The city of Greenville agreed to purchase the plot of land that was the home of the old Amoco building on Route 127 from KRD Development. The cost of the land was $250,000 dollars plus a five percent buyer’s premium to the company that was consigned to sell that plot of land at auction this weekend.
The final cost to the city will be $262,500 plus some closing costs. Money from the TIF district will be used to purchase the .9 acres of land. The city will use TIF money for the down payment and also use TIF money to repay the five year loan financed with Bradford National Bank.
City Manager Dave Willey said the land will be used for future economic development and could be a very important part of the city’s future.