36 acres bought to aid conservation
01:00 AM EDT on Friday, September 22, 2006
The Pawtucket Water Supply Board and the Town
of Cumberland joined forces to make the purchase, with Cumberland kicking in
$725,000 and the Water Supply Board $475,000 toward the $1.2-million price.
Allen Champagne, source water manager for the
Water Supply Board, said the deal will prevent housing development near the
reservoir, one of three in the region that the board relies on for drinking
water.
Merrick Cook,
The 36 acres are among the roughly 400 acres
that the Water Supply board has bought to protect the watershed.
Negotiations to acquire the property dragged
on about 2 1/2 years,
The $500,000 promissory note has a 2 1/2
percent interest rate, Cook said, and payment term of 5 years.
The Water Supply Board is financing the
acquisition with $475,000 from the State Water Resources Board. The $475,000 is
part of $1.7 million in bond money that the Water Resources Board is providing
to replace pipes and buy land where development would endanger reservoirs.
On Tuesday, Governor Carcieri
showed up at Water Supply Board headquarters to present a ceremonial check.
"Not only will these funds enable the
City of
"It is imperative that we work together
to keep our drinking- water safe."
The 36 acres lie between Diamond Hill
Reservoir and Torrey and
The deal was about to be consummated a year
ago, when the Nature Conservancy found that a March 2004 appraisal set $875,000
as the value of the property and asked the town to obtain an update.
The updated appraisal set the value of the
property at $2 million -- $800,000 less than was paid.
Pratt said that, although he believes the
property is worth more than $1.2 million, he is happy with the deal, because it
will prevent the land's development.
"Building's so rampant in