Montpelier signs agreement to buy Carr LotStefan Hard / Staff Photo
The Carr Lot on Taylor Street in Montpelier is empty Tuesday. The state has agreed to lease the space for three years as the city moves forward with its future plans for the property.
The City of Montpelier today announced that they had finalized a purchase and sale agreement to buy the so-called "Carr Lot" from owner Allan Carr for $1.4 million. The property, at 1 Taylor Street, has been eyed by the city for more than 10 years, and will become part of a redevelopment project including a transit center, welcome center, and a pedestrian / bicycle bridge connecting to Main Street.
The final closing, the city said, will happen on Jan. 2, 2014, but site work can begin immediately under the terms of the agreement.
The city had been considering using eminent domain to purchase the lot.
"The property was appraised in 2013 for $920,000. The City Council agreed to pay a higher amount to allow the project to move forward in a timely manner, to avoid the uncertainty and delay of eminent domain litigation, and in recognition of the significant rental income that Mr. Carr receives from the State of Vermont," the city said in a release.MORE IN This Just In
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