As has been publicly disclosed, the Town of Southbury entered into an Option Agreement for the potential purchase of Edgewood Bath & Tennis Club. The Option Agreement calls for a due diligence period prior to the Town’s decision whether to exercise of the Option to Purchase.
The Option Agreement originally called for the Town to decide whether to exercise the purchase option by July 31, 2020. However, the Town was unable to complete its due diligence by July 31, 2020 because of certain unresolved environmental issues which came to light during the Town’s investigation. As a result, the Owner of Edgewood agreed to extend the option period to October 31, 2020.
As of this date, the environmental issues remain unresolved. The Town Attorney is continuing to discuss these issues with the property owner’s counsel. We have not ruled out the possibility that we will be able to resolve these issues and move forward. However, there are no current plans either to proceed with the purchase or to hold a referendum on the issue of whether the Town should proceed with the purchase until these issues have been resolved to the satisfaction of the Board of Selectmen.
We will provide updated reports as new information becomes available.