The Town Council will consider Monday, Dec. 5, whether to buy the 35-acre American Legion property at 1714 Legion Road for $7.9 million.
The meeting begins at 7 p.m. in the Town Hall Council Chamber, 405 Martin Luther King Jr. Blvd.
Roughly $3.6 million to buy the land could come from the town’s fund balance – money used to manage cash flow and pay for unforeseen expenses. The town would determine later how to pay the remaining $4.3 million in two installments, town officials said. The first installment would be due one year after the town closes on the land; the second would be on the second anniversary.
The sales price was based on what a developer could build on the land under the current zoning, Mayor Pam Hemminger said.
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American Legion Post 6 members also would have to approve the sale. The executive committee will meet Dec. 14, Post Commander Bill Munsee said, and make a recommendation to the general membership on Dec. 15. If members vote it down, there’s no sale, he said.
An approved deal would close by March. The council also will consider a lease agreement that would allow the American Legion to remain on the land for three years after that at $1 a year. The lease could continue beyond that date at $1 per month.
A lease will give the American Legion time to find land and develop plans for a new post, Hemminger said, and give the town time to consider its options. There are no plans yet for what the town might do with the property, although there’s interest in commercial space near Legion Road, she said.
The deal comes to the council just over a year after the previous council turned down an opportunity to buy the land for $9 million.
The American Legion has been working with developer Woodfield Investments, which wanted to buy the land and build 300 to 400 apartments, a 50,000 to 100,000 square foot office building, and a 50,000 square foot office or civic building.
Munsee extended the town another opportunity to buy the land in September.