The Town is asking Charleston County Council to sell the old subway property at the corner of Camp and Folly to Corkey's for the appraised value of $500,000. In exchange for our support, Corkey's has agreed to sell an easement on 30% of the property to the Town for $100,000.
The net cost for Corkey's will be $400,000, so they are paying 80% of the appraised value and will be able to use 70% of the property. In effect, the Town is paying 20% of the cost in exchange for permanent use of 30% of the property.
The County insisted on one buyer, so that is why Corkey's is paying the County for the property and then the Town is buying the easement from Corkey's. The reason for the easement is that the property is too small to subdivide according to Town ordinances. Everything the Town wants to do can be done with an easement.
Corkey's plan is to put a parking lot on the 70% of the property that they will retain. They will pay to construct the parking lot. The Town has insisted that their parking lot be "open" as a condition of our request to County Council. That means there will be no signs stating that parking is for Corkey's customers only, others will be towed, etc. This is consistent with the Rethink Folly Road plan which encourages an open parking policy for all businesses along Folly Road. While it is likely that the parking will mostly be used by Corkey's customers during its business hours, in the evening and on Saturday afternoon and Sundays all spots will be available for the general public.
The Town's plan for the 30% of the property we will obtain include a bus shelter, signage, a bike rack, a multi-use path, a bench, trees and other landscaping. The purpose is to beautify this corner in the center of the commercial core of our Town. The proposed bus shelter has been coordinated with CARTA and it will involve moving the current stop approximately 30 feet from its location in front of Pizza Hut.
We understand that a big developer is ready to outbid Corkey's and the Town. I am skeptical that will work out. I hope County Council agrees to the Town's proposal that Corkey's buy the property. The partnership with the Town, including a Town financial contribution, is important for this sale. If County Council does not accept this proposal, then County staff will recommend that they sell the property using a sealed bid. My greatest fear is that the property will remain vacant with a derelict building while some speculator waits for top dollar.
If County Council accepts our proposal, the Town will be purchasing our 30% share of the parcel using some of our hospitality tax money. That money cannot be used for most general government purposes. We cannot use those monies for drainage maintenance or law enforcement in our neighborhoods. The Town can use these funds for Rethink Folly Road improvements because Folly Road is used by tourists--to access Folly Beach.
Unfortunately, there has been much misinformation spread about this proposal. The Town has not described this small spot of green on Folly Road as a park. The Town is not going to spend $100,000 per year, this is a one time expense. The Town is not going to pay to construct a parking lot for Corkey's. The Town is not paying Corkey's to use their new parking lot after hours. The Town is not asking CARTA to remove the bus stop near Bi-Lo at Riverpoint Road.
What the Town is doing is working to remove an abandoned building from the center of the Town and we believe that when our residents drive by they will instead see a small spot of green that will make all of us proud.
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