Central Park Feasibility Study Approved
During the November 8, 2023 meeting, the Board of Trustees approved Resolution 23-120, a MOU and Advisory Services Agreement, with P3 Advisors LLC to perform due diligence and feasibility analysis for possible development on a Town-owned parcel commonly known as Central Park.
For almost twenty years, the Town has engaged in multiple efforts aimed at preparing and initiating a Central Park development program. To date, none of those previous plans/efforts have come to fruition. In 2021, the Town initiated a comprehensive, public, and transparent effort to prepare a conceptual master plan. While that plan remains the basis for current efforts, it is necessary for the Town to take additional, targeted steps to determine the feasibility of incorporating private development/investment within a more detailed Central Park development plan. Working with P3 Advisors is the next logical step toward developing an actionable, financially sound plan to initiate the development of a first-class resident amenity that could also generate needed private investment. Without a dedicated funding source, the Town has no way to execute any development plan(s).
At the end of the November 8, 2023, meeting, the Mayor advised the Board of Trustees that he was not signing Resolution 23-120 but was taking it under consideration. The Mayor later decided to veto the Resolution, and his objections were read into the record at the Board's November 22, 2023 meeting. At its December 13, 2023 meeting, the Board, by a vote of 5-1, overrode the Mayor's veto.
Beginning in January, P3 Advisors will meet monthly with the Board of Trustees during Work Sessions to provide updates and receive direction on the feasibility study. More information about those meetings and online outreach, including the ability to provide direct feedback to the Board of Trustees on this project, will be shared with the public soon.