After East Hampton Town of to Southampton Town for $2.2 million, legislators on the state level recently approved the sale, clearing the way for the land to exchange hands, according to an report.
The towns jointly purchased the course eight years ago to prevent the land from being developed, and turned it into a municipal course. The $6.5 million bill was split down the middle, and though East Hampton will take a $1 million loss compared to what it originally paid, selling off its share now will enable the town to pay off its bond and still come out on top.
"The debt balance will be paid in full after the tenth year of the loan issuance date thus saving the town $100,000 in interest," according to a resolution the town passed in October 2011.
Read the article at easthamptonstar.com