Valley's Ready to Close Deal

on December 15, 2015

Several weeks ago, the Valley City Council agreed in principle to purchase approximately 350 acres located between Lanier Carter Mill and Valley Sportsplex. The land was formerly owned by WestPoint Stevens and is now owned by WP Properties Lakeview LLC and

IEP Valley LLC. On Monday, the council unanimously approved contracts to purchase the land. Mayor Leonard Riley has been authorized by the council to execute the contracts and to consummate the sale according to terms spelled out in them. Separate resolutions in regard to ownership on the part of WP Properties

Lakeview LLC and IEP Valley, LLC were approved. The contract with WP Properties Lakeview is 24 pages in length and the one with

IEP Valley is 22 pages long. The council voted to make the purchase on Sept. 14. In late October the city followed that up with the approval of some general obligation warrants in the amount of $3.2 million to make this purchase. That money is in the bank for the purpose of doing that. The city now has 45 days of due diligence to determine if there is any reason the contract should not go forward. If no such potential problems emerge, closing on the property could take place in mid February. "We can terminate it in the next 45 days if there's something not to our liking," Mayor Riley said. "I feel good that we have a complete document. It's been written and rewritten several times." The mayor thanked a couple of people present at the meeting, Terry Bishop of AuburnBank and Kimberly Carter of the Chambers County Development Authority (CCDA), for their help in getting the city to this point. The land is being purchased for the purpose of economic development. It has rapid access to I-85 and is an ideal site for an industrial park. There's vast potential for job creation at this location. Monday's council action followed an executive session approximately 20 minutes in length in which Mayor Riley and council members discussed the real estate purchase.

Written by WAYNE CLARK
Times-News News Editor

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