Greenwood will pay more than expected to buy six more downtown properties.
The city’s redevelopment commission on Tuesday approved spending about $525,000 to buy or split the cost of six dilapidated properties in the city’s center.
City leaders want to rehab one and demolish the rest for other uses, such as drainage and more downtown parking. The properties will be paid for with a mix of tax-increment financing and storm water department money.
After two appraisals, a house at 247 W. Pearl Street was estimated to cost about $102,500, but will instead cost the city $112,500.
A building at 198 E. Main Street was estimated to cost $100,000, but will cost the city $110,000.
And the building directly behind it, at 166 S. Washington Street was estimated to cost $147,500, but will cost the city $162,250, a 10 percent increase.
A small house at 275 E. Main Street, which the redevelopment commission will split the cost of with the stormwater department was expected to cost $81,000, but will cost $91,500.
The stormwater department will pay the appraised value for 410 and 412 Broadway Street, a total of $140,500.
The total cost of the three properties the redevelopment commission is paying for entirely was appraised at about $350,000.
Members of the redevelopment commission waited to see final offers on the four properties they are allocating funds for before they approved it.
City staff warned them negotiations would likely increase the cost of the properties significantly.
