The Winston-Salem City Council unanimously voted last night to bail out Goler Community Development’s investment in three acres of downtown land. The details:
Goler’s redevelopment has not been without bumps — last night’s city council decision marks the second time this year that the city has offered to help the corporation.
In March, the city agreed to change terms of a city loan to Goler so that Goler could get new financing for part of its development project.
The council’s decision last night means that the city will buy the land from LISC and BB&T and allow Goler to develop it, said Deputy City Manager Derwick Paige, who oversees housing development in the city. He said that, if all goes well, Goler will eventually buy the land back from the city.
The council’s decision does not mean that the deal is done. LISC and BB&T still have to agree to sell the city the land.
What do you think the chances are that LISC and BB&T won’t agree to sell the land to the city? Take a look down Interstate 40, where the City of Greensboro stepped in when no one in the private sector could make the Canada Dry property work.
