Morristown residents know a good deal when they see one, and they voted 1,198-453 Tuesday to approve a $600,000 bond to buy the building that houses the town offices.
The town will pay $900,000 for the building, and already has $475,000 set aside for the purchase.
Since 2005, the town has leased the 6,200-square-foot office in what’s known as the Tegu Building at 43 Portland St.
Buying the building will save money in the long run.
Under the lease, which expires in September 2016, the town pays about $46,000 a year in rent and property taxes. Payments for buying the building will be less than that — $30,000 annually for a 30-year bond, or $40,000 a year for a 20-year bond.
In addition, as the owner, the town government can make the building more energy-efficient — it was built in 1937 — by replacing windows and improving the ventilation system.
The building’s town-assessed value is $542,000. The town hired an independent real estate appraiser who estimated its value at $615,000.
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