There's been no decision made on the future sale/lease of Old Borough Hall. There were many in attendance tonight with equal discussion on reasons for sale, as well, as lease. I stated that the building should be sold, as the borough should not be in real estate business. This supported by the fact of the two unsuccessful attempts to rent this building in the last five years.
Council stated that the building has been appraised but would not release the figure. They did state 18 inquiries were made regarding the status of the premises. Based on similar assessments and informal input from commercial real estate appraisers, the price falls within the $800 - $900k range. Historically, yearly rent from this property is approximately $70k at ~4,800sqf.
I requested a time frame from Borough Council on when a decision will be made regarding sale/lease, and was told it could take many months. I question Borough Council's direction on this matter, as a sub committee was assigned months ago to asses this issue, but nothing regarding a position or direction was announced tonight. I suspect it'll probably be placated, at the expense of taxpayers, for a long time to come.
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