The selectmen on Monday afternoon approved a $4 million contract to sell 10 acres of former Schlumberger land to Residential Investment LLC, a subsidiary of Fairfield County Bank.
The buyers would be obligated to develop the site with 24 single family units. Selectwoman Barbara Manners was the dissenter in the board’s 4-to-1 vote, feeling the units — estimated to sell in the $800,000 range — were too costly.
The deal needs voters’ approval and is scheduled for a March 19 public hearing, a March 31 town meeting, and an April 8 referendum.
The selectman had agreed to the general outlines of sale last Wednesday night, after weeks of negotiations.
Read more about the plans in this week’s Ridgefield Press.
