Friday, June 5, 2009

Four Corners sale complete

Milford Daily News
Posted Jun 04, 2009 @ 10:53 PM
Last update Jun 05, 2009 @ 12:07 AM


The town sold the former Four Corners School to Arista Development LLC and got the check for $2.5 million Tuesday, said Town Administrator Jeffrey D. Nutting.

Norwood-based Arista is replacing the building at the intersection of Rte. 140 and King Street with a Walgreens pharmacy.

About $1 million of the money will be used to pay the existing debt on the property, which the town bought for $1.32 million, Nutting said.

Town Council voted Wednesday to put the $1 million in an escrow account for that purpose.

The remainder of the funds can be used for any bondable expense, or capital project, such as building repairs, but cannot legally be used for operational costs, such as salaries or schools, and cannot be put into free cash, Nutting said.

Read the full article in the Milford Daily News here

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