HOULTON – With the cost to insure the building dwindling its account, the Shiretown Development Corp. board decided Monday evening that they need to act quickly and decide what to do with the former Houlton International Corp. facility.

At this point, the board is leaning toward choosing one of two options: putting the site up for sale, or demolishing the building and selling the scrap metal but continuing to own and market the land.

The SDC, which functions as an economic development arm for the town, entered into a $161,000 purchase-and-sale agreement with officials from the former HIC facility more than three years ago. At the time, they planned to use the massive complex garnered through the agreement to attract a larger business to the area.

Although several firms have looked at the building, it has failed to attract a larger business. In 2005, the SDC negotiated a deal with Premium Log Yards Inc., a Houlton business that leases the sawmill building and sawdust shed together with an additional 2 acres nearby.

Town Manager Douglas Hazlett has said that prospects who have looked at the site have liked the land but have not been crazy about the building.

“The site is very attractive,” he said, noting that the more than 5-acre parcel is adjacent to the runway at Houlton International Airport. “The building becomes the issue.”

Hazlett said Monday evening that the building does contain a “fair amount” of steel, which he felt could be of significant value.

Director Paul Cleary said he would like to see the SDC at least get back the money it had invested in the building.

He told the group that he wanted to think about putting the building on the market.

Board chairman Paul Romanelli agreed that something had to be done, and quickly.

“We can’t continue to keep this building many more years,” he said. “It’s too costly.”

Currently, it is costing the SDC approximately $10,000 a year just for insurance on the structure.

Romanelli said he liked the two proposals of putting the building up for sale and finding out how much it would cost to demolish the building and seeing what the town could get for the scrap metal.

Director Gerald Adams also favored those options.

“I want to sell it or demolish it,” he said.

The directors differed, however, over whether there is any asbestos in the building.

Both Adams and Cleary said the SDC was told the area was free of contamination when the group first discussed entering into the purchase-and-sale agreement in 2004.

Hazlett told the group, however, that he was told there was some asbestos in the facility.

Romanelli said he wanted a definitive answer, and directed Hazlett to return to the next meeting with information about the salvage process and details about any contamination in the soil or asbestos or other contaminants in the building.

Hazlett also will explore the process of selling the site.

The group intends to hold another meeting in one month.