MRRA, Navy agree on base land sale
The U.S. Navy and the Midcoast Regional Redevelopment Authority have a reached a unique deal that will transfer more than 1,000 acres of land and buildings at the former Brunswick Naval Air Station to the civilian reuse group.
The agreement allows MRRA to purchase 1,100 acres at an affordable price, and also gives the Navy a share of redevelopment proceeds, according to press releases from MRRA and U.S. Sen. Olympia Snowe. Under the economic development conveyance agreement, MRRA will pay a $25,000 deposit and sign a $3 million promissory note to be paid off over the next 20 years, and MRRA and the Navy will share revenues from future property sales and leases through 2034. The Navy will receive 25% of Brunswick Landing's revenue when it reaches $7 million annually, and the Navy's cut will rise to 50% when revenues reach $42 million, the Bangor Daily News reported. Once MRRA and the Navy officially sign off on the arrangement, the first parcels could be transferred this month.
In 2009, Snowe introduced legislation changing rules governing the reuse of former defense property, eliminating a requirement that the Department of Defense seek fair market value for any land before selling it -- a provision that could have prevented MRRA from being able to purchase the land. The agreement does not cover some property, including parcels where the Navy is conducting environmental assessments.
Most Recent
Most Recent
Comments