Story Archives: Council okays payoff
|Council okays payoff|
The Winnsboro Town Council has adopted a resolution giving Mayor Jack Hammons authority to amend the original purchase agreement with Vineyard Furniture owner Ron Ashley, allowing Ashley to pay off the company's loan for its industrial park site well in advance of the Feb. 28, 2013 deadline.
Hammons told the council at the Tuesday, Feb. 19 regular meeting that the change will have no effect on the provision in the original agreement that Ashley either develop the seven or eight acres in the industrial park within a certain period of time, or sell the property back to the town at the original selling price.
"He ( Ashley) has to develop it and if not, sell it back to the town of Winnsboro" at the price he paid for it," Hammons said.
"The reason (for the provision) is because we didn't want anyone to make a profit on it," Hammons said. "That will be stipulated in the transfer."
The council voted unanimously to pass the motion giving Hammons the go ahead to make the deal. Council members present were Betty Johnson, Sonny Dumas, Richard Mahoney and Craig Gill. Councilman Rex McCarthy was absent.
A request to city hall from The Franklin Sun for the amount of the payoff was forwarded to city attorney Tab Singer, who is out of town.