In a recent government meeting, the Board of Commissioners discussed a significant land swap proposal involving properties on Charles Buckley Way and South Trade Street. Town Manager Hall presented the unique exchange, initiated by Gary Smith of Brook Chase Properties, who sought to acquire a remnant parcel adjacent to his existing property to facilitate potential rezonings.

Smith offered $60,000 for the remnant parcel, but the town expressed interest in two of his parcels on South Trade Street, appraised at approximately $2.25 million due to their potential for residential development. After negotiations, the Board agreed to a total payment of $1.75 million for the land exchange, effectively resulting in a donation of $443,000 from Brook Chase Properties to the town.

The financing for this transaction will be sourced from the town's general fund, with plans to later secure debt through the Local Government Commission, repaid using tourism fund revenues. This approach ensures that the debt service payments will not impact the general fund, as they will be covered by existing tourism fund allocations.

Commissioner Tufano recused himself from the vote due to his proximity to the properties involved. The Board ultimately approved the motion to proceed with the land swap, which is intended for future park development, aligning with the town's long-term vision for the area. The transaction is expected to be finalized in two weeks, pending the resolution of minor legal details regarding the property descriptions.