New Hope EDA buys KMART

March 22, 2012 at 8:35 am Leave a comment


From the Sun Post or the Twilight Zone take your pick;

The New Hope Economic Development Authority (EDA) approved the terms of a purchase agreement on March 12 for the Kmart property at 4300 Xylon Ave. N. and the Wells Fargo Bank drive through at 4200 Xylon Ave. N. The EDA agreed to pay Gator New Hope, LLC $4.5 million for the Kmart property, $125,000 for the Wells Fargo property, and up to $10,000 for related incidental expenses.

Wait a minute! That’s $4,635,000! We thought you guys were so broke that you had to raise taxes yet again last year?? Where do you get this money?

As part of the agreement, New Hope will provide $225,000 in earnest money and the city will have the opportunity to inspect the property in April.

Another $225,000??

Kmart’s lease ends and they plan to vacate the property before the scheduled July 2 closing date. The New Hope EDA is acquiring the properties for future redevelopment opportunities.

Oh and what do you want to bet it will be high density housing?

Whoever put cities in the real estate business? Why can’t the city just BUTT OUT????

Here is a link to actual agreement if you can read it without throwing up;

EDA Agreement

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Entry filed under: Community, New Hope, Taxation.

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