BETHLEHEM - The Board of Finance approved Monday the purchase of the $500,000 Wesson property on Main Street South, plus $5,000 for potential closing costs.

"This is a great opportunity for the town to get a fairly large tract of land right in the center," said Selectman Jeffrey Hamel. "We just can't replace this piece of property."

If the buy is approved, the town would borrow $505,000 from the Thomaston Savings Bank, which would be paid back at 6 percent interest over seven years, Hamel said.

The purchase would likely mean a tax rate increase of anywhere from one-third to one-half of a mill from the 2006-07 rate of 21.82, he said. A mill is $1 for every $1,000 of assessed value.

Selectmen have been researching the purchase for over a year, and say they want to use it for a town garage and salt storage shed or other municipal buildings.

"There's a lot of things we could put on that piece of property," Hamel said. "The whole idea right now is the accessibility of the property and the future expansion of the town."

Former First Selectman Harry J. Traver applied for a grant to purchase the land, but the town didn't receive it. Hamel said the town would reapply next year.

Earlier this month, selectmen wanted to use $225,000 from an open space fund for a down payment, but changed their minds.

"It's going to be a bank loan and that will be the end of it," said First Selectman Leo S. Bulvanoski. "There won't be any argument about whether we're using the money inappropriately."

The town already has spent about $22,000 on two land use studies of the property, which was downhill from a gas station. The second, presented at a town meeting June 13, revealed no contamination.

The Board of Finance postponed its decision on the property last week because members had some lingering questions. But the two members who voted against the purchase Monday night still aren't convinced.

Leonard J. Assard said he wants a more specific plan for the property and to make sure the town won't be liable if a volunteer finds asbestos while demolishing an old building. He's also questioned what it means for the town to become a landlord for another house on the land. He said taxpayers need to know more about construction costs along with other capital expenses - school renovations, road improvements or a fire truck.

"There's some real big dollars looking at us in the future," he said. "We can't just say it's a half of a million dollars and that's the end of it."

Bulvanoski said the environmental engineer and town lawyer will be at a town meeting Wednesday to answer questions.

"We have an option to buy it. We either have to buy it or we lose it," he said. "We're pursuing what's best for the town."