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Frostburg staff outline demolition loan, timeline and emergency procurement for Nickel Building
Summary
City staff outlined a proposed $143,000 city loan and an emergency procurement to demolish the deteriorating Nickel Building, with a target to have the structure down by July 4 and a low bid of $114,000 from a local contractor.
City staff described terms of a draft demolition and loan agreement with Larry and Megan Guthrie, owners of the Nickel Building, and asked council members to note the plan prior to formal approval at next week’s meeting.
Staff said Briarside Construction provided the low demolition bid at $114,000; landfill and incidentals were estimated at about $29,000, producing a proposed loan principal of $143,000 at a 4.75% interest rate over 15…
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