Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, November 11, 1993 TAG: 9311110353
SECTION: NEIGHBORS PAGE: W-5 EDITION: METRO
SOURCE: DAVID M. POOLE
DATELINE: LENGTH: Short
Salem City Council voted Tuesday to sell one of the two remaining tracts to Air Power Inc., a pneumatic-equipment dealer already located in Salem.
City Council also accepted a $463,000 bid from Thomas Bros. Inc. to grade the 20-acre site and complete the streets within the park.
The contract brings the development price to more than $1 million. Salem bought the land this year for $500,000 and must extend water and sewer lines. Ten acres are suitable for industrial tracts.
The city has recovered some of the costs by selling industrial sites for $50,000 an acre. Tracts have been sold to Noble-Met Ltd., a metal tubing manufacturer in Roanoke County, and to Tele-Path Industries Inc., phone testing equipment maker in Roanoke.
"I think I have a buyer for the last tract," said Joe Yates, Salem's planning director.
Salem officials say the industrial park will pay for itself over the long haul with increased property and business tax revenue.
In other action, City Council scheduled a public hearing on Nov. 22 to consider applicants for the School Board seat held by Walter R. Franke, a self-employed investor, who is seeking reappointment.
Those interested should apply with City Manager Randy Smith and appear at the hearing to answer questions.
by CNB