At 10 o’clock on August 25th, a closing took place in the Town Hall of Little Compton. I, representing the Ag Trust, Dennis Talbot, representing himself, and Beverly Annarumo, owner of 164 John Dyer Road, met with their lawyers and witnesses to execute a Purchase and Sale Agreement of Plat 45 Lot 1-2, 31 acres. The Ag Trust and Dennis Talbot were buying the lot from Ms Annarumo as Tenants in Common, having agreed that the Ag Trust would acquire 26 acres of the western portion of the lot with a 20-foot right of way to Old Harbor Road, and Dennis would acquire 4.9 acres on the east with access from Old Harbor Road.

The closing took place in a small file room as the Town Hall was under construction. Everyone was seated or standing around a small table as the lawyers produced documents for signatures, passing them from person to person, witnessing, notarizing and delivering them to the treasurer’s office for tax stamps and copying, then back to the file room for distribution.

During the processing time, Ms. Annarumo told stories of childhood memories of the property and growing up in Little Compton. She was very pleased about the transaction, which would preserve the trails she remembered, and Dennis’ plan to build four affordable houses.
Ms. Annarumo had flown up from Florida that morning and been driven to the Town Hall, her driver was waiting for a return to the airport for a flight back that afternoon, to beat the hurricane heading for the Florida coast.

For some unknown reason, this transaction, which enables the building of affordable housing, is not being celebrated. Over the last 20 years, the general consensus has been that the town needs more housing for young families. The Arkins development 15 years ago for six units is the last time someone invested in affordable housing for the Town. The LCHT was formed to work on this, the Comp Plan Housing Section, Action H3.a. directs the Ag Trust and Housing Trust to “ Explore cooperative acquisitions that meet the goals of land conservation and affordable housing development,”and many interested citizens have devoted a great deal of time to help relieve the situation. Recently, despite those efforts, East Repair, The Parsonage and 122 Main St. in Adamsville, all with unique possibilities, were missed due to expense and the immediate availability of money to act.

Along comes the availability of Plat 45 Lot 1-2, born out of a failed fraud with land for conservation but at a price too high (see page 1). The solution is to partner with a developer willing to invest his own money to produce affordable housing for the town. Dennis Talbot had been active in pursuing some of the missed opportunities. The time window was short. Dennis was interested, advice of counsel was to purchase the property as Tenants in Common with a survey delineating each buyers’ portion and an agreement to execute, and the Trust went ahead.
This appeared to be a unique opportunity for the Ag Trust to do what people had been asking for; help with the acquisition of land for housing. This was not something the Ag Trust had done before but the upside for the town appeared to be worth the risk.

The deal has been completed. The land is subdivided into Lot 1-3 for the Ag Trust, and Lot 1-4 for Dennis Talbot. Dennis Talbot is working with the Little Compton Housing Trust to make his vision of four houses a reality. He has agreed to sell the 4.9 acres for what he paid, $200,000, to the Housing Trust and has also agreed to manage the project, including the subdivision, site work, and the building of the houses, with no compensation. He has already invested hours and hours for the Town. 
The members of the Ag Trust, Housing Trust, Zoning Board and Planning Board are all volunteers with no professional staff and work for the betterment of the Town.
As has been pointed out, ad infinitum, “HOW” this was done is flawed and the correct way needs to be understood if it is ever to be done again. 

“WHAT” was done and is being done for the town’s benefit is being completely overshadowed by an attack on the Ag Trust for being creative to help the critical housing need in town.

Mike Steers

Little Compton