06/24/14 — City gets offer on property next to theater

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City gets offer on property next to theater

By Matt Caulder
Published in News on June 24, 2014 1:46 PM

The city of Goldsboro is in the process of selling a property near the Paramount Theatre set to be renovated as a restaurant and bar in the coming months.

The property, at 101 W. Chestnut St., was an Amoco Station, but has been vacant for years.

The Wooten Development Co. offered the city $40,000 for the property.

Plans indicate that the 1,400-square-foot building would be renovated into a small restaurant with outdoor seating.

The Goldsboro City Council accepted the company's offer in early June, but the sale is not expected to close until the end of July.

"The council accepted the offer, but they are doing their due diligence now," Goldsboro Finance Director Kaye Scott said.

Rick Sumner, company president, said he is making sure that he has all the necessary information before the sale moves forward.

"We are doing things like making sure we know where all the property lines are and other little things before we buy it," he said. "We have a certain amount of time to do that and expect to buy it in July."

Sumner said he did not want to reveal too much about the company's plans for the property before the actual purchase takes place.

"The idea right now is to create a business that is going to compliment the Paramount," he said. "And that will be easy being right next to the Paramount, essentially."

The company will meet with Preservation NC, a non-profit organization connected to many of the city's historic properties, as well as the city Inspections Office to determine the building code and rehabilitation requirements before the sale is final.

Construction is set to begin in August after the sale closes, with an expected completion date in February 2015.

When selling surplus property, the purchase price must be at least half the tax value of the property.

The tax value of the property is listed at $42,970.

The property last sold in 2008 for $50,000 and sold in 2002 for $35,000.

The city advertised the offer May 20, with no other bids coming in, which closed out the upset bid process on the property.

The property was donated to the city in 2009 by David Weil with the stipulation the property be sold to buyers who proposed a productive use for the property in relation to the Paramount Theatre.

No other formal offers have been received in the five years the city has owned the property, Downtown Goldsboro Development Corp. Director Julie Metz said.

The property may be eligible for state and federal tax credits for renovating historic properties.