Council approves purchase of former Peoples Bank property, plans to sell surplus trucks

The Newcastle City Council approved a real estate purchase agreement for a property at 1880 Northeast 16th Street from Peoples Bank & Trust Company, along with certain on-site trucks and equipment, at a council-recorded purchase price near $990,000.

Staff told the council the property was appraised at about $600,000 and five trucks appraised collectively at roughly $429,000; the initial asking price had been $1.25 million. Council discussion said staff negotiated to purchase the property and three semis and that the city intends to declare surplus and sell trucks the city does not need to recover part of the cost. Staff said the property abuts an existing 10-acre city-owned tract and would benefit the street department.

City staff recommended soliciting financing for the acquisition and said they could line up buyers for containers and smaller trucks so the city would not finance those items. Council approved the purchase motion; the clerk recorded the yes votes and no dissent.

Staff said they would begin a short timeline to solicit financing proposals and to begin vehicle surplus processes immediately after closing.