Letters

I have continued to follow the spirited debate over the proposed acquisition of the Marsden property by the school district. Last week, two important issues were raised that I can speak to factually.

The first is regarding the value of the property and the contract price for the sale to the school district. One of the letters to The Express legitimately asked if there has been an independent appraisal done on the property [“Land Values Are High,” Letters, May 4]. In fact, there have been two.

The school was originally hoping to partner with Southampton Town to acquire the four contiguous lots on the north side of Marsden; the fifth lot, on the south side, the school contracted to buy on its own. The town commissioned appraisals by experienced state certified appraisers to determine the fair market value of the four north side lots.

With the town no longer involved, I have been able to acquire the town’s appraisals. The two valuations were within a hair’s breadth of each other, valuing the four lots at $8.53 million and $8.6 million, respectively. This establishes the fair market value of each of the lots at $2.1325 million and $2.15 million, respectively.

Using the latter, slightly higher value, which is the same value as my own separate appraisal on the fifth lot, establishes the fair market value of all five lots at $10,750,000. The signed contract price for the sale of the five lots to the school district is $9,275,000, or $1,450,000 less than the appraised value.

Why the discount? Because the school is a venerated, not-for-profit institution that has been serving Sag Harbor’s children for over 100 years. Growing up in Sag Harbor, I, too, attended Pierson. In short, the sale to the school district is a bargain sale, with the difference between the fair market value and the contract price being donated to the school as a charitable contribution.

The second issue concerns the possible use of the fifth lot, which is surrounded on three sides by existing houses. When the school expressed its desire to acquire the fifth lot on its own, I was surprised but said I would be willing on one condition: If the lot was ever put to active use and improved with permanent structures, the school would have to screen the improvements from the view of the adjoining properties, and any lighting installed would have to be dark-sky compliant.

The agreed-to restrictive covenant requires: (1) the use of solid fencing and dense, nondeciduous vegetation at least 8 feet in height to substantially screen any permanent improvements from adjoining neighbors; and, (2) that any site lighting will comply with the “dark sky’” provisions set forth in Section 300-9.8(B) of the Sag Harbor Village Code.

Pat Trunzo III

Manager

Marsden Street Properties LLC

Sag Harbor