Maryland Coast Dispatch: Resort officials this week approved the purchase of the downtown post office property in Ocean City for over $1.3 million, while allaying fears the pending sale could seal the fate of the decades-old facility in the future.
On Monday, the Mayor and Council approved on second reading the purchase of the commercial property at 410 Philadelphia Ave. that currently hosts the U.S. Post Office’s downtown Ocean City branch. In a separate ordinance approved on first-reading on Monday, the Mayor and Council set in motion the mechanism for paying for the property in the form of a bond sale in the amount of $1.35 million.
The bond, expected to be issued in December, would by paid off over a period of 10 years, the first five of which, at least, would be paid by the continued lease of the property to the U.S. Post Office. The property was made available for sale by the private owner whose husband passed and left it in his estate. The private owner currently has a lease agreement with the U.S. Post Office and that lease will be renewed for the next five years. Read more.