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Groton city can't afford to make deal

Michael Boucher Groton

Publication: The Day

Published 12/15/2012 12:00 AM
Updated 12/14/2012 04:33 PM

This is my best understanding of the City of Groton's "Deal" to sell Thames Valley Cable.

Thames Valley Cable was worth $22.3 million in total capital assets after being depreciated in December 2010. (See the City of Groton Connecticut Comprehensive Annual Financial Report June 30, 2011.) On June 13, 2011 Cornerstone Management was retained by the mayor and council to help with the Thames Valley Cable problems. Total cost to date, maybe $640,000?

RBC Daniels was hired to locate a buyer. This firm is expected to be paid $400,000 for its efforts. CTP Investors LLC will buy Thames Valley Cable for $150,000. The mayor and council is also giving CTP free rent in the Municipal Building for one year and 50 percent off the next year plus administrative services for around three months. Cost to taxpayers about $71,000.

Taxpayers do the math. Does this make any sense to you? Come to the mayor and council meeting at the Municipal Building at 7:30 p.m. Monday to watch your mayor and council do the math.

I asked the mayor and council at their last meeting on Dec. 10 what exactly are we selling to CTP? What are the costs to the taxpayer? I have not received an answer.

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