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Board authorizes sale of 14.94 acres under 1976 option to Canton Sales and Storage for $5,000
Summary
The Madison County Board of Supervisors passed a resolution authorizing the sale of 14.94 acres to Canton Sales and Storage for $5,000, exercising an option that originated in a 1976 lease; the deed will be executed after minutes are approved in two weeks, county attorney said.
Madison County supervisors on Feb. 3 approved a resolution authorizing the sale of 14.94 acres to Canton Sales and Storage for $5,000 under a purchase option included in a 1976 lease assignment, the board attorney said.
Board attorney Espy explained that Madison County had leased the land to Canton Manufacturing Company and the lease was later assigned to Canton Sales and Storage. The lease included an option to purchase at a predesignated price established in 1976 for $5,000. According to Espy, the option is exercisable and irrevocable, and the company approached the county two months earlier to exercise the option.
Espy told the board that industrial revenue bonds tied to the property had been paid and that the county's options were constrained by the lease language. He recommended approval of the resolution and a deed prepared for signature, but advised holding off on executing the deed until the minutes are approved in two weeks so the deed can be finalized with the attached minutes. The board approved the resolution by voice vote.
Board discussion confirmed the historical origin of the option and that the purchaser had been current on taxes and previous forward lease payments. The matter was approved without recorded individual roll-call tallies in the public portion of the transcript and will proceed to closing after the two-week minutes approval process, the attorney said.
