The city is seeking a new buyer for its 66-acre property in West Brandywine, known as the Conti farm, because a $1.27 million deal to sell it to the township has fallen apart, Assistant City Manager Kirby Hudson said this week.
From Friday's story:
Revenue from the sale of the Conti property was factored into this year’s $10.3 million budget passed by City Council in January.
In 2007, when the city adopted a budget balanced in part with a plan to sell real estate assets, it found itself facing a $1.9 million deficit in the middle of the year when officials were unable to complete those deals quickly enough.
The city fixed the shortage by laying off eight full-time employees and switching two other full-timers to part-time work. There was talk of additional cuts to the police department, but that never happened.
Hudson said he does not expect a repeat of last year’s financial woes.
Labels: money, real estate