Greenville Commons Development To Hold Additional Letter Of Credit

The Greenville City Council met in a special session Thursday night. The discussion revolved around how the city can guarantee that as the Greenville Commons development progresses, the old junior high buildings will be demolished.

After a lengthy discussion, it was decided that the developer, Thomas Bow, will be required to carry a $300,000 line of credit that the city can use if either the demolition isn’t completed or if any apartment building that is started goes unfinished.

In return, the city has agreed to bear the expense of bringing the water main to the property at a cost not to exceed $20,000. The new agreement also stated the demolition of the old junior high buildings must be completed within nine months of the issuance of the first building permit. Thomas Bow told the council he’s excited and ready to start breaking ground. Bow said the old buildings have about four to five weeks worth of asbestos removal before demolition can start.

The changes to the agreement were approved in a 5-0 vote by the Greenville City Council.