner Silverstien of New London and commisioned by the Venutis valued the property at $9.1 million.

    Cabral is certain the current economic situation will impact the views of the townspeople. While some will argue against spending the money, others will endorse the purchase of open space saying that the town “needn’t worry about more homes going up, the people buying those homes having children, which would increase the educational budget. You’re going to have both sides. I think it’s a matter of whether they want to pay for this over a 20-year period,” he said.

    Gumbart plans to talk to agencies regarding partnering with the town purchase. The State of Connecticut and the water companies have been mentioned in the past as possible partners, according to Cabral.

    What are the chances the purchase fly this time around?

    “You hear from both sides so where the majority are sitting, I haven’t a feeling for it yet. I think I would once we have our first hearing. Then we’ll see who turns up and who doesn’t,” Cabral said.

 

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