Selectmen again give up right of first refusal to buy Bay Pointe

Jan 25, 2012

The Board of Selectmen on Tuesday voted for a second time to waive the town's right of first refusal to purchase Bay Pointe Country Club.

Though he technically did not need a second vote, Mark Harriman of Digital Federal Credit Union, which owns Bay Pointe through foreclosure, appeared before the Board to ask it to waive its right because terms of the sale had been changed.

"We wanted to be transparent and bring this back to the Board," Harriman said. The Selectmen first voted last fall. "Effectively, we have the same deal, but [the potential buyer has] looked at the property and stated that it needed significantly more work than they had anticipated."

Who the potential buyer is was not clear.

Digital Federal Credit Union agreed to lower the purchase price by $300,000 -- from $1.7 million to $1.4 million -- with the stipulation that the buyer put $300,000 into an Escrow account. The $300,000 will be returned to the buyer after improvements totaling at least that much are completed, Harriman said.

"You're getting a guaranteed minimum of $300,000 of improvements," he told the Selectmen, noting that both the golf course and the club's pavilion would be improved.

The Selectmen voted 3-1-0, with Selectman Cara Winslow the dissenting vote and Chair Walter Cruz absent.

Winslow expressed that she did not want to "just rush to make a decision," a sentiment she echoed when the town first gave up its right of first refusal last fall.

Though nothing is official yet, Harriman said that with the right of first refusal waived, the credit union can close the deal "very shortly."