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December 19, 2013

Albemarle approves agreement with Landmark

Terms for redevelopment project formalized

Wednesday, December 18, 2013 — At it’s last meeting the Albemarle City Council formally approved a purchase agreement with The Landmark Group for the Old Central School Property.

While there was an understanding that the redevelopment group would purchase the property from the city if it aquired tax credits for a housing project at the site, the agreement has now been written up and signed by both parties.

Through the agreement, Landmark agrees to, “lend itself fully to the purpose of achieving a housing tax credit allocation and other funding... fully applying its efforts and expertise toward making this a successful endeavor.”

In turn Albemarle agrees to provide Landmark with any information it has on the property, to, maintain the property in it’s current condition until such time as tax credits are aquired and Landmark can purchase the building and to obtain a driveway easement through the existing Central Elementary School parking lot.

The easement stipulation is the newest addition to the agreement and will allow Landmark access to the backside of the building. It will also satisfy the city’s zoning requirement that such buildings have two entrances.

If Landmark wins he necessary tax credits this year,  the purchase will be handled through Preservation North Carolina, a non profit eligible under state statutes to develop housing and to do historic preservation.

If Landmark does not win tax credits next year, the contract will be null and void. At that point, a new contract can be drafted if both parties decide they wish to try again.

To submit story ideas, contact Shannon Beamon at (704) 982-2121 ext. 24 or at shannon@stanlynewspress.com.

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