Council weighs minimum bid, remediation costs as it prepares to re-advertise industrial lot for sale

Councilors discussed next steps for selling a half-acre light-industrial lot at 40 East Front Street, including whether to set a minimum bid and how to account for remediation costs. Staff said the borough purchased the property at a tax upset sale, demolished the building and has invested roughly $80,000 to date (purchase plus demolition). A remediation plan prepared earlier estimated remediation costs at about $90,000. Two parties have expressed interest in the lot but staff said the remediation requirement (soil remediation before digging) will affect potential buyers and that some interested parties plan uses that would not require excavation. Council debated placing a minimum bid equal to borough investment (about $80,000) versus setting a lower price to attract buyers and return the property to the tax rolls. Members asked staff to calculate the tax revenue lost since acquisition and to prepare total-investment figures (purchase, demolition, remediation and maintenance) for the next meeting to inform a minimum-bid decision. One councilor recommended obtaining a third-party appraisal or realtor opinion, but others cautioned that formal appraisals cost money and might still overstate the net value once remediation is accounted for. Why it matters: The property is a long-standing borough issue with environmental remediation obligations; selling it would return it to private tax rolls but the remediation cost and market interest must be weighed. Next steps: Staff will compute the borough’s total investment and lost tax revenue and return the item to the next meeting with recommended minimum-bid options and additional background.