Politics & Government

Wright-Locke Farm Payments Could be Delayed

The $300K payment the town was scheduled to make this summer could be pushed back a few years.

State Representative Jason Lewis announced that a home rule petition for the town of Winchester has been approved by the Massachusetts House of Representatives. This petition, previously passed by Winchester Town Meeting last November, will enable the town to save money by restructuring the debt incurred when the town acquired the farm property in 2007.

Without the passage of this home rule petition, the bond anticipation notes (BANs) from the that will be maturing in July, 2011 will require a principal repayment of $310,000. It is estimated that the total FY2012 impact to Winchester taxpayers of interest and principal payments will be $360,000. Assuming final approval is secured for the home rule petition, the total FY2012 impact to Winchester taxpayers will be approximately $50,000.

“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.

Find out what's happening in Winchesterwith free, real-time updates from Patch.

If the Senate and the Governor approve this legislation, Winchester will have another 10 years before they need to start paying off the principal balance. Until then, Winchester will only need to pay off the interest of the BANs.

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.

Find out what's happening in Winchesterwith free, real-time updates from Patch.

“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.”

According to Lewis, this legislation will also provide Winchester with time to determine the best use and final disposition of the property without unduly burdening the Town’s taxpayers.

“Securing prompt passage of this home rule petition is a priority for the town of Winchester, particularly in light of the fiscal difficulties being faced by cities and towns across Massachusetts,” said Rep. Lewis. “I’m pleased that I was able to work closely with Winchester officials and my colleagues in the legislature to move this legislation quickly through the House.”

According to Twogood, two other towns in Massachusetts have received approval for this petition.

The home rule petition must now receive approval from the State Senate before the Governor can sign it.


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