RUMFORD – Selectmen on Thursday signed the purchase-and-sale agreement with Strategic Retailer Advisors for Abbott Farm Plaza.
SRA will do business at the plaza as Rumford Realty Partnership LLC. In the final agreement, the Framingham, Mass., company will pay $230,000 for the building complex and surrounding eight acres, rather than the original bid of $225,000, to allow for a property appraisal paid by the town.
The agreement also specifies that if the needed roof repairs cost more than $40,000, SRA will have the right to return to the town for possible further negotiations.
“The roof is an issue,” said town lawyer Jennifer Kreckel. “They are concerned about additional damage. This doesn’t mean they will void the contract, but they could.”
She said SRA would not sign the contract with the town without limits on the cost to repair the roof.
“I think they have a clear understanding of where the leaks are,” said Town Manager Steve Eldridge.
The purchase-and-sale agreement also calls for SRA to pay damages to the town if it decides to walk away from the complex after the closing, which is set for April 4. The amount would include the $10,000 down payment, costs for the appraisal, survey fees, all legal fees, and the cost of heating the complex.
Resident Roger White suggested that SRA was getting a $2 million building for far less than the assessed value. Kreckel said the building has been on the market for several years with no interest from prospective buyers.
The building complex and 78 acres surrounding it are listed on the tax rolls with a value of $2.4 million.
Kreckel said a property is worth only what someone is willing to pay for it.
SRA and its partner, WRE Commercial Brokers of Portland, plan to redevelop the plaza. They hope to have their first tenant, a general merchandise retailer, open its doors by late summer.
In other matters on Thursday, selectmen approved a request for proposals that would outline a plan to redevelop the downtown area.
Eldridge said the proposal will be sent to about a half-dozen planners, architects or other designers for bid. He said he expects the project to cost $15,000 to $20,000.
Proposals are due back at the town office by April 8.
Selectmen also learned of the resignation of Diane Richard, a 15-year employee with the town. Richard, who has served as the secretary to the town manager, will retire on April 1.
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