City sells land in business center

NEW LONDON – The city of New London has agreed to sell a vacant piece of land in the North East Business Center in New London to Northland Electric.
The New London Common Council approved the sale at a special council meeting May 7.
At the meeting, New London City Administrator Chad Hoerth told the council that he worked with New London City Attorney Keith Steckbauer on the purchase contract of the vacant land. The land purchase offer was for the amount of $5,092.
As part of the purchase contract, Hoerth said Northland Electric was asking for a first refusal to purchase a different parcel of land that the city split. The right for first refusal would be for five years.
“If we would try to sell it, and someone makes an offer on the second lot, they would have the right to match that for a term of five years,” Hoerth said.

Northland Electric would invest at least $750,000 on the property it is purchasing, Hoerth said.
“That was part of the negotiations of the purchase price,” Hoerth said. “We are selling property at $10,000 an acre, but because of our discounts or our credits that we have on putting assessed value on parcels, that brought it down to that $5,000 price point.”
Economic Development meeting
At the April 22 New London Economic Development meeting, Hoerth told the committee that Northland Electric approached the city a couple of months ago about purchasing two-acres of land in the North East Business Center. Northland Electric already has land in the business center, but wanted to add-on more land with this purchase.
He added that Northland Electric plans to add a “combination” building that includes more storage space for its operations, as well as two business suites in the building. Assembly work would also be done inside the building.