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City Moves to Buy Riverfront Lodge

$925K purchase could be added to Riverfront Park facilities.

The Fredericksburg Economic Development Authority signed an agreement with the owners of the Prince Hall Masonic Lodge 61 located along the Sophia Street riverfront in downtown Fredericksburg. The property could eventually be incorporated into the riverfront park which it borders, but city officials have yet to determine a final plan for the property. Earlier today, the EDA distributed a press release on the purchase, available below:

The Fredericksburg Economic Development Authority has signed an agreement with the Prince Hall Masonic Lodge #61 for a study period of the purchase of the lodge building and riverfront property at 609 Sophia Street . The action took place after closed session at the EDA’s regular meeting today.

“This action supports the strategic plan of the Economic Development Authority” noted EDA Chairman Joe Wilson.   “The EDA recognizes the importance of this strategic property to the further development of Fredericksburg’s riverfront and an economically viable downtown.”   

The Lodge made an offer to the EDA for purchase of the property for $925,000 and an initial 90-day study period, which was accepted unanimously by the EDA.   

All EDA activities are funded entirely by bond issuance fees generated by the EDA. There are no City taxpayer funds used in EDA activities.          

 

Dan Telvock May 17, 2011 at 02:37 AM
Good or bad deal for the city? According to land records, the deal seems fair on a monetary value alone.

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