What's Next For Darien & Great Island

DARIEN, CT — First Selectman Monica McNally offered a glimpse into the next steps for the town after it announced a final agreement to purchase Great Island for $85 million earlier this month.

In her biweekly newsletter to the community, McNally said the first order of business is to complete the purchase in May, followed by some improvement work to the property.

"After closing, we will perform some physical work on the site to accommodate users, including widening roads, creating parking areas, and addressing some safety, access, and environmental issues," McNally said.

McNally noted that the reduced purchase price of $85 million will leave the town some room to make the required improvements and to address other issues.

"My office will be meeting with Town departments prior to the closing to prioritize this work, in preparation for welcoming you to enjoy the property. I look forward to working closely with members of the community as we envision the future of Great Island together," McNally said.

Last summer, the RTM approved a $103 million purchase of the land, pending certain due diligence procedures which were to be completed by Aug. 6, 2022. McNally had hoped to close on the property last September.

But the period was extended to March 6, 2023, after Darien discovered some issues with the property that needed to be resolved.

McNally called Great Island a "defining piece of land within town that will be enjoyed by all" in her recent newsletter. She said it will increase quality of life and property values.

She reiterated that the Darien Board of Finance will fund the acquisition of the property through the issuance of long-term tax-exempt bonds that will be paid over a period of 30 years.

"The long-term payment schedule does not place undue pressure on education or public services," McNally said. "Our careful fiscal stewardship has earned Darien a 'AAA' rating from Moody’s Investors Service, which is the highest rating a municipality can receive, providing us access to attractive long-term borrowing costs."