After considering 15 submissions with just one in opposition, the Cromwell Community Board agreed to the sale and purchase, subject to ratification by the Central Otago District Council at its meeting tomorrow.
In his opposing submission, Cromwell resident Grant Finn said he thought the council and community board should instead be spending the money upgrading the Cromwell Mall.
However, board deputy chairwoman Helen Hucklebridge said the council share, 40% of the $752,500 purchase price, would be funded from the Cromwell Endowment Account, which could not be used to fund a mall upgrade.
Funds for the mall upgrade have been budgeted for in the Long Term Plan which, once adopted by the council, will go out for public submission.
Of the 14 submissions in support of the proposal, most said it was a great investment that guaranteed the area as a heritage site.
"The opportunity to include the land and residential property of 40-42 Inniscort Street into the Old Cromwell precinct is a chance unlikely to be repeated and one that ought to be grasped enthusiastically," Peter Mead's submission said.
He went on to say, while the council contributed 40% of the total price, it was receiving a 100% interest in the property.
"To me, that is a truly extraordinary return 'in aid of Borough funds' or 'municipal purposes'. It is an extremely prudent action that in one step more than doubles the current value of the endowment funds."
Spending from the endowment account, which comes from land given to residents of the Cromwell Borough by the Crown in 1881, is meant to generate income for the borough.
The remaining 60% of the purchase price will be made up by grants from charitable trusts and other funding agencies.
The land, an estate in two titles on the corner of Inniscort St and Erris St, is 3340sq m in area and lies along Old Cromwell Town's northern boundary.
It includes a 1860s-era stone house with a large garden area and a swimming pool.
At the community board meeting yesterday, Old Cromwell Incorporated member Barbara Emmitt said the house had been upgraded over time and would likely be restored to its original condition.
