Town Owned Property Sale Delayed by Town Council

The town will postpone the sale of a piece of town-owned property, after potential buyers have come forward.

In its March 20 meeting the Council discussed the sale of the tax-deeded property at 68 Hall Road to resident and developer Jim Taylor, who has made an offer on the parcel. Taylor agreed to purchase the property for $24,877,000, and a purchase and sales agreement had been drawn up. After discussions with Taylor and another potential buyer, Dan Bouchard, the Council agreed to postpone the sale and to send out Requests for Proposals to see if anyone else was interested.

The P&S agreement for Taylor had already been drawn up. But in discussion with the Council, he said, “Since we last met, I had an attorney do a title search. He informed me that the parcel is not insurable.” Specifically, Taylor said, the attorney, Ken Gould, told him that title insurance could be provided up to a point where there was a challenge to the title in regard to the town’s taking the property. “Then it would not be covered,” Taylor said. He said the parcel would be “vulnerable to the former owners or their heirs, and the town would have no right to sell it.”

Taylor said while he hasn’t lost interest in the parcel, and is “inclined to take the chance,” he wanted more time to review the matter.

To a question from Councilor Joe Green, Taylor said, “I’m still in. I’m just a little more nervous.”

Bouchard said he is willing to pay more than the asking price for the parcel. He observed that other towns, such as Derry, auction their tax-deeded property.

The town has done auctions in the past, Town Manager Kevin Smith said.

Green said, “I would like to give it more time, now that it’s out in public.”

The Council agreed to seek RFPs and to observe the sealed bid process, opening the bids in public.

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