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B & amp;O Proposed deal



Published: Tue, September 11, 2001 @ 12:00 a.m.



A few elements of the proposed lease-purchase deal to turn the empty B & amp;O Station downtown into a microbrewery and restaurant:

An appraisal pegs the building's value at $375,000 if it were usable. That number, however, has been reduced to $200,000 because $175,000 in repairs is needed to make the station usable. A major waterline break that occurred nearly two years ago caused the damage.

Under the deal with William Marsteller, the businessman would have 18 months to invest $250,000 into the building. If he fails to do that, the city would take back the building, including any improvements, and Marsteller would pay the city the difference between what he spent and the $250,000.

Repair money spent would be credited toward the purchase price of $250,000. Marsteller estimates $200,000 to $250,000 in renovations.

If renovations exceed $200,000, Marsteller will pay the city $50,000 for the building. He will pay more for the building if the renovations cost less. For example, if renovations costs $175,000, he will pay the city $75,000 for the building.

Marsteller will not seek city or bank financing; he will put up the cash himself.




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