County approves $2.24M purchase of 28.55 acres on western bank for conservation

New Hanover County commissioners unanimously approved a resolution to purchase two tracts totaling 28.55 acres along the western bank for preservation and public-safety purposes.

Staff said the parcels — Track 1 at 1450 Point Harbor Road (11.42 acres on the riverfront) and Track 2 at 1209 North Highway 421 (17.13 acres) — include wetlands, marshland and uplands, and bear recognized environmental conditions from prior industrial uses, including shipyard activity and an oil storage facility. A Phase I environmental site assessment was included in the agenda packet, and staff said soil and groundwater sampling is underway to check for residual contamination. "We expect to receive those results this week or the first of next," a staff presenter said.

Finance staff said the seller’s asking price was $2.4 million, a local appraiser placed comparable value at $2.475 million (not including environmental considerations), and staff ultimately negotiated a purchase price of $2,240,000 conditioned on satisfactory due diligence and a closing prior to year-end. Eric, a county finance presenter, outlined a financing structure that would use the corpus of the revenue stabilization fund and replenish it with annual allocations from the general fund over 10 years at market interest; "the annual allocation would be $266,130," he said.

Commissioners framed the acquisition as part of an ongoing preservation effort, noting that the county has acquired more than 100 acres for preservation over the last seven months. The motion to approve the purchase passed by unanimous voice vote; staff said the due-diligence period, which also ends on December 31, allows the county to withdraw from the contract at no cost.

Staff said the property could provide space for the sheriff’s marine unit and help limit encroachment around the county training facility. Closing is conditioned on satisfactory environmental testing and other due diligence.