| 112th Year, 39th Issue | Thursday, May 10, 2001 | Sparta, North Carolina |
The Sparta Town Council on May 1 gave the go-ahead to the plan to acquire the present Blue Ridge Electric facility for a new town complex. Blue Ridge Electric Membership Corporation has previously announced its intention to occupy the former site of Lowe's Home Improvement Warehouse, as part of a land purchase/exchange arrangement with the county.
Purchase price for the present BREMCO building and land is $1,110,800. Council unanimously approved including the initial payment of half that amount in its 2001-02 budget. It also unanimously passed a resolution to apply for state approval to finance the other half of the price with a 10-year, 5-percent-interest loan.
Town Manager Tom Douglas said the town can buy the property without raising taxes, fees or utility rates. The $555,400 initial payment will be made from unappropriated money, primarily from franchise tax reimbursements to the town.
The annual payments on the building will be $71,937.18, making the total cost at payoff $1,274,772.
At the town's monthly meeting last week, Douglas pointed out that the
town had no trouble acquiring a loan. "They asked me about our debt
ration. I told them, 'Our debt is good because the town doesn't have any
debt,'" Douglas told council.
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