In December, 2002 the Town purchased Northam industrial park for $13.7M, took out a 15year $14M mortgage and took possession in March, 2003. The site is 121 acres and has 17 industrial buildings which cover more than 836,000 sq. ft.  Since then, although over $13M has been spent on Capital improvements, the mortgage has been paid down and $5M has been paid to the town by way of dividends.  The good news is that in March 2018 the mortgage will be fully paid up and the annual dividend from the park will increase by about $1.25M per year ($940K in 2017).  Over the 14 years, the annual dividend has paid for a variety of things – including long term debt,… Read complete articleNortham Industrial Park Mortgage Almost Paid Off