Posted Feb 16, 2011, 1:54 PM
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Witty comment fail
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Join Date: Dec 2004
Location: Prattville, Alabama
Posts: 2,902
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Quote:
Mayor says property's discounted price an incentive for development
With one piece of property now sold, Montgomery officials now wait to see how -- and if -- the other proposed projects along the historic street will pan out. But the first project, which calls for a cantina, is an encouraging sign, officials say.
Aside from encouragement, the real estate transaction done Tuesday night presented an opportunity to see how such transactions would be conducted between the city and developers. The property sold Tuesday night, which is a corner lot located at 78 Dexter Ave., was appraised at $102,000 but sold for $60,000.
Mayor Todd Strange said after the meeting that he viewed the discounted sale price as an incentive for economic development.
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Rest from Montgomery Advertiser
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