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Huntersville board approves sale of Old Town Hall with seven-year restaurant-use restriction
Summary
The Huntersville Town Board on April 21 approved a $1.44 million purchase agreement for Old Town Hall with deed restrictions requiring most of the space be used for food and beverage uses for seven years and a 150-day due-diligence period for the buyer.
The Huntersville Town Board voted unanimously April 21 to approve a purchase agreement to sell portions of Old Town Hall (parcels 019-031-15 and 019-031-16) to Town Hall Partners LLC for $1,440,000 under the terms presented by staff.
Under the agreement the buyer will place $100,000 in staggered earnest-money deposits, receive a 150-day examination (due-diligence) period, and must close on or before 120 days after that period unless the buyer pays additional earnest money to extend the closing. The contract includes reciprocal easements for shared parking and a seven-year deed restriction requiring at…
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