Payroll Development Authority approves $450,000 land sale - WALB.com, South Georgia News, Weather, Sports

Payroll Development Authority approves $450,000 land sale

ALBANY, GA (WALB) -

The Albany Dougherty Payroll Development Authority believes the sale of land to a car dealership will benefit taxpayers.

The PDA approved selling the land Ford Town of Albany sits on to the dealership for $450,000

The PDA purchased the property in 1999 and gave a 50 year lease to ensure the dealership would stay in Dougherty County.

County officials say the sale has been in the works for about a year.

"The future board can make a decision to invest that money," said Jeff Sinyard with the Authority. "They can buy municipal bonds, they can even buy an annuity that would expire the same time that the Albany Ford deal would expire, which would give the PDA close to a million and a half dollars."

The dealership has been trying to acquire the property to help them grow.

County officials hope to close on the deal early next month.

Copyright 2014 WALB. All rights reserved.

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