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WILMINGTON, NC (WWAY) — The City of Wilmington apparently knows which site it wants to build a ballpark if voters approve a bond referendum.

WWAY has obtained the latest draft copy of an option agreement for the city to purchase land from Sawmill Point Investors, LLC, of Charlotte. City spokeswoman Malissa Talbert says the agreement is still in negotiation, but it calls for the city to pay Sawmill a one-dollar option for the riverfront parcel between Cowan Street and the Isabel Holmes Bridge.

Click here to see the draft option agreement

The deal as it stands now would have the city pay Sawmill $5.2 million for the land. The city has budgeted $6 million of the $37 million proposed bond for site acquisition. Sawmill bought the property in late July for $3.6 million according to county tax records.

According to the agreement, Sawmill has already submitted a Brownfields Application to the NC Department of Environment and Natural Resources, and closing on the property will only happen after Sawmill and DENR have a Brownfields Agreement in place, unless the city waives that condition.

Talbert says the option agreement is on City Council’s agenda for November 7. That’s one night after Election Day, which means discussion of the agreement could be moot if the bond referendum fails.

If the bond vote passes, the city has until December 15 to exercise the option, though it does have the ability to extend the window to four set dates at $50,000 per extension.

Comment on this Story

  • Guest Reply

    First Hurricane that takes a stroll up the Cape Fear River and sits here like Bonnie did, will do this place in…then who will be at blame? That Darn Hurricane will be.
    “WHAT WERE WE THINKING?!!” will be asked by Saffo to council!
    Of course when that happens…one can sit in the bleachers and fish the waters of the Cape Fear and get some use outta it :-)
    I wonder if there will be an “Escape Tunnel” under the field for council members to flee through in case of a Frankenstorm?
    Even then…when they pull up in their limo’s to leave through the tunnel…they’ll find it full of “Cape Fear River”! HA!
    This gets funnier all the time :-)

  • Guest111

    Arrogant mayor and council! This is NOT going to pass on election day. I notice the land has been cleared. Who did this and who paid the bill?

  • Rick Wilson

    This article should read; The Mayor and City Council are zeroing in on the tax payers wallets to pay off friends…….1.6 million dollar profit in 90 days…….anyone want to dispute the fact that the good ole’ boy system is alive and well?

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