Oct 12, 2011 10:44 AM
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The East Hampton Town Board agreed last week to sell its 50-percent share of Poxabogue Golf Center to partner Southampton Town for $2.2 million, hoping to pay off the debt it incurred in purchasing the property, and to do it years earlier than expected to save on interest.
In 2004, East Hampton and Southampton towns each paid $3.25 million to purchase the nine-hole golf course in Sagaponack, a joint move to keep the 40-acre property out of developers’ hands.
Southampton used the Community Preservation Fund for the original purchase, and is expected to tap it again to buy out East Hampton, ensuring that the property will be preserved as a golf course.
Southampton Town Board members said they’ve been discussing the deal, but they haven’t taken any action yet. An appraisal of... more
In 2004, East Hampton and Southampton towns each paid $3.25 million to purchase the nine-hole golf course in Sagaponack, a joint move to keep the 40-acre property out of developers’ hands.
Southampton used the Community Preservation Fund for the original purchase, and is expected to tap it again to buy out East Hampton, ensuring that the property will be preserved as a golf course.
Southampton Town Board members said they’ve been discussing the deal, but they haven’t taken any action yet. An appraisal of... more
