Local Legislators Pass Winchester Home Rule Petition for Wright-Locke Farm

State Senator Pat Jehlen and State Representative Jason Lewis announced that a for the Town of Winchester has passed both houses of the state legislature and been signed into law by Governor Deval Patrick. 

This petition, previously approved by Winchester Town Meeting last November, will enable the Town to in 2007.

Without passage of this home rule petition, the bond anticipation notes (BANs) from the purchase that will be maturing in July, 2011 would have required a principal repayment of $310,000.

The Town can now restructure the debt, avoiding the need for this principal repayment at this time.

“This definitely helps because it allows us some time before we need to start to pay down principal balance,” Assistant Town Manager, Mark Twogood said.

Twogood said that there’s approximately $12 million still owed on the Wright-Locke Farm BANs. Before the town $1.6 million, while Winchester paid one principle payment of approximately $300K last year.

“That $300,000 payment in July wouldn’t need to be made,” Twogood said. “The whole idea is that we need additional time to find a buyer because the Abbott deal fell through. We now need to get another developer as soon as possible.”

The legislation also provides the Town with sufficient time to determine the best use and final disposition of the property without unduly burdening the Town’s taxpayers.

“I’m pleased that we were able to secure prompt passage of this important legislation for the Town of Winchester,” said Rep. Lewis. “It will save money for the town this year and give the Board of Selectmen the time they need to evaluate proposals for the Wright-Locke property.”

“This essential legislation, allowing Winchester to avoid repaying the principal on the BANs for a decade, provides a welcome measure of budget stability and gives the town time to decide how best to deal with the property,” said Senator Jehlen. “I’m happy that we were able to shepherd it through in a timely fashion.”