Bids reviewed for Greensburg property
Five bids were opened Tuesday to buy property owned by the city of Greensburg on South Pennsylvania Avenue.
City officials plan to review the bids before awarding a sales agreement, possibly during the Nov. 13 city council meeting.
Council wants to sell a 7,382-square-foot building that houses five stores: Katwalk, Mancuso's Shoe Repair, Golf for Her, Herbs to Your Health and Lapels: A Fine Men's Store.
Also being sold are an adjoining underground parking area with 71 spaces and a surface parking lot with 50 spaces. The city has owned the complex since the 1970s.
Mayor Ron Silvis and council members want to sell the property because they don't believe government should own real estate. The staff must spend too much time overseeing upkeep and negotiating and maintaining leases, they said.
City Planner Barbara Ciampini and City Fiscal Director Mary Perez opened the bids in city hall. City officials set the minimum bid at $475,000. The property appraised at $535,000.
The bids are:
• Attorney Greg Moore of Greensburg, $541,003
• CTO Group LLC of Greensburg, $475,000
• The Buncher Co. of Pittsburgh, $475,000-$575,000
• The B5 Group LLC of Murrysville, $490,000
• Attorney David Robinson of Greensburg, $510,000
Buncher officials said their bid is subject to “buyer's due diligence and negotiations of a mutually accepted sales and purchase agreement.”
Greensburg officials sent out more than 20 packets detailing information about the property to prospective buyers. Officials also are working on 2013 budget.
Greensburg collected an average $24,784 per year for 2009-11 from the parking meters and nearly $47,000 annually from parking leases for the same three-year period, according to city records.
Rents yielded an average $50,000 per year for the three-year period.
The city paid nearly $30,000 in operating costs for the three-year period. The city has spent nearly $25,000 since 2010 in capital improvements, including a water-line repair, interior remodeling and pavement and gas line work, according to city records.
As a condition of the bid process, city officials stipulated that the property must be put on tax rolls.
The new owners are prohibited from seeking a reduction in the assessed value of the property for two years after the closing.
Bob Stiles is a staff writer for Trib Total Media. He can be reached at 724-836-6622 or email@example.com.