Following an executive session at the end of its January meeting, the Greenville City Council took action to sell property in Missouri that had been pledged as collateral on a revolving loan.
The five acres of real estate, in New Florence, Missouri, had been pledged on a loan obtained over 10 years ago by the owners of The Bakery Nook.
The city owned the property for several years. The council voted unanimously to sell the undeveloped five acres for $16,500.
City Manager Dave Willey told WGEL the outstanding balance on the loan had been $26,000.
In 2019, the land had been appraised at $3,300 to $3,700 per acre. An offer was received in late December which led to the council’s action earlier this month.