Final approval given for sale of Old Town homes
Published 8:13 pm Wednesday, August 31, 2016
The Selma City Council gave final approval Tuesday to sell three Old Town Homes to Rivertown Development, LLC for $20,000.
The council had been discussing selling 901 Church Street, 907 Church Street, and 900 Tremont since April.
Under the final agreement, the city will sell the properties to Rivertown and Sylvia Smith. In turn, the developers will be required to sell 900 Tremont Street to Patrick Smith and part of a vacant lot to Melvin Gordon.
Smith told the council she wanted to purchase the homes and fix up the properties.
Patrick Smith’s family has lived in the Tremont Street home for more than 25 years, continuing to reside there after the city took over ownership in 2011.
He has told the council he would like to buy the home.
Under the revised deal, Patrick Smith will pay Rivertown Development $10,000 for the home in monthly installments of about $300 at 2.2 percent interest.
Also, Melvin Gordon would buy half of a vacant lot next to his home for $1,000 over 12 months at 2.2 percent interest. Gordon also has the option to rent 901 Church Street, which he has been using for storage, for 12 months at $150 per month.
Patrick Smith and Gordon have both been renting the properties from the city of Selma at $150 per month.