Click here to subscribe today or Login.
WILKES-BARRE — A deal to secure a $1.55 million mortgage for the purchase of the city’s Park & Lock East facility by the Wilkes-Barre Parking Authority is expected to be completed by the end of next month.
During the authority’s monthly board meeting Tuesday attorney Murray Ufberg provided a progress report.
“We expect that once we get the title commitment squared away for the (insurance) policy and the survey, assuming that they’re coincidentally mutually acceptable, we’re ready to close,” Ufberg said. “And we told them that we want to close by the end of May.”
The closing could occur before May 31, added Tom Torbik, the authority’s executive director.
The authority offered to buy the garage on the corner of North Washington and East Market streets for its appraised value and has been working with Fidelity Bank in Dunmore for the mortgage. Mayor Tony George included the sale’s proceeds in the revenues to balance his $50.4 million general fund budget this year. He’s also budgeted an annual contribution of $150,000 from the authority and the sale of the garage would allow the authority to continue to make that payment. The mayor had considered an offer of $2 million from a private entity last year, but pulled the sale when city council indicated it would not support the asset sale.
The authority that operates a surface lot and three garages, including Park & Lock East, reported a net income of $85,952 for the first quarter of the year ending March 31. The figure was $20,119 more than the budgeted amount of $65,832.
Torbik told the board emergency repairs are needed for the lot on West Northampton Street. He urged the board to approve the work to correct a dangerous situation. “I think we have to get it done,” he said.
Two contractors submitted quotes for the work: $20,354 from Stell Enterprises Inc. and $25,998 from Franchelli Enterprises Inc., both of Plains Township. The board approved hiring Stell for the job.