3/13: Board of Supervisors Meeting
On Monday, March 13, 2017, the Board of Supervisors plans to consider a resolution on its agenda to schedule a public hearing on April 10, at 7:15 p.m., in order to allow citizens an opportunity to provide their comments about the Board’s intent to sell 36 acres currently referred to as the former Blacksburg High School property, zoned as R-4 (low density residential, four dwelling units per acre) on Patrick Henry Drive, to HS Development, L.L.C.
In late 2016, the County began marketing the property for sale.
- On January 5, 2017, HS Development, L.L.C., submitted an offer to purchase the old BHS site for $2.175 million.
- On March 3, 2017, the Board of Supervisors submitted a counter offer to HS Development, L.L.C., to include the following stipulations:
- An as is sales price of $3,000,000.
- To accept the counter offer, HS Development, L.L.C., must provide a $25,000 non-refundable deposit to the County.
- The County would allow HS Development, L.L.C., six months to perform due diligence to determine whether HS Development, L.L.C., wants to move forward with the purchase.
- If HS Development, L.L.C., decides to move forward with the purchase, $1 million ($975,000 plus the $25,000 non-refundable deposit) is due at closing; an additional $1 million would be due at 24 months from the execution of a Real Estate Purchase Agreement; and an additional $1 million dollars would be due 36 months from execution of the Real Estate Purchase Agreement.
- As security, HS Development, L.L.C., would agree to provide the County at closing a Deed of Trust in the amount of $2 million on the former BHS property until such time that the entire $3 million purchase price is paid in full to the County.
- On March 7, 2017, HS Development, L.L.C., accepted the terms of the Board’s counter offer and provided a $25,000 non-refundable deposit to the County.
Per Section 15.2-1800 of the Code of Virginia, a public hearing must now be held prior to the parties moving forward with a sales agreement.