RUMFORD – Owners of the former Abbott Farm Plaza plan to make $360,000 in physical improvements to the property, an action aimed at encouraging more tenants to move into the shopping complex.
Selectmen learned Thursday night about plans by Rumford Realty Partnership to make the improvements.
The 83,000-square-foot shopping complex, now known as River Valley Crossing, is about two miles west of town on Route 2 and houses The Dollar Tree and the Discount Barn. The two businesses opened in early September and occupy about two-thirds of available space.
Selectmen approved the bank loan provided it passes review by the town’s lawyer.
An agreement between the partnership and the town requires that the town know of planned loans by the owner because the complex and 11 surrounding acres were purchased from the town, Town Manager Steve Eldridge said.
The partnership is made up of Jay Wise, owner of Wise Real Estate in Portland, and Strategic Retail Advisers of Framingham, Mass.
Wise said at the time Discount Barn and The Dollar Tree moved into the complex that he is working with several other businesses that may lease space at the shopping center.
Selectmen’s approval of the loan by the partnership does not mean the town has any financial responsibility for repayment, Eldridge said Friday morning.
Part of the agreement when the property was sold provides for the town to get first option if the partnership should decide to sell the complex within five years of purchase. The partnership paid about $235,000 for the property that had been turned over to the town by former owners, Druker Corp. of Framingham, Mass.
In other matters on Thursday, selectmen delayed action on a request to allow overnight parking during the winter in the parking lot of the former Agway building on Railroad Street. The matter will be further discussed at the Dec. 1 board meeting.
They also delayed action on a request by Greater Rumford Community Center director Mary Baudo for an additional handicap parking space in front of the center until more study is completed.
The board entered into a closed session following the nearly three-hour selectmen’s meeting to review the 12 applications for Rumford police chief.
Eldridge said Friday that he and a police chief review committee will study each of the applications for overall experience, education and budget experience this week, set up interviews for three or four of the applicants, then make a recommendation at the Dec. 1 board meeting.
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