Montgomery County Public Hearing for potential sale of former high school site
On April 10, at 7:15 p.m., the Montgomery County Board of Supervisors will hold a public hearing in order to allow citizens an opportunity to provide their comments about the Board's intent to sell 36 acres currently referred to as the former Blacksburg High School property, zoned as R-4 (low density residential, four dwelling units per acre) on Patrick Henry Drive, to HS Development, L.L.C. The meeting will be held at the County Government Center, 755 Roanoke St. Christiansburg in the second floor Board Chambers.
In late 2016, the county began marketing the property for sale.
- On January 5, 2017, HS Development, L.L.C., submitted an offer to purchase the old BHS site for $2.175 million.
- On March 3, 2017, the Board of Supervisors submitted a counter offer to HS Development, L.L.C., to include the following stipulations:
- An as is sales price of $3,000,000.
- To accept the counter offer, HS Development, L.L.C., must provide a $25,000 non-refundable deposit to the county.
- The county would allow HS Development, L.L.C., six months to perform due diligence to determine whether HS Development, L.L.C., wants to move forward with the purchase.
- If HS Development, L.L.C., decides to move forward with the purchase, $1 million ($975,000 plus the $25,000 non-refundable deposit) is due at closing; an additional $1 million would be due at 24 months from the execution of a Real Estate Purchase Agreement; and an additional $1 million dollars would be due 36 months from execution of the Real Estate Purchase Agreement.
- As security, HS Development, L.L.C., would agree to provide the county at closing a Deed of Trust in the amount of $2 million on the former BHS property until such time that the entire $3 million purchase price is paid in full to the county.
- On March 7, 2017, HS Development, L.L.C., accepted the terms of the Board’s counter offer and provided a $25,000 non-refundable deposit to the county.
Per Section 15.2-1800 of the Code of Virginia, a public hearing must now be held prior to the parties moving forward with a sales agreement.
For more information, contact the Board of Supervisors at 540-382-6954.