Monday, the Town of Black Mountain Board of Aldermen voted to put the Town Square Property up for sale. The move appears to have been spontaneous.
During a public hearing on the budget, seven of eight citizens who spoke attributed the town’s financial crunch, at least in part, to its purchase of the real estate for $2.1 million. The citizens were angry that the town was proposing cutting 6.5 FTE positions to close $400,000 of shortfall. Ryan Stone, who served on the Town Square steering committee, resigned the same day to protest.
“It’s unfair to have a park at the expense of people’s jobs,” Stone said.
Still, Black Mountain expects to be paying $200,000 a year in debt service for its purchase. In spite of the slow real estate market, Alderman Tim Rayborn made a motion to put the property up for sale to see what the county could get. Town Manager Marcy Onieal says she has already heard about informal offers for up to $1.5 million.
