Yacht club's $1-a-year rent creating controversy
The Old Greenwich Yacht Club?s $1-a-year lease is up for renewal and is creating controversy in the community.
Some residents say the real estate value of the yacht club is high, but the rent is too low. They feel the yacht club should be generating more revenue for the town. They say with the rent so low, the club isn?t bringing in any money.
Jim Bulger, of Greenwich?s Representative Town Meeting (RTM), says the yacht club has had the deal with the town for 10 years. Bulger says the club is a non-profit, but last year it produced a surplus of approximately $62,000.
Town officials say two other clubs in Greenwich lease their property for $1 a year, while another operates without a lease.