WAYLAND, MA-The town is interested in purchasing a prime piece of real estate but the property owners’ asking price puts the site beyond its reach. This town has recently passed the Community Preservation Act and this site could be the first property to take advantage of the law.

The 25-acre parcel, which is located in the northwest corner of town, is the former site of the Raytheon Co. The developer of the property is the Wayland Meadows Limited Partnership Trust, a private group of investors. Reportedly, the town has $1.3 million to buy the land but according to Joe Laydon, town planner, “the developer is asking for more money than the town has.” Laydon tells GlobeSt.com that he does not know if the developer is willing to lower the price but he does confirm that the town made an offer on the land.

While a representative for Joel Reck, the attorney for the developers, tells GlobeSt.com that she is not sure what the plans for the site are, unconfirmed reports state that the developer wants to build seven homes on a part of the parcel. Were the town to invoke the Community Preservation Act it could use the 1.5% property-tax surcharge it levies on local residents to pay for the parcel. As part of the act, the state commits some matching funds.

Invoking the Community Preservation Act is even more of a possibility because there reportedly has been talk that the town would like to develop housing for low-income and elderly residents on the site. The Act is used to purchase open space, build affordable housing and preserve historic sites.

The town’s conservation official tells GlobeSt.com that the Community Preservation committee has yet to meet to discuss how to spend its funds. And it is also unclear exactly how much money the town will garner through the act, especially since it is one of the first towns to pass it. Meanwhile, negotiations with the developer are said to be ongoing.

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