The Derby family is selling its land, which is under the agricultural/forest designation, making it eligible for a reduced tax base but also requiring the owners to give the town first right of refusal on purchasing the site. The family has an offer from North Reading, MA-based Habitech Development to buy the property.
According to Paula Bruno, an assistant to the town's board of selectmen, the town has until Sept. 7 to buy the land. "Of course the town wants it," she tells GlobeSt.com, "but we can't afford it." She says that the town is looking into working a deal out with local conservation groups in order to get the money.
As for what the town would do with the land if it gets it, Bruno notes that while there are those who want the land to remain untouched others want to see the town get some money back from its investment. Stow is 90% residential but Bruno points out that the land's zoning would revert back to a residential status if the land were to be developed.
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