Failure To Launch: Mashpee EDIC Land Sale Falls Through

It may be back to the drawing board for the Mashpee Economic and Industrial Corporation.

For nearly a year, a 2.6-acre parcel the EDIC owns on Industrial Drive has been under a purchase and sale agreement with local businessman Kyle M. Bugg. The sale was delayed due to the need for two environmental studies on the land.

The deadline to close on the sale was last Friday, August 29. The deadline came and went with no final deal reached between the two parties.

The property, which was deeded to the EDIC by the Town of Mashpee in 2012, had an asking price of $369,000. Proceeds from the sale were intended to provide the organization with startup capital to hire staff and pursue additional economic opportunities.

EDIC president Carol A. Sherman, who also serves on the board of selectmen, did not return a phone call seeking comment. She did, though, respond via e-mail, saying, “We did not pass papers. Our next meeting will be Thursday, and the board will decide which direction to go.”

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Ms. Sherman’s e-mail comments were in stark contrast to those she made late last month regarding the pending closing of the sale.

“There are no ‘ifs’ or ‘nots,’ we are ready to rock and roll. This is going to happen,” she said, regarding the sale.

The Mashpee town clerk’s office confirmed that the EDIC will meet on Thursday evening, September 4, at 6 o’clock, and an executive session has been scheduled to discuss the property.

Reached by telephone on Tuesday, September 2, Mr. Bugg, who planned to build a four-bay automobile restoration building on the property, said that bank financing became an issue, but that he remains hopeful that he can reach a leasing deal with the EDIC. “I’m hoping that we can come to some leasing terms, and then I can buy out the lease after a year so that I do not forfeit my down payment,” he said.

Mr. Bugg declined to disclose the amount of the down payment he placed on the property.

The EDIC was so certain that it would have the proceeds form the sale in its bank account this week, that at its last meeting on August 19, plans were made to finalize a job description for an EDIC executive director position by September 15. Advertising for the post was to begin shortly thereafter.

James Vaccaro, owner of Cape Cod Business Brokers, which was hired by the EDIC in March 2013 to market and sell the property, also did not respond to a call for comment.

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