As part of the agreement, the city paid a $400,000 option payment, for the exclusive and irrevocable option to purchase the property. The agreement allows the city to purchase the property any time before July 1, 2023. The city intends to close on the property June 1 of this year and tenants of the storage facility have until that date to remove any remaining items.
The total purchase, including taxes and fees, is costing the city $1,119,492. Funding will come from two previous SPLOST funds.