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Raeford council approves purchase of House of Raeford parking lot
Summary
The Raeford City Council unanimously approved buying a 3.26-acre parking lot from House of Raeford for a total $169,565, including a 10% buyer's premium; a 20% earnest deposit of $33,913 will be paid to the auction escrow and a Phase I environmental study was ordered.
The Raeford City Council voted unanimously Sept. 15 to buy a 3.26-acre parking lot from House of Raeford for a total price of $169,565.
City Manager Dennis Baxley told the council the property is Auction Lot 2, located on East Central Avenue in Raeford (PIN 694341101002; recorded in Deed Book 187, Page 56, Hoke County). The base purchase price is $154,150; a 10% buyer’s premium of $15,415 brings the total to $169,565. A 20% earnest money deposit of $33,913 is required to be paid to Iron Horse Auction Co., Inc.’s escrow account and will be applied to the purchase price at closing.
Baxley said the city will have a Phase I environmental study performed by Thomas Adams before closing. Councilman Wayne Willis moved to approve the presented contract between the House of Raeford and the City of Raeford; Councilman Charles Allen seconded and the motion carried unanimously.
The vote authorizes staff to proceed with payment of the earnest money and to complete due diligence, including the Phase I study, ahead of closing. The meeting record did not specify a closing date.
The council signed the minutes and adjourned the called meeting later the same morning.
