From Jon Lee Finnegan
Prattville, Alabama
Prattville is considering buying the downtown property off Court Street, near the mill pond dam, from Pratt Mill Properties, L.L.C.(PMP).
PMP members consist of John and Ann Boutwell, Moncrief Enterprises LLC and Walthall Family Partnership LTD. PMP bought this property, which included the old Gurney building, for $190,000 at the June 17, 1999 Foreclosure sale. Plans were to preserve the historic building for later use but the building burned to the ground September 2002 and the property has been open space ever since.
The city, however, isn’t the only one interested in this property. Newton, Oldacre McDonald LLC (NOM) has a Right of First Offer/Refusal dated August 16, 2007. In July 2006, they had applied to ADEM for a Voluntary Cleanup Program and environmental cleanup was continued with the November 14, 2008 Environmental Covenant between PMP and ADEM. Per this Covenant, the use of groundwater for any purpose is restricted without prior written approval from ADEM.
So, what is the city willing to pay for this encumbered property? Marty Roney’s (Montgomery Advertiser) January 24 article stated “Boutwell declined to give the asking price…” I attended the city’s January 3 Park and Rec meeting and when the price was being discussed, John Boutwell, also in attendance, stated that the $1 million asking price was “pretty well firm.”
No matter what the purchase price may be, city officials must perform extensive due diligence. Too many questions and concerns need to be answered before any taxpayers’ funds are committed.
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