The borough received $2.7 million from the state Office of Budget, as part of a Redevelopment Assistance Capital Program grant, for the Bellefonte waterfront project, which includes a walkway along Spring Creek.
Don Holderman, assistant borough manager, said it’s possible the borough could receive an additional $100,000 to $150,000.
The project total ended up being about $7 million, he said.
The plan is to sell the property, but it’s unclear at this point how much the borough could sell it for.
Councilman Paul DeCusati was concerned about the remaining cost to the borough not being covered by the grant, and how that would be factored into the amount for which the borough could sell the property.
The Office of Budget has a formula they’ll use to figure out that amount, Holderman said.
The budget office won’t allow the borough to make a profit on this sale when some of the funding came from taxpayers, he said.
Gay Dunne, council president, added that there’s been a diminishment of the property that can be sold because of the flood wall that was installed as part of the project.
The waterfront project was completed during the summer. It could be developed into a mixed-use area, which could include housing, restaurants, retail stores and offices.