Buncombe County taxpayers were committed to spend $7 million on the purchase of a manufacturing plant formerly owned by Volvo. In addition, the county commissioners have met in closed session to discuss what they might offer, by way of economic development incentives, a company that would create 400 jobs and produce $125 million in economic multipliers. Mum was the word amongst county commissioners and staff last night, but rumors are circulating indicating the county has a buyer. It could be a bluff to boost sealed bids for all the paying public knows; if not, why is the county intervening? Sure, the county could net $3.5 million if it were to flip the property and sell it at list price; but if no buyer exists, it may be stuck paying five or six digits a year for security on property taken off the tax rolls. The commissioners only indicated they wanted to buy the building to create jobs. They didn’t want a strip mall or condos to go on prime manufacturing real estate.
by Leslee Kulba
Wild West blogger