The Town Council signed resolutions last week to authorize borrowing by the town and the Block Island Land Trust to partially finance the acquisition of a portion of plat 19, lot 3 from Overlook Realty, LLC. This bonding resolution is to raise the money for the purchase of the land located on the Great Salt Pond between the Overlook building and Ball O’Brien Park. The Salt Pond Settlement is in between, but its property does not extend down to the water. The Settlement has access to the water through what would become the town’s property.
The town will be borrowing $3.6 million and the Land Trust will borrow $1.5 million. The Land Trust will also contribute $3.645 million in cash for the purchase. Barbara MacMullan, chair of the Land Trust, issued a statement to the Town Council explaining the Land Trust’s position. According to the statement, the Land Trust has $7.175 million in cash on hand, and $3.686 million in available bonding.The Land Trust was given authorization to borrow up to $6 million in May 2001, and received authorization to bond an additional $4 million in May 2005. After this new bond issuance, the Land Trust will still
