Town Council will decide on Food Lion property in December
The former Food Lion property off Oak Street in Forest City has been offered to the Town of Forest City. By the next meeting on Dec. 2, Town Council is expected to accept the gift from the property owners based in Wilmington.
The Town learned about the prospect of owning the property at its Sept. 23 meeting and City Manager John Condrey told the the company the board would discuss the property Monday night.
The property sits on nearly three acres and includes three buildings and has about 45,000 square feet available.Property value is $382,000 according to Rutherford County tax records.
Since the building has been vacant for several years, it could be a lesser value.
“I can’t think of a reason why it would not be a good idea,” Condrey said prior to the meeting, regarding the town’s ownership.
Even if the property is bulldozed and subsequently sold, the town will make money on the property for whatever it is sold.
The property is zoned General Commercial.
One of terms of ownership is that the town accept the property and have the deed recorded by Dec. 31, 2013.
According to the attorney for the property owner, the donation will be by a special warranty deed; the donor will prepare a proposed deed at its sole cost and expense; the deed will convey the title to the property, subject to all easements and encumbrances of record, and 2013 city and county ad valorem property taxes.
The town will be responsible for any applicable revenue stamps and recording fees.
The town will also need to sign the applicable IRS form, evidencing the fact it received gift of the property.