Select Board Update to Residents December 9, 2016

December 9, 2016

On December 8, 2016, the Bankruptcy Court ordered the sale of the USA Springs, Inc. property to Kevin Delaney for $1.2 Million.  This begins a 20-day ‘due diligence’ period for the buyer, and the sale is expected to close in early January.

As a result of the settlement negotiations, the Town will recover a very large portion of what it is owed in unpaid taxes.  Objections to the Town’s Land Use Change Tax claim have been negotiated and settled.   A separate transaction involving an easement for the cell tower on the property is expected to occur shortly after the bankruptcy closing.

In total, the Town expects to receive over $800,000 in tax payments from the two transactions.

Nottingham Select Board