Is BOS donating $440K land equity?
To the Editor:
It has been a question puzzling people since they first heard about the Brox land deal – why would the selectmen want to sell 93 acres of Brox town land that are currently assessed at $608,000 for only $168,000?
The answer is simple: The difference of $440,000 could be considered a donation of equity.
The equity then becomes $440,000 towards the 100 percent match of $500,000 required under the block grant that the town would receive from the state of New Hampshire.
As explained on the Community Development Financing Authority’s website at www.nhcdfa. org/block-grants/types-of-grants – "matching funds can come from the business, the municipality or other sources and can be in the form of debt, equity, or the donation of land …."
In other words, the town, not the buyer, would be matching $440,000 of the block grant by donating equity.
But, voters have never given the selectmen permission to donate the Brox land outright or indirectly as "equity."
This seems to be quite a problem.
Brox Environmental Citizens