Aiken City Council to consider buying and selling real estate | Aiken Borough Government

Thus, the bank recently put the property up for sale.

The original purchase agreement contained a right of first refusal, giving the city the option to buy the property back if the bank decided to sell it, Bedenbaugh continued.

The agreement contained a provision requiring the city to pay more than $500,000 to buy back the property, Bedenbaugh said. Specifically, the city must repay the bank for its purchase, as well as attorney and service fees, and a 5% annual premium, he added.

Two appraisals placed the property’s value at approximately $300,000. The bank agreed to pay the average of the two appraisals ($320,000 and $276,500), amounting to $298,250, Bedenbaugh said.

The bank required their realtor’s 10% commission to be added to the sale price, bringing the final price to $328,075.

The information provided to council does not detail plans for the site.

The city will finance the purchase using the remainder of its franchise fee fund.

The council is also expected to consider the first reading of annexation and zoning ordinances for the property at 111 Jefferson Davis Highway (a developer wants to build a Take 5 oil change store there) and annexation and zoning for a single-family home at 2122 Pine Log Road.

The council will consider a resolution approving a memorandum of understanding with the Aiken Performing Arts Group, Colleton Park Water and Sewer Line Construction Acts, Phase III, and a resolution approving a contractor and construction manager for the construction of a new water treatment plant.

The council also plans to receive an update from the Aiken Performing Arts Group and the recovery of Tropical Storm Helen of Bedenbaugh.

The council meeting will be held in Room 309 of the Municipal Building at 111 Chesterfield St. S.W.

The council will meet for a work session at 5:00 p.m. in Room 315 to continue discussing the old playhouse at Virginia Acres Park and the ordinance allowing tiny homes to be built in the city.