Buyers picked up five of the eight lots in the borough-developed Industrial Park Subdivision land sale last month, with the three remaining parcels listed for sale online at minimum bids.
The borough is putting in street access to the parcels, extending Fifth and Sixth avenues to serve the lots just off Airport Loop Road, a little past the turnoff to Ishiyama Drive.
If the three remaining lots sell at the minimum prices of $31,400 for each for the two 16,500-square-foot parcels and $51,700 for the 25,849-square-foot lot, the borough will have earned more than $340,000 from selling the land, covering the cost of putting in the two gravel-surface streets to access the parcels.
The assembly in July approved a $233,000 contract with Ketchikan Ready-Mix and Quarry for the new streets into the industrial subdivision. The assembly last month approved a $105,500 change order for the contract to pay for a concrete apron to Bennett Street, as required by the state Department of Transportation, and for additional excavation and rock fill for the streets.
The work was underway at the property last month.
The borough will bring in overhead electrical lines for the lots but will not extend water and sewer service.
Of the five lots sold in December, three had only one bidder each and sold for the minimum prices of $31,400 to $50,900, while two lots had multiple bids and sold at more than the minimum prices set by the borough.
The borough used its Industrial Construction Fund to cover the costs of developing the parcels. If all eight lots sell, the fund would hold an estimated $500,000 balance next year, Borough Manager Mason Villarma said.
The assembly created the fund in 1991 to provide money to develop borough land for industrial use.
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