WILLIAMSTOWN, Mass. — The Select Board on Monday voted 4-1 to  accept a revised offer from Williams College to purchase the former town garage site at four times the original upfront offer.

 

The college's original response to the town's request for proposals for 59 Water St. proposed that the school acquire the vacant lot for an upfront purchase price of $500,000 plus 10 years of $50,000 contributions to the Mount Greylock Regional School District.

 

On Monday night, Williams' director of communications presented a revised offer: the original $500,000 purchase price plus an additional $1.5 million contribution to the town, paid in a lump sum at the time of closing.

 

In addition to doubling the effective purchase price ($2 million versus the $1 million over 10 years), the new offer addresses a concern raised by members of the Select Board at its first public consideration of the college's proposal: the fact that $50,000 in 2036 is not the same as $50,000 in 2026.

 

The college's Gina Puc noted that the $500,000 purchase price alone is anywhere from a third more to double the lot's appraised value, depending on which appraisal you look at, a sum she characterized as "reasonable, even generous."

 

"After consideration and listening to the good conversation at the last Select Board meeting, we've decided to revise our offer, so we'll make a one-time payment of $1.5 million to the town at closing," Puc said. "This is in place of the $50,000 payment to the local schools.

 

"We're responding to some of the feedback we heard — one, to really compensate for lost tax revenue on the site for this being converted from what was, potentially, a commercial lot and, in addition, listening to feedback about having this go to the town instead of the schools."