The sale of a 2.6-acre parcel of land owned by the Mashpee Economic Development and Industrial Corporation remains in limbo, nearly 10 months after the organization announced it had signed a purchase and sale agreement with a local businessman.
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 to conduct two environmental studies on the land.
“The lawyers are working on it now and I expect a closing on the sale by the end of the month,” he said.
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.
The asking price for the property was $369,000.
Proceeds from the sale are intended to provide the EDIC with seed funding to hire an executive director and pursue additional economic development initiatives.
Carol A. Sherman, EDIC president, confirmed that the sale is approaching finalization.
When asked what the EDIC planned to do if the sale did not close by the end of the month, Ms. Sherman replied, “There are no ‘ifs’ or ‘nots.’ This is going to happen.”
Mr. Bugg did not return a call for comment.