Mount Holly tables financing decision for downtown parcels, orders Phase I environmental study

Mount Holly City Council on the evening of its February 2025 meeting voted to table formal action on whether the city should enter an installment-purchase contract to finance acquisition of multiple downtown parcels and directed staff to obtain a Phase I environmental site assessment.

The action keeps the public hearing open and moves the item to the council’s February 20 work session for further consideration. The properties in question are tied to a proposed Veterans Park expansion; the city is under contract to acquire parcels on East Central Avenue with a stated purchase price of $3,143,000 and an outstanding balance after deposits of approximately $2,893,000, city staff said.

City staff described one financing option presented earlier that would amortize the acquisition over two years at about a 6% interest rate, producing roughly $173,580 in interest costs. City staff also said the contract-examination period is set to end March 2, and closings could follow in March if council takes no additional action.

City Man…