The city of Holly Springs this summer plans to close on its purchase of 58 acres of Cagle’s Family Farm for a future park, with the sale financed by a Holly Springs Parks and Recreation Authority bond issue of about $3.2 million.
The Holly Springs City Council on Monday night discussed an intergovernmental agreement with the parks authority , according to Robert H. Logan, city manager and finance director for the city.
Two years ago, the city entered into a 10-year option to buy the land, on the east side of Stringer Road near Hickory Road, Logan said. At the time, the Cagle family said the sale would not affect the corn maze they set up every autumn on the west side of Stringer.
About a month ago, the Cagles exercised their right to call for the option to be exercised, Logan said. The sale is to close in August. The land buy would be financed by 10-year parks bonds with a fixed interest rate of 2.25 percent.
The debt would be repaid using revenues from the alcohol excise tax and local option mixed-drink tax. The parks authority is expected to take up the issue July 11, and the City Council, on July 18. As an authority, the parks agency will not have to seek voter approval in a bond referendum, but it will be required to hold public hearings this summer, Logan said.
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