Following nearly two years of discussion, along with several communitywide meetings, an audit and studies on feasibility and environmental impact, Berlin finalized its plans to buy the former Tyson’s Chicken plant this week.
On Monday, the Town Council voted unanimously to approve a 30-year, $3 million bond from the Bank of Ocean City to purchase the property on Old Ocean City Boulevard.
Berlin plans to convert the 68-acre site into a multiuse public space dubbed “Berlin Falls.” Amenities could include an indoor/outdoor swimming facility and a hub for an excursion train station.
Mayor Gee Williams said the town ended up with four “very competitive bids” for the bond, including proposals from Hebron Savings Bank, Shore Bank and PNC. He said the council, the finance director and a bond counsel reviewed the proposals and came to a unanimous agreement.
“We were very pleased with all the loan agreements, but the Bank of Ocean City’s was clearly the most favorable for the town,” he said. “That’s the one we chose, and all of that should be squared away and we should settle on the property by the end of January.”
Williams said the Bank of Ocean City offered the lowest guaranteed interest rate, 3.5 percent, through Dec. 1, 2030. After 15 years, the rate will be adjusted to the latest prime rate announced by the Wall Street Journal, plus one percent.
“We also can pay it off at any time without penalty,” Williams said. “We’ve paid a lot of loans off early, and that was important to us.”
Town Administrator Laura Allen said Berlin was on schedule to take possession of the property on Feb. 15. After that, she said the town would “tidy up” the property, and work to improve access and new signs.
By spring, Berlin Falls could be open for “passive park use,” including walking, hiking and biking.
“Other than that, I think I’ll keep it a secret,” Allen said. “We’ll hold off on [revealing] that and we’ll surprise people.”
Berlin has an internal committee working on Berlin Falls’ development, and Allen said its focus has been to review a number of preliminary designs created by architectural firm EDSA Inc.
“EDSA had a sub-consultant that was doing an economic analysis and there was still some work that she needed to do. We needed to identify the particular types of activities or events we wanted her to focus on for a drill-down-deeper economic analysis. The committee did that,” Allen said. “I’ve got her proposal and we’re just working on the specifics of that.”
Williams said he was pleased with the process so far, and looked forward to the project’s phased development.
“Every hurdle we thought might be a problem did not happen, so I’m elated that we’re able to move forward. Now we just have to figure out what to do and in what phases,” he said. “This is not a panic situation. We’re taking a property that’s been dormant for over a decade. Now it’s going to be something very special, but it’s probably going to take another decade before its full potential is immediately obvious.
“I think it will make Berlin an even more special place for our residents and guests,” Williams added. “I know it’s going to be a lot of work, but I think it’s going to be enjoyable work.”
On Monday, the Town Council voted unanimously to approve a 30-year, $3 million bond from the Bank of Ocean City to purchase the property on Old Ocean City Boulevard.
Berlin plans to convert the 68-acre site into a multiuse public space dubbed “Berlin Falls.” Amenities could include an indoor/outdoor swimming facility and a hub for an excursion train station.
Mayor Gee Williams said the town ended up with four “very competitive bids” for the bond, including proposals from Hebron Savings Bank, Shore Bank and PNC. He said the council, the finance director and a bond counsel reviewed the proposals and came to a unanimous agreement.
“We were very pleased with all the loan agreements, but the Bank of Ocean City’s was clearly the most favorable for the town,” he said. “That’s the one we chose, and all of that should be squared away and we should settle on the property by the end of January.”
Williams said the Bank of Ocean City offered the lowest guaranteed interest rate, 3.5 percent, through Dec. 1, 2030. After 15 years, the rate will be adjusted to the latest prime rate announced by the Wall Street Journal, plus one percent.
“We also can pay it off at any time without penalty,” Williams said. “We’ve paid a lot of loans off early, and that was important to us.”
Town Administrator Laura Allen said Berlin was on schedule to take possession of the property on Feb. 15. After that, she said the town would “tidy up” the property, and work to improve access and new signs.
By spring, Berlin Falls could be open for “passive park use,” including walking, hiking and biking.
“Other than that, I think I’ll keep it a secret,” Allen said. “We’ll hold off on [revealing] that and we’ll surprise people.”
Berlin has an internal committee working on Berlin Falls’ development, and Allen said its focus has been to review a number of preliminary designs created by architectural firm EDSA Inc.
“EDSA had a sub-consultant that was doing an economic analysis and there was still some work that she needed to do. We needed to identify the particular types of activities or events we wanted her to focus on for a drill-down-deeper economic analysis. The committee did that,” Allen said. “I’ve got her proposal and we’re just working on the specifics of that.”
Williams said he was pleased with the process so far, and looked forward to the project’s phased development.
“Every hurdle we thought might be a problem did not happen, so I’m elated that we’re able to move forward. Now we just have to figure out what to do and in what phases,” he said. “This is not a panic situation. We’re taking a property that’s been dormant for over a decade. Now it’s going to be something very special, but it’s probably going to take another decade before its full potential is immediately obvious.
“I think it will make Berlin an even more special place for our residents and guests,” Williams added. “I know it’s going to be a lot of work, but I think it’s going to be enjoyable work.”