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Officials outline proposed $1.5 million sale of Dock Street parcel to Delcora to fund new Public Works building
Summary
City officials described a proposed agreement to sell the Dock Street parcel to Delcora for $1,375,000 plus reimbursements that bring the total to about $1,506,130.95; proceeds would help fund a new Public Works building due in November, with a leaseback planned until relocation.
City officials told council on March 23 that Resolution 35 would authorize the sale of a City-owned parcel at 2nd and Dock Street to Delcora and that the sale proceeds are intended to support construction of a new Public Works building.
The Solicitor read the resolution’s summary into the record. A responding official explained there is a formal agreement of sale with Delcora that sets a purchase price of $1,375,000 and that Delcora will reimburse the city for certain prior development costs. “In addition, Delcora agrees to reimburse the city $1,131,130 and 95¢ for development cost for a total amount of $1,506,130.95,” the official said.
The official said the new Public Works building is on schedule and on budget and is expected to be completed by November; the city expects to close on the Dock Street parcel within roughly two months. He said the agreement will include a lease allowing the city to continue using the existing Dock Street building until it is ready to move into the new site.
A council member asked for clarification on what the arrangement looks like; the responding official said proceeds from the sale are part of the cash flow needed to finish construction. The resolution, as read, was placed on the agenda for vote at an upcoming meeting; no vote was taken during the March 23 deliberative session.
