SOLD: Old TMS

The BOE voted 4-0 to accept the $500,000 offer from Carmen Construction  President Joe Scaccio. The Board turned down the high bid of $190,000 at the recent auction. Two years ago the property was appraised at $1.6 million if used as a school. A more realistic value of approx $100,000 per acre for undeveloped land amounts to about $800,000 for the 8 acre site.  The estimated cost for asbestos removal is $300-350,000. As part of the agreement, the Board stipulated that the buyer will not seek tax abatements. The cost of asbestos removal and demolition will be Scaccio’s responsibility.