Board will acquire funds for purchase of Gaslight Village Property

LAKE GEORGE The Village of Lake George board has passed a resolution to borrow the necessary funds for the acquisition of the former Gaslight Village property. The villages share of $350,000 will be bonded for a period of five years or less and passed the board by a 4-0 vote, with Trustee John Earl absent on vacation. The Villages decision to commit the funds towards the purchase follows the recent commitment by the Town of Lake George for its share of $700,000, and Warren Countys share of $1.3 million. Three environmental organizations, the Fund for Lake George, the Lake George Association and the Lake George Land Conservancy have pledged the remaining $1.75M towards the $4.1M sale price. The 12.1 acres is the site of the former Gaslight Village and Charleys Saloon located on both sides of West Brook Road adjacent to Route 9 in the Town and Village of Lake George. The property is owned by the Charles Wood Foundation and has been vacant for the past several years. The Lake George Village Board held a special meeting following a second public hearing where a great majority in attendance spoke in favor of the project. Mayor Robert Blais called for a vote on reducing the borrowing from 10 years to five years due to the amount and the added expense of interest over an additional five year period which would amount to $65,755.95. Blais also reported that grants were possible to further reduce the villages share, as well as allocation of some surplus funds from the villages annual budget. Trustees Doug Frost and Raymond Perry both were concerned that originally there was a discussion of a special vote on the villages involvement due to the impact on the tax rate. Frost remarked that some compromises were necessary to get the matter to a timely vote. All of the board commented that the attendance at the meeting of only two residents, both from the town outside of the village, was an indication that the taxpayers trusted the board to proceed with a decision. The board also completed the SEQR review on the project and asked Clerk-Treasurer Darlene Gunther to investigate the possibility of using a reasonable amount of surplus funds to reduce the borrowing and impact on the tax rate. Blais indicated that this borrowing would have little or no effect on next years taxes but the need to borrow $3.2 million for the new firehouse would necessitate a reasonable increase.

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