NORTH MYRTLE BEACH, SC (WBTW) – The City of North Myrtle Beach and a development company have signed a contract to purchase part of Ingram Dunes.
On Thursday, the city and Hillside Development, LLC signed a contract for the purchase and sale of 7.24 acres of the 9.35-acre Ingram Dunes site, according to a press release from the city. The purchase price is $2.5 million and is “based on an appraisal ordered by the landowner.”
The family of Charles Ingram will reportedly contribute $1.4 million to the purchase, the release said. The City of North Myrtle Beach will pay the remaining $1.1 million using “its $500,000 contribution, a $500,000 grant from the S.C. Conservation Bank, and donations from members of the public.”
A closing on the property is expected to happen “on or before” June 21, 2019.
“Originally, the city worked to obtain funding to buy the entire 9.35 acres, but the effort did not succeed. The gap between the $3.1 million asking price, based on an appraisal ordered by the landowners, and available purchase money proved too significant,” the release also stated. “The property owners and the City continued discussions and, a number of iterations later, the property owners of their own volition approached the City and offered to sell 7.24 acres of the property to the City, while subdividing the remaining 2.11 acres into seven lots to construct seven single-family houses along existing Strand Avenue.”
“We thank the board of directors of the S.C. Conservation Bank for having stayed the course with us as we moved toward this purchase,” said North Myrtle Beach Mayor Marilyn Hatley in the release.
The city’s full press release can be read here.
Count on News13 on-air, online, on social media, and on our mobile app for updates.
