East Hampton Town officials expect to raise several million dollars later this month when they open bids for the sale of seven town-owned office condominium units in a building at 300 Pantigo Place, just east of Town Hall.
The town, which borrowed $30 million last year to cover debts that audits blamed on mismanagement by former officials, has been looking for assets to sell to pay off some of those bonds and reduce future interest costs.
The seven condo units, owned by the town for more than a decade, were put up for bid earlier this month, with a minimum bid of $3 million for all of them. The town is also accepting bids on individual units, which range from 1,500 to 1,635 square feet.
Those bids will be opened in Town Hall on Wednesday at 1 p.m. The town has reserved the right to reject any or all bids.
Supervisor Bill Wilkinson said the town expects to get “significantly more” than the minimum price for the condo units.
The town also expects to cut its operating expenses by seeking a private operator for its scavenger waste treatment plant on Springs-Fireplace Road. Those bid specifications will be available Thursday and will be opened Jan. 10.
The plant, which needs upgrading, is being run on a month-to-month basis by Severn Trent Services.