OWLS HEAD — Knox County held a ceremonial transfer of property on Monday with the Owls Head Transportation Museum.

The formal closing on the 1.7 acres at the end of Benner Lane occurred Dec. 8. The Knox County Commissioners had voted unanimously on Oct. 11 to acquire the property from the Museum for $750,000.

The parcel has three buildings with a total of six hangars. There is also enough land to build two additional hangars.

Knox County plans to seek requests for proposals to sell the individual hangars and lease the land under the hangars. Knox County pointed out that once the sales occur, the town of Owls Head will receive property taxes. The land had been tax exempt when owned by the Museum and continues as long as the County owns it.

The County will also receive excise taxes once the hangars are used based on the value of the airplanes using the buildings. The goal is for the airport to be self-sustainable into the future. The airport does not currently require any local property taxes to operate.

The County said it will recoup its money from the sales of the buildings as well as $150,000 in reimbursement from the Federal Aviation Administration.

The hangars were originally the Dowling Hangars, built and used for the past 40 years. MBNA owned them and then the Museum.

The Museum will use the $750,000 from the sale to invest in a storage building with a similar square footage next to the Museum. The Museum is undertaking a capital campaign.

Officials examine one of the hangars at the Knox County Regional Airport. Photo by Stephen Betts

The hangars now owned by Knox County. Photo by Stephen Betts