The Tallulah City Council on March 26 introduced an ordinance to authorize the sale of the former Coca-Cola building at 701 East Green Street and set a public hearing for April 9.
The property has been declared surplus, according to the ordinance.
Under the proposal, the mayor is authorized to seek offers and complete a sale to a buyer approved by the council. The ordinance sets a minimum sale price of $29,000, based on an appraisal, and requires the buyer to provide verification of a line of credit of at least $250,000.
The buyer must redevelop the property for commercial use and return it to commerce within a set timeframe. The ordinance also states the property will be sold “as is” with no warranty.
A public hearing on the ordinance will be held April 9 at 5:30 p.m. at Tallulah City Hall, 204 North Cedar Street. Following the hearing, the council is expected to consider adoption of the ordinance.
Councilman Toriano Wells raised questions during the meeting about whether proof of available cash could satisfy the financial requirement instead of a line of credit. Those issues are expected to be addressed during the public hearing process.
