Contract trouble for Hand Trading Company - WALB.com, Albany News, Weather, Sports

Contract trouble for Hand Trading Company

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February 20, 2003

Pelham - Tens of thousands of dollars in tax money meant to help buy an historic building is essentially going to waste.

The Hand Trading Company in Pelham may not be renovated because the owner missed the February 11th contract deadline. However, the owner, KCH Enterprise, gets to keep more than $69,000 of earnest money from taxpayers because the contract didn't go through. Pelham City Manager Jimmy Davis, says, "That's where it (the money) came from, but it's his right to do so because that's the way the contract was drawn up."

The Five County Joint Development Authority met today in Pelham to discuss the issue. On January 31st, the board made an offer to KCH to buy the building for more than $780,000, the appraised value, but never got an answer from KCH.

The board has been negotiating with one of the owners, Bo Godwin, for several years and considered the past deadline the last offer.

Renovations were expected to bring in new businesses and hundreds of new jobs.

posted at 5:55PM by kathryn.simmons@walb.com