Greenwood Main Street has recently developed an exciting real estate program for their city. This program will potentially increase cost effective development throughout Greenwood, Miss.
When asked to give a brief overview of the project, Greenwood Main Street Director, Brantley Snipes says, “Current property owners and members of Main Street Greenwood, Inc., unable to sell or rehabilitate property within the Main Street Greenwood District, will be eligible to submit an application to enter the Revolving Real Estate Program. Upon approval by the Main Street Greenwood Inc. Board of Directors, property will be donated to Main Street Greenwood, Inc. Upon receipt of property, Main Street Greenwood, Inc. will advertise the property for purchase bids. Main Street Greenwood reserves the right to reject any bid.”
“Purchasers of the property must agree to ALL rehabilitation terms, covenants and agreements set by Main Street Greenwood, Inc. Funds received from the sale of the property will reimburse the organization for any advertising or marketing costs and then be placed in a Revolving Real Estate Fund to be used to continue this program. At the discretion of the board, funds may be used to purchase or rehabilitate other properties within the Main Street Greenwood District.”
Snipes says that the goal and mission of the Revolving Real Estate Plan is to “remove high purchase costs associated with some historic buildings.”
“By offering the building at a much-discounted rate, we are hoping to spur more development by making development projects more cost effective,” she said.
Main Street Greenwood has formed a task force that consists of a developer, real estate agent, financial officer, loan officer, real estate appraiser, city planner, and an attorney to help oversee and guide the process.
Greenwood will be the first city in Mississippi to take on a project like this.
For more information about the building, visit http://www.greenwoodms.com/DocumentCenter/View/151