Land Swap Deal Dead
HADDAM, Conn. (AP) _ Developers have pulled out of a deal with the state to swap land they own for 17 acres of state-owned property along the Connecticut River in Haddam, where they had talked about building a hotel and entertainment venue.
Riverhouse Properties told the Department of Energy and Environmental Protection on Tuesday that it wasn’t going through with the deal because of land valuations. The developers wanted to trade 87 wooded acres they owned in Haddam for the riverside property, but the state’s land was appraised at $1.3 million more than the developers’ property.
Under the agreement approved by state officials last year, the developers would have had to pay the state the difference between the land valuations and they said Tuesday they couldn’t do that.
Environmental activists opposed the deal.
(Copyright 2012 by The Associated Press. All Rights Reserved.)