SACO — The city of Saco is increasing its industrial park property with the recent purchase of 65 acres on Route 1.

The Boulos Report real estate newsletter reported the September sale of 841 to 853 Portland Road by The Portland Road Realty Trust to the City of Saco. According to a real estate listing, the property has about 500 feet of footage on Route One and has public sewer and water.

The property runs on the eastern side of Route One, south of the turnpike exit.

City Administrator Kevin Sutherland said the City Council approved the purchase in July. The cost of the property was $677,455, he said.

The City Council will vote on Oct. 15 for a budget amendment to secure funding for the purchase of the property. Under the proposed arrangement, the city would allocate about $331,000 from the recent sale of Unit 91, a former mill property the city had acquired from unpaid taxes. The rest of the money for the property, about $336,400, would come from the undesignated fund balance, under the proposed budget amendment.

Sutherland said the city has sold seven business lots in the last two years, leaving limited available space  in the city’s already established industrial park area.

He said he believes growth will continue and the city plans to create more business lots in the newly purchased property. The city will pursue federal grants to pay for infrastructure costs.

The city of Saco has been designated by the state as a certified business friendly community in recognition of its longstanding efforts to promote business and job growth and economic diversification, according to information from the city’s website.The city’s three industrial parks — Saco Industrial Park, Spring Hill Park and Mill Brook Business Park — are home to more than 100 businesses, according to the city’s website.

— Staff Writer Liz Gotthelf can be contacted at 780-9015 or egotthelf@journaltribune.com.

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