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Blue Ridge EDC proposes buying two parcels for small-business incubator; council approves purchase plan
Summary
The Economic Development Corporation proposed purchasing two downtown-adjacent properties for $315,000 (plus ~$2,400 closing/insurance), to be financed with 20% down; EDC said leased tenants would provide rent revenue to offset loan costs and foster small-business starts.
The Blue Ridge Economic Development Corporation presented a plan to buy two properties — listed together at $315,000 — with the intent to offer low-cost space and mobile/food-truck locations to new small businesses, and the council agreed to move the purchase forward.
"The purchase price is a total of 315,000, for both properties, and we will also be covering the cost of the insurance, which is roughly $2,400," the EDC representative (EDC presenter, Speaker 5) said when outlining the proposal. The EDC said it would finance the purchase with a roughly 20% down payment and quoted an estimated mortgage payment in the low four figures.
EDC members said the properties are near downtown and suitable for starter retail or leased food-truck space; the board cited interest discussions with local operators and pitched the sites as a way to generate sales-tax revenue and create jobs. Council discussed zoning changes, the need to verify any circuit‑breaker/exemption flags in the appraisal, and confirmation that the EDC would set rents at cost so the corporation would not operate the property as a for‑profit landlord.
A motion to approve the EDC purchase request was made and seconded in workshop and the council moved the item forward; staff said closing and insurance costs would be tracked and that the EDC would return implementation details to council as leases are negotiated.
