The town is set to purchase, through its Community Preservation Fund, about three acres at 26 Ram Island Drive for $482,500.
This is a bargain, Community Preservation Fund Board Chairman Peter Vielbig told the Town Board Tuesday at its work session.
Erwin Dressel, the owner of the property, had it on the market at $1.7 million, according to Supervisor Jim Dougherty.
Mr. Vielbig said this was not only a great price for waterfront property, but “sets an example to other owners to come away with cash and tax benefits.”
The CPFB targets open space properties for preservation and the town purchases them from the Community Preservation Fund. Also known as the “2-percent fund,” the CPF is financed by a 2-percent tax buyers pay on real estate deals, with the first $250,000 of the sale price exempted from the tax. That collected tax then goes into the town’s CPF fund and is solely dedicated to open space acquisitions and maintaining them.