The Chapel Hill Town Council authorized at a meeting earlier this month the town manager to sell a parking lot located on 127 West Rosemary Street for $300,000.
The buyer interested is Allen Fine of Investors Title who owns surrounding properties in the area.
Town manager Roger Stancil presented the offer at the meeting and says Fine plans on expanding the parking lot.
“As I understand, his plans would be to aquire our property, demolish the house and totally rebuild the parking lot from the corner where the parking exists now and make one big parking lot there,” said Stancil.
The council has offered the same property up to possible upset bidders for a 30-day period.
After the period ends on October 11, the 14 space parking lot could be sold to the highest bidder.
Stancil says the town has already made plans for the money that will be made from the sale, should the council approve.
“We would propose to use that money to pay for the design of the Wallace Deck expansion,” said Stancil.
Fine has said that, although he plans on expanding the parking lot for his customers and employees, the parking lot will be available to the town residents at night.
Initially, Fine offered the town $200,000 for the parking lot, but after an appraisal showing the parking lot valued at $280,000, Fine upped his offer to the current price.
The lot currently provides the town with about $14,000 annually.