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Kannapolis selling Second Creek property
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Published: July 5, 2009
A new potential buyer has offered the City of Kannapolis $2 million for 559.4 acres of the city-owned Second Creek property, according to city officials.
Kannapolis has a written offer from Smith, Moore, K.P.G. LLC, to purchase the land, which is located on both the east and west sides of White Road north of N.C. 150.
The city will open the upset bid process for 10 days in July as required by state law before the city council makes a decision on the sale, said Kannapolis City Manager Mike Legg.
Kannapolis purchased 2,842 acres along Second Creek several years ago to build a reservoir, but the city council later decided the reservoir wasn't financially feasible and decided to sell the land, Legg said.
Kannapolis had planned to sell the full 2,842 acres in five transactions totaling $8.25 million to the Land Trust for Central Carolinas, which planned to preserve the land.
The Land Trust closed on the first option of 1,574.6 acres for $5.25 million. The land now belongs to the state and is managed by the N.C. Wildlife Resource Commission as designated hunting ground.
The Land Trust contract fell through in October 2008, when the Land Trust was unable to get financing for the remaining land options because of the banking crisis and weakened economy.
Smith, Moore, K.P.G. LLC, is a limited liability corporation that consists of two people interested in preserving the land in its rural state, which was Kannapolis City Council's original plan for the site.
The third member corporation is a large commercial farmer who leases other parts of the Second Creek property from the city.
The farmer has told city officials he plans to farm some or all of the nearly 560 acres on White Road.
"The end result is the property will be preserved. It won't be developed," Legg said.
The property that the farmer wants is appraised at $3.8 million, but the city is asking for less because it will restrict the new owner from developing the land so the watershed is not disturbed.
"Farming is clearly a better alternative than a massive development for our water supply's protection," Legg said.
If the sale is approved, Kannapolis will add the proceeds to its fund balance and will still own 708 acres of the Second Creek Property.
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