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Development Firm from Nebraska
Thu April 11, 2013
Interest in Burlington Property for Sale
Burlington is working with a development firm out of Omaha, Nebraska interested in purchasing a piece of land the city has been trying to sell for years.
Dial Realty Corp. met with members of the Burlington City Council about the roughly 25-acre site known as “The Manor.”
City Manager Jim Ferneau says the firm is interested in the property for both residential and commercial use.
He says Dial Realty Corp. is seeking a two-year purchasing option for $20,000 with a third-year available for an additional $10,000.
Ferneau says the actual price tag for the land could be more than $2-million, depending on how much of it will be used for residential vs. commercial.
He says a development agreement should be finalized in the near future.
Ferneau says the city could offer a tax abatement to the firm, just not a cash incentive due to the city’s financial struggles.
It’s been more than five years since the city purchased, and then demolished, all of the buildings in the Manor, which is located near the intersection of Highway 61 and Agency Street.
The city hoped to sell the land to a development firm out of Minnesota, but that roughly $2.5-million dollar deal fell through in early 2008.
The site has been on the market since then.
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