Bangor officials unanimously approve $693K parcel sale
Bangor’s City Council on Monday night unanimously approved a deal that allows three parcels of land in a business park to be sold to Bangor Savings Bank in a deal that has been in the works since early 2013.
According to the Bangor Daily News, Bangor Savings will purchase a pair of city-owned lots located at 19 and 203 Maine Ave. for the appraised value of $693,000, in addition to a 30-foot-long section of an adjacent lot.
The financial institution already owns the buildings on both parcels, but not the land. Bruce Nickerson, Bangor Savings’ executive vice president and chief financial officer, told the BDN that because of the investments that have been put into both buildings, it made sense to purchase both lots before the leases on the parcels expire in 2032 and 2027, respectively.
“We’re getting closer to the end of the lease term,” Nickerson told the BDN. “We’ve made some pretty significant investments in both buildings over the years, and would prefer to own [the land] if we’re going to continue to invest.”
Most Recent
Most Recent
Comments