LAURINBURG — Downtown Laurinburg could be seeing a new retail business coming in.
During Tuesday night’s Laurinburg City Council meeting, a public hearing was held on an incentive agreement on the former Firestone building located at 105 S. Main St.
The city took ownership of the building after the former Market Furniture building collapsed, causing severe damage to the Firestone building during Hurricane Florence. After taking ownership, the building was gutted and a new roof was put on it to help it be more marketable.
During Tuesday’s meeting, Laurinburg City Manager Charles Nichols told the council what incentives were agreed upon by the buyers, Raven and Kelsie Lucas.
“The incentive agreement in front of you is for a four-year, $12,000 a year, so $48,000 total purchase price,” Nichols said. “We did have Jim Mason do an appraisal and the appraisal came in lower than what the purchase price was at.”
Attorney Bill Floyd added there are several requirements that the buyers have to do over the timeframe, as well as a clause that if they do not fulfill the requirements they won’t receive the deeds.
“It is also a requirement that they invest $80,000 at least in improvements during that period,” Floyd said. “The incentive is to sell the building and require that there be certain capital improvements that would improve the tax value of the property.”
Council did ask what was going to be going into the building and was told it was going to be a retail building.
“It will now be on the books for private ownership to pay city taxes, it will improve the downtown, provide more retail,” said Councilmember Andrew Williamson. “One thing I’ll point out … this couple has done this with two buildings, the Weknd Warrior building and the Red Willow. They did a terrific job if you’ve looked in there. I feel personally this is a couple with a proven track record so that helps me make my decision.”
It was mentioned that this building has been marketed by Retail Strategies and others had looked at the building.
“We didn’t set out to acquire this building or be in the retail business,” said Laurinburg Mayor Jim Willis. “Hurricane Florence created this whole situation … this is the first offer and it’s a legitimate offer.”
The council voted unanimously to approve the agreement.
Reach Katelin Gandee at kgandee@laurinburgexch.wpenginepowered.com. To support The Laurinburg Exchange, subscribe here: https://laurinburgexch.wpenginepowered.com/subscribe