SACO —  The deadline is near for bids for a section of a former mill building that Saco has acquired.

The city acquired Unit 91 of the Island Terrace Condominium building in January due to unpaid taxes from the Island Terrace Condominium Association. The former mill building is on Saco Island, at 110 Main St. Unit 91, situated below 90 units of residential condominiums, consists of about 30,000 square feet of space that has been divided up into rental units, plus parking and utility space underneath, according to city documents.

The association had acquired Unit 91 from its previous owner in exchange for unpaid assocation fees. The condominium association did not want the property, and officials said being a commercial landlord was not a good fit for the association.

The city is now trying to find a buyer for the property, and in August issued a reguest for proposals from interested buyers. The deadline to submit proposals is Wednesday.

Since the city acquired the space in January, the combined cost for repairs, maintenance, utilities and condo fees has been greater than the money the city’s received for rent.

City Administrator Kevin Sutherland said a number of inquries about the property. “There has been a lot of interest,” he said. 

According to the terms of the city’s request for proposals, the city is seeking developers “with a goal of maximizing the long-term economic development opportunity that the property represents.”

The building space is assesed at about $760,000 and the land is assesed at about $150,000.

Sutherland said after all the proposals are received, they will be reviewed and he will make a recomendation to the city council, which has the final vote on the matter.

— Staff Writer Liz Gotthelf can be contacted at 282-1535, ext. 325 or egotthelf@journaltribune.com.