by Geoff Fox
The Town of Hancock is inching closer to finalizing the sale of 317 and 319 East Main Street to architect Bruno Reich.
That property had already been declared surplus property, so the town is free to sell it.
Reich appeared before town officials during the April town meeting, inquiring if the town was ready to sign a proposed contract for the purchase.
Town officials did approve the sale of the property to Reich’s company, Hancock Rising LLC, but has not proceeded with a draft contract yet.
Town Attorney Ed Kuczynski questioned the newness of Reich’s LLC, which the developer said hadn’t been formed yet.
Because the LLC hadn’t been formed, there’s no validity to the contract, the town lawyer noted. However, Reich could sign it as an individual purchaser.
Kuczynski noted if Reich were to sign individually, there could be a revision and a provision included there would be authorization for him to assign it later to an LLC of which he is the lone member and operating manager.
Reich said if the town were to vote to approve it in principle at the meeting, it would allow both parties to look over the changes, and he could go forward with forming the LLC with the intention to sign a final contract at the May town meeting.
Kuczynski said he didn’t find anything he didn’t like in the draft contract, he just needs time to look over the document with Town Manager Mike Faith for any needed revisions.
Reich said the first thing he looks to do in his study of the building is a laser scan as there are no drawings of the building, and there have been additions over the building’s lifetime.
Mayor Roland Lanehart, Jr. said there’d be communication to Public Works to give Reich access to the building whenever he would need.
The town has had a copy of the proposed contract for about 45 days, officials said.
The town has agreed to sell the building and property to Reich in principle.
“The goal would be to get that contract back to him here in the next couple weeks so he can look for it,” Faith said.
Once the contract is signed, Reich can start his 90-day study.
Faith said he wanted to get things moving forward with everyone in the same room.
With Reich planning to invest a lot of money into the property, Faith said he doesn’t want to keep him waiting.
