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Framingham Town Meeting members voted Thursday against authorizing the town to excercise its option to purchase the 66-acre Millwood Farms Golf Course for $5.5 million.

A two-thirds majority was necessary to pass the measure. Only 69 members voted in favor, while 86 were opposed, according to Town Clerk Valerie Mulvey.

The Drake family decided to sell the golf course in advance of their retirement. Capital Group Properties, a Southborough-based developer, made an offer to buy the property, but because it is designated recreational land the town has the right of first refusal to match the price and purchase it.

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A financial feasibility study determined that the revenue from the 14-hole course would not be enough to offset the debt the town would incur from the purchase of the property.

Capital Group Properties, which plans to turn the property into an age-restricted residential community, said it will be moving forward with its offer.

Capital Group Properties argued that its acquisition of the land would generate more revenue for the town because the recreational designation, which discounts property taxes 25 percent, would cease.

“We appreciate the thoughtful discussion we have had with Town Meeting Members as well as residents of Framingham over the future of the Millwood Golf Course property,” said Bob Depietri, founder and president of Capital Group Properties, in a statement.

The developer has pledged to keep almost half of the property, 30 acres, as open space for public recreational use.

“We look forward to working with the Town of Framingham on the future development of this property in a way that makes fiscal sense for the town and opens additional public green space for everyone in Framingham to enjoy,” Depietri said.


Debora Almeida can be reached at debora.almeida@globe.com.