Closing of 7 Lee Shore Sale

The PDPOA Board is pleased to inform you that the sale of the two properties at 6 and 7 Lee Shore (formerly 7 Lee Shore) is complete. The sale closed on Thursday, January 8. The purchase price for the two lots combined is $4 million.

What happens next? On the advice of our counsel, we must repay the Community Enhancement Fund the original purchase price of $2.05 million and any other accounts for 7 Lee Shore-related expenses. We have been working over the past few months to identify all of these expenses. In the coming weeks, the Finance Committee, in conjunction with our GM and Controller, will review these expenses and make a recommendation to the Board on how to allocate the proceeds, including those in excess of the expenses. The Board will vote on the recommendation once received from the Finance Committee. At that time, we will also share with you a full accounting of the expenses.

We would like to thank those in the community who volunteered their time on the multiple committees that worked diligently to develop proposals for the use of the property. While we were unable to come to a feasible solution, we learned much about the Town’s requirements, our covenants, and more. We look forward to moving on to new ideas for using our common property throughout the community. We encourage those who are interested to attend relevant committee meetings to follow the progress.