V&T Commission sells off Drako property to help cover costs | NevadaAppeal.com

V&T Commission sells off Drako property to help cover costs

The V&T Commission voted on Thursday to sell off its eastern Carson City property on Drako Way that was originally intended as the site for the train’s depot.

According to the purchase agreement with Roy L. Steel, the commission will get $785,000 for the property and the building on it. That’s about $300,000 less than the nearly $1.1 million it paid for the property but it will supply the commission with operating cash for the next several years.

Under the terms of the deal, the buyer will put down $300,000 immediately, then pay monthly principal and interest — at 5 percent — of $3,127.60 for the next five years.

At the end of that period, the buyer will owe a balloon payment of $485,000 to finish the purchase.

As part of the deal, the commission will be able to store materials currently at the site there for one year. The buyer agreed to accept the property in an “as is” condition.

Drako was originally purchased as a depot, but commissioners quickly discovered that getting railroad track to the building would be expensive and the building itself wasn’t suited for being a depot.

The purchase will give the commission more operating funds. At present, its primary source of revenue is the annual Polar Express program.