Credit: Google Maps
Bristol Borough Council voted to purchase nine properties on Chestnut Street at their Monday night meeting.
The purchase of the properties cost the borough $400,000. When the owner of the properties originally approached the borough, he asked for $1 million but eventually agreed to the lower price, officials said.
Advertisements
Borough Manager Jim Dillon said said there is currently no long-term plan for the properties.
In the deal, 1018, 1019, 1021, 1025, 1026, 1030, 1032, 1040 and 1046 Chestnut Street were purchased for an average cost of $44,444.44. The highest valued property was appraised at $53,000 while the lowest appraised property came in at $40,000.
The purchase includes eight properties that are occupied. According to Dillon, those tenants will now pay rent directly to the borough.
Advertisements
After this purchase, Chestnut Street now has only seven owner-occupied homes and three rental units. The borough owns 20 units on Chestnut Street, eight of which the occupiers are paying rent.
Over the past several years, the borough has been buying up properties on Chestnut and Elm streets, a neighborhood that has seen a higher than regular crime rate and where homes have fallen into disrepair.
Advertisements
At Monday night’s meeting, the Council also announced the formation of a committee to oversee the docks, which are being installed currently. The committee will be made up up council members Betty Rodriguez and Tony Riccio, who serve the ward where the docks are located, and private residents interested in the project. Interested residents can email Dillon at jdillon@bristolboro.com.
