American Legion Post 6 members approved a $7.9 million deal last week with the town of Chapel Hill for its 35-acre headquarters at 1714 Legion Road.
The Town Council approved the purchase Dec. 5, a little more than a year after the previous council opted not to buy the land.
Town Manager Roger Stancil told the council this month that the town’s finances have improved in the past 12 months, ending the year with $3.6 million over the targeted fund balance, an account used to manage cash flow and pay for unexpected expenses throughout the year
Voters also approved a bond referendum in 2015 that includes $8 million for parks and recreation needs.
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The sale is expected to close in March, with an initial payment of $3.6 million from the town's fund balance. Two additional payments with as-yet unidentified money would be due on the first and second anniversary of the sale.
The American Legion had 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.
The American Legion is expected to lease the site from the town for three years while its members seek a new location.
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