After instituting foreclosure proceedings against the delinquent partnership that bought the Aileen property from Rappahannock County in 2004, the county found itself with a willing buyer last month.
Thus foreclosure on the former clothing factory property, a novel site in an otherwise agricultural county, appears to have been avoided.
The buyer — real estate broker Alexander Sharp of Washington and unnamed partners, though Sharp said Monday “it’s pretty much me” — was to close Wednesday on a transfer from current owner M.T. Puskar Company LLC, currently in bankruptcy, to Sharp’s Aileen of Rappahannock LLC.
A vacation-depopulated Board of Supervisors approved the transfer at a special meeting Monday morning at the courthouse. Supervisors Bryant Lee, Ron Frazier and Mike Biniek approved a resolution that referenced Sharp’s agreement to essentially pay the amount in which Puskar is in default of the original $520,000 note, plus insurance and interest.
Aileeen of Rappahannock LLC will then sign a new $350,000 note, at 6 percent interest, with semi-annual payments and a five-year balloon payment, County Administrator John W. McCarthy noted.
The county will receive about $117,000 in cash if the settlement between Puskar and Sharp goes as planned, county attorney Peter Luke said. (If not, a foreclosure sale is still scheduled for Friday, Sept. 3).
“It may be bad luck to say anything before the settlement,” Sharp said. “But obviously I’ll be looking for more tenants in search of a good commercially zoned space.”
Portions of the former plant are currently leased by two cabinetmakers and Dominion Power’s subcontractor working on the transmission line expansion projects in the region.