WILLIAMSTOWN, Mass. — The Finance Committee last week discussed how the town should use the $2 million it is in line to receive from the sale of the former town garage site.

 

"My understanding from [Town Manager Robert Menicocci] is, unlike the [American Rescue Plan Act] funds, which were distributed by the Select Board, this is just another revenue for the town and has to go through town meeting," Chair Frederick Puddester told his colleagues. "It would be good for us to think about what our priorities might be for this, to give feedback to [Finance Director David Fierro] and [Menicocci] on how to deal with the $2 million that fell out of the sky."

 

Fierro confirmed to the committee that proceeds from the sale of 59 Water St. to Williams College would be classified as "special revenue" and sit outside the town's budget, needing an appropriation of town meeting to spend all or part of the windfall.

 

Melissa Cragg suggested that the special revenue could be left in free cash, but it would generate less of a return on the investment than it would if it went to, for example, the town's stabilization fund. One potential drawback of putting it in stabilization, Puddester noted, is that a two-thirds vote of town meeting then would be required for a withdrawal.

 

Suzanne Stinson, who was later elected to chair the committee for the 2026-27 meeting cycle, indicated that the $2 million could be used to address the issue of tax base growth that has concerned the Fin Comm for years.

 

"I feel like it would be important to put that into something that has a long-term outcome for the town, given how much we're talking about significant structural changes," Stinson said. "We talked about if we had a way of gaining development — either commercial real estate or residential development. Those things, in particular, could conceivably add to the tax revenue.

 

"If there's an opportunity, I'd like to make sure we think through those opportunities."