Frequently Asked Questions
Proposed Purchase of former Griswold Airport Property
How did The Trust for Public Land become involved in the purchase of the Griswold Airport property? In 2008, the Madison Board of Selectmen invited The Trust for Public Land to explore the purchase of the Griswold property from Leyland Alliance on behalf of the Town. The agreement now under consideration was negotiated by The Trust for Public Land in consultation with the Board of Selectmen.
The Trust for Public Land is a national, nonprofit, land conservation organization that helps communities conserve land for people to enjoy as parks, community gardens, historic sites, rural lands, and other natural places. Since 1972, TPL has completed more than 3,900 conservation projects, protecting over 2.8 million acres in 47 states.
What are the terms of agreement between The Trust for Public Land and Leyland Alliance? The terms of agreement include a purchase price of $9.7 million for the 42-acre site, with a closing to occur on April 1, 2010. The contract contains standard “due diligence” contingencies.
How does the Town of Madison fit into the agreement? If Town Boards and the voters of Madison accept the proposal to purchase the land, The Trust for Public Land will transfer its rights to purchase the property to the Town. The Town of Madison will be the permanent owner and steward of the land upon purchase and will control the use of the property.
How will the purchase be financed? The Town will finance its share of the purchase by bonding for $8 million for the purchase price of the land, plus an additional $1 million for demolition and renovation costs. The Trust for Public Land, Audubon Connecticut and its partners have committed to raising the remainder of the purchase price, $1.7 million, through a private fundraising campaign.
Does the purchase price reflect the fair market value of the land? Yes. The Trust for Public Land recently completed two independent appraisals of the property, with one valuing the land at $9.65 million and the second at $10.5 million. These appraisals reflect a) the change in zoning that now allows for residential development of the property and b) the fact that Leyland Alliance secured all necessary permits and approvals to construct a 127-unit residential development. With these approvals in place, the value of the land has more than doubled.
How did Leyland Alliance purchase the site just two years ago for $4.4 million? The price Leyland Alliance negotiated with the Griswold Family reflects the value of the land in 2000 and without the above-mentioned permits and approvals. Leyland Alliance negotiated a five-year option agreement with the Griswold family in 2000 for a purchase price of $4.4 million. They were subsequently granted two one-year extensions and closed on the property in 2007.
What will the impact on property taxes be if Town voters approve the purchase? The bonds would cost property owners approximately $16 per $100,000 of assessed valuation over 20 years. This is an average cost over the life of the bonds.
Are grants available to fund this purchase? The Trust for Public Land, the Town of Madison and project partner Audubon Connecticut will seek a variety of State, federal, and other grants to help offset some of the costs to the Town. The Town will reduce its borrowing accordingly.
Who is going to be making the decisions about the uses of this land?
A citizen oversight committee will be created to advise the Board of Selectmen and other Town Boards and Commissions on proposed uses of the land and continued stewardship.
How will the property be used if purchased by the town? The vision includes the conservation of a significant portion of the land to protect the site’s unique natural resources, including the salt marsh and upland forested area. This conservation area will have passive public use opportunities such as hiking trails and possibly viewing platforms. The remaining land will contain at least three multi-use recreational fields. There is also potential to reserve a small part of the land closest to the Post Road for commercial development that would be compatible with a park.
What happens next?
On October 13, the Board of Selectmen approved a resolution to move the question of bonding for up to $9 million to acquire the property to the voters at a referendum. The question was sent to the Board of Finance for its review and approval; the Board discussed and approved this proposed purchase at its meeting of October 21st. At their meeting of November 9, 2009, the Board of Selectmen set the referendum date of Tuesday, January 26, 2010.
What happens if the voters turn the purchase down? If the voters of Madison turn down the opportunity to purchase this land, Leyland Alliance has stated it will proceed as planned with the construction of the Madison Landing project (a 127 unit residential age-restricted development).
