Filing the deed will pave the way for the sale of Little Neck to the current land tenants for $29.1 million.
The new trustees will manage an investment trust to benefit the Ipswich Schools instead of the Little Neck land trust William Paine established in 1660 for the schools.
“The mission of the new Feoffees is to make sure that the Trust grows prudently, while making, if possible, annual distributions to the School Committee, in perpetuity,” the new Feoffee board of trustees said in the statement.
A group of citizen interveners still have a suit to block the sale pending and are awaiting an initial ruling on whether or not that suit can go forward from the state Supreme Judicial Court.
The sale of Little Neck to the tenants will create a condominium association, which will own the land jointly.
The tenants had been leasing the land, but had owned the cottages built on the land.
I hope that someone will be posting, on some public monument somewhere in Ipswich, going forward year by year:
(b) the value of the corpus of the trust;
(c) the amount of income the schools receive from the trust;
(d) the amount paid in feeds to the lawyers, the stock brokers, the fund managers, and the rest of the FIRE sector.
And engraved on that monument should be the names of the people who allowed this to happen, and the names of the 167 beneficiaries.
I hope that Ipswich's assessor keeps a careful eye on the selling value of Little Neck property, and adjusts assessments on a regular basis.
Little Neck should never have been sold. And if for some peculiar reason it was sold, it should not have been sold at a bargain basement price. No other asset or combination of assets is likely to serve the schools as well as this one could have, properly managed.
I hope Ipswich's historians will keep good records for future generations to judge the actions of this generation.
School lands have a fine track record, and letting them go private is, to put it in the most kindly terms, short sighted. Land rent is the ideal funding source for public purposes -- far superior to taxing sales, or buildings, or wages, or any productive activity in the economy.