by Geoff Fox
Two investors have shown interest in the former Weavers restaurant building with one having serious interest.
Town Manager Mike Faith said one offer from a “pretty serious” potential buyer, but a price is still under negotiation.
There was also another investor interested, but Faith hadn’t heard from him on whether he was going to make an offer.
Faith said he couldn’t give any details on either deal as no contracts have been signed. All he would say is that one of the people interested was a local property owner who has already fixed up a few properties.
The condition of the sale is the person who buys the building has to fix it up and there will be a timeline and benchmarks.
Based on what Faith’s been told, one of the persons interested wanted to get the upstairs apartments fixed up and rent them, which Faith said would be great for the town.
The restaurant portion of the building would come after that, with the hopes of bringing a restaurant back to the space.
Both investors want to open or have a restaurant in the street level storefront.
Faith said the town is looking to get rid of the property at a “significant discount” as the town bought the property, along with the parking lot across the street, in 2023 for $195,000. The town will keep the parking lot when the building sells.
“We’re more interested in the long term effect on the town which would be getting a property renovated,” he said.
Once that property is renovated, the town would again start getting property tax revenue, water and sewer revenue, and the assessment values should rise.
“We own the property, we’re not paying taxes on it,” Faith said.
The town has been trying to get the property sold for a couple of years and do whatever it takes to get the property sold, even if it’s sold at a discount.
A final decision on prospective offers and sale details will be up to the mayor and town council.