Correction and clarification
To the Editor:
A correction and a comment on your article “Overlook Deal is Done:”
I am quoted as saying the bonding closed with a “favorable rate of under 10.4 percent.” I actually said 2.4 percent not 10.4 percent. The final rate for the 10-year bond was even lower – 2.14 percent - very favorable in light of the recent trends in interest rates.
The article also states:
The town presented the purchase to voters on the one hand as an opportunity to develop a boating and harbors department center there with a dock, offices, and housing for employees, and on the other hand as an opportunity to prevent an “unscrupulous developer” from doing much the same (emphasis added).
Because of this acquisition, we have the opportunity to provide public access, town facilities and employee housing. It is unlikely in the extreme that a private developer would provide the same.
Block Island Land Trust