City sells two biz park lots to F.W. Webb

CIty Council voted last night to sell two lots in phase two of the Lakes Business Park to F. W. Webb Co. for $216,685. The national wholesaler of plumbing supplies plans to build a warehouse and small retail showroom on a total of 5.04 acres.

The business park land is owned by the city, but lies just over the line in Gilford. The two municipalities are jointly developing the property.

Webb has already received site plan approval for their building project from the Gilford Planning Board.

The company currently operates in the Lakes Region out a facility along the Winnipesaukee River in downtown Laconia.

City Manager Eileen Cabanel said that under the terms of the inner-municipal agreement between Laconia and Gilford, the city will get 82.2-percent of land sale revenue generated by the park ($178,115 in this case), with Gilford getting the rest. Gilford will keep, each year, the first $25,000 in property taxes collected — or 15-percent of the total if that number is greater than $25,000 — and the city and town will split the balance, fifty-fifty.

After year six of the agreement, the municipalities agreed to reinvest any balance left after Gilford takes its first share in capital improvements.