The Town of Granby recently accepted the promise of $500,000 from the Granby Land Trust to create a restricted investment account to support the operation, maintenance and capital expenses of Holcomb Farm. The gift is one of the primary components of the long-term conservation and sustainability plan for the Farm. The Land Trust gift will enable the Town to support Holcomb Farm operations and maintenance without always using tax dollars. Earnings from the account may also be used, in limited circumstances, for other passive recreational activities in Granby.
Discussions with legal counsel and investment advisors resulted in the recommendation to place the gift in a trust fund, which affords the town certain benefits including investment selection flexibility, asset allocation flexibility, spending flexibility and potential account growth. It will require establishing an additional account outside of the Town’s existing financial framework and the formation of a trust, which will incur small incremental costs.
The Selectmen concurred that a Trust Fund was the best option for handling the $500,000. Town Manager Erica Robertson agreed to work with the town attorney to prepare a draft document for an upcoming meeting for the board to study.