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Holly Springs DDA approves sale of two townhome lots amid complaints about slow downtown progress
Summary
The Downtown Development Authority authorized closing documents to sell Lots 15 and 16 to Stonecrest Homes, approving $100,000 upfront and an 18% gross share on future home sales; the vote passed with one dissent after members raised concerns about the developer's slow commercial progress and requested the developer appear before the board.
The Downtown Development Authority of Holly Springs voted to authorize closing documents for the sale of Lots 15 and 16 in Townhomes East to Stonecrest Homes, Georgia LLC, approving a $50,000 payment per lot ($100,000 total) and an 18% share of gross proceeds on future home sales, with the $50,000 per lot deducted from that share.
The motion to approve items E–I — which included a memorandum of agreement, a limited warranty deed, owners affidavit and a certificate of nonforeign status — was moved from the dais and carried with one dissenting vote. The chair authorized execution of the settlement statement and closing documents contingent on the actions already approved by the board.
The vote followed an extended discussion in…
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