It’s been the location of Buchheit in Greenville for a decade. Soon, the company will own the building and parking lot.
Located along Route 40, west of Rt. 127, the building, which formerly housed GrandPas and Value City, was purchased by the City of Greenville in 2009.
The city council entered into a 10-year lease agreement with Buchheit with the store owners having the option in 10-years to purchase the property.
At Tuesday night’s city council meeting, City Manager Dave Willey announced negotiations had been completed and the council unanimously approved the purchase agreement.
Willey said it’s hard to believe, but Buchheit has been open for 10 years and its lease with the city will expire at the end of April. Buchheit has a purchase option agreement built into the lease. The lease payments that Buchheit made paid off the entire loan.
The city will retain the five-acre site adjacent to the Buchheit property. If the city finds another tenant for that property, they would share the parking lot with Buchheit.
All sales tax rebates as part of the deal with Buchheit will end with this purchase. The city will receive 100% of the sales tax dollars now and Buchheit will make property tax payments.
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The city manager said the $200,000 was a negotiated price taking into account the expense Buchheit will have to improve the parking lot.
Willey anticipates the closing on the sale will be the last week of April.