myrtle beach hotels The city plans to buy 144.2 acres west of the Intracoastal Waterway for the facility, which will include eight multipurpose playing fields, an amphitheater, walking trails, a dog park and other amenities.City Manager Mike Mahaney negotiated with the property sellers to reduce the amount of cash the city will have to pay to roughly $3 million - or about 52 percent of what the sellers say is the fair market value of their property.The sellers will claim a charitable deduction for tax purposes for the remaining 48 percent of fair market value - or about $2.8 million.
The city intends to close on the purchase by the end of this month.It will be up to the sellers to prove to the Internal Revenue Service that their property is worth enough to take the full charitable deduction. Dowling said the city did not get an appraisal of the land because it "believes the market value placed on the acreage by the sellers is reasonable for its location."That means the sellers will have to get an appraisal before they can claim the charitable deduction.The city is purchasing the property from two sellers - SLF IV/SBI Sandridge LLC and Main Street Commercial Partners LLC.The Sandridge corporation is selling nearly 135.8 acres. Main Street Commercial Partners is selling 8.4 acres situated between the Sandridge land and Robert Edge Parkway - property the city needs to gain access to the bigger parcel.The Sandridge corporation is part of Dallas-based Stratford Land - a national land investment fund that owns several properties in the Myrtle Beach area, including Wild Wing Plantation. Its local partners include real estate consultant Ralph Teal and Lawton Benton and Carson Benton, the president and vice president of CL Benton & Sons general contractors.Teal.
a spokesman for the group, did not respond to a request for comments.Main Street Commercial Partners is a local group that includes real estate developer Joseph Lassiter, Mike Wooten, president of DDC Engineers Inc., and Myrtle Beach lawyer Robert "Shep" Guyton.Lassiter, a spokesman for the group, did not respond to a request for comments.The city considered four other sites for its recreation facility, all of them with logistical issues and ultimately more expensive, before settling on the current proposal.
Read more: http://www.thesunnews.com/2011/06/05/2201854/nmb-officials-pleased-with-land.html#ixzz1OZiGDp5L
No comments:
Post a Comment