The Lexington City Council announced during its meeting Monday a proposed partnership with a local development company to purchase 200 acres of property off of Brown Street, adjacent to Interstate 85, for future commercial development.
Under the new LLC, the City of Lexington would provide $225,000 towards the $400,000 down payment of the property, valued at $2.6 million. Team Family Partnership would provide the additional $175,000, giving the city a majority interest in the proposed Front Street-Lexington LLC.
Lexington City Manager Terra Greene said the purpose of considering entering an LLC to purchase the properties is for potential economic development near I-85.
“That is prime real estate along I-85 when you look at the price to develop that land compared to Guilford County or Winston-Salem,” Green said. “It has infrastructure in place and it is very attractive. ... We are grateful to the landowners who are willing to partner with us. We need to continue to grow our tax base.”