Sale Of Mashpee EDIC Property Scheduled

The Mashpee Economic Development and Industrial Corporation (EDIC) is on the threshold of becoming a self sustaining organization.

At its meeting Tuesday evening, August 19, president Carol A. Sherman announced that a closing for the sale of a 2.6-acre parcel of land owned by the EDIC has been scheduled for early this week, nearly 10 months after the organization announced that it had signed a purchase and sales agreement with a local businessman.

The asking price for the property was $369,000, but Ms. Sherman declined to disclose the actual selling price.

The property was deeded to the EDIC by the Town of Mashpee in 2012. 

The purchase and sale agreement was signed last fall with Mashpee resident Kyle M. Bugg, who plans to build a four-bay auto restoration building on the property.


James Vaccaro, owner of Cape Cod Business Brokers, the firm selected by the EDIC to market and sell the property, said the sale has been delayed due to the need for two environmental studies on the land.

“The environmental studies are complete and everything came back clean,” Ms. Sherman said.

Proceeds from the sale will provide the EDIC with seed funding to hire an executive director and pursue additional economic development initiatives.

Mashpee assistant town manager Thomas J. Mayo has been working with the EDIC during its startup phase but will step away from the organization once an executive director is hired.

A job description for the EDIC executive director position will be finalized by September 15 and advertising for the post will begin shortly thereafter.

In addition, the EDIC has a vacancy on its board and has begun a search for a new member with a real estate background. Mashpee residents with professional real estate experience who are interested in serving on the EDIC board should send a letter of inquiry to Ms. Sherman at

When asked what the EDIC planned to do if the sale did not close this week, Ms. Sherman replied “There are no ‘ifs’ or ‘nots.’ ” We are ready to rock and roll. This is going to happen.”

The EDIC will be providing an update of its progress to the Mashpee Board of Selectmen on Monday evening, August 25, at town hall at 6:30.


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