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Finance Committee approves sale of two downtown parcels to Terra Investments for $1 million
Summary
The committee approved a resolution authorizing conveyance of city-owned parcels at 305 and 315 North Elm Street to Terra Investments LLC for a select-service hotel, with a 150-day inspection period and potential 30-day extensions; the sale is expected to support downtown development plans.
The High Point Finance Committee approved a resolution authorizing the sale of two city-owned parcels at 305 and 315 North Elm Street to Terra Investments LLC for $1,000,000, a step city staff said aligns with downtown redevelopment plans.
Greg Ferguson, Deputy City Manager, told the committee the private negotiated sale is authorized by the city charter and consistent with adopted city policies and plans. He said the agreement includes a 150-day inspection period with two possible 30-day extensions and a closing period contemplated within 30 days after inspection.
"The city will receive $1,000,000 in proceeds for the sale," Ferguson said. Committee members framed the sale as progress for downtown and expressed support for a new select-service hotel near Truist Point stadium.
The committee approved the resolution by voice vote. The sale requires final steps in closing and any outstanding procedural or due-diligence matters identified during the inspection period.
