FROM THE NEWSROOM: The town of Putnam is subordinating its lien on a portion of the planned Lofts at Cargill Falls Mill redevelopment site on Pomfret Street. The Board of Selectmen voted on Monday to place its lien – related to a $500,000 brownfields grant – second in line to a pending $2.3 million loan for the hydroelectric portion of the mill project through the Commercial Property Assessed Clean Energy (C-PACE) program, which requested the town do so before the loans approval. Mayor Tony Falzarano acknowledged the decision is one that comes with a certain element of risk – explaining that, theoretically, if the much anticipated commercial and residential mill redevelopment project were to implode, Putnam taxpayers could be on the line for up to half a million dollars. But that worst case scenario is not one Falzarano anticipates, explaining he has great faith in the developer who has a respectable history of rehabilitating mills in neighboring states. “Cargill Falls is the last jewel in the crown of Putnam,” Falzarano said of the 24 million-dollar project. “If this comes to fruition, this will be one of the biggest and best projects weve had in town.” Economic and Community Development Director Delpha Very also defended the gamble as one where the benefits outweigh the risks – at the same time, she says she understands why some Selectmen were initially hesitant, noting their accountability to the taxpayers. The decision to subordinate the lien was made following a discussion in executive session. Tune in for the full report.
Posted on: Tue, 16 Dec 2014 12:33:22 +0000
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