Pinson votes for financing option to purchase Solid Rock Church
By Lee Weyhrich
The Pinson City Council in a special-called meeting Thursday voted on a financing option to purchase the Solid Rock Church building and nearby Triangle Park for $975,000.
The city chose Regions Bank due to better rates.
The city council voted to put down a $75,000 down payment on the property and finance the other $900,000 at 3.3 percent interest over the course of five years and amortized over 20 years. This will put the monthly payments well below $6,000, Mayor Hoyt Sanders said. Keeping the payments low was a major concern of some council members who were worried the city might spread itself too thin with the already-ongoing projects.
Solid Rock Church has entered into a contract to purchase the New Covenant Fellowship Church building, Pastor Larry Ragland said earlier this month.
Appraiser Clifford Bagwell estimated the value of the combined properties at $1.025 million — $50,000 more than the asking price agreed upon between the city and the owners of Solid Rock Church.
That $975,000 figure is the result of months of negotiation. As recently as August, the council and property owners had agreed on $875,000 as the sale price for the land. While unexpected, the additional $100,000 will ultimately benefit both parties, Councilman Robbie Roberts said.
Solid Rock Church has been in negotiations to purchase the New Covenant Fellowship Church building for more than a year. That property includes three regulation-size baseball fields. The additional $100,000 would give the city a 10-year contract to use the fields.
According to Councilman Joe Cochran, the city’s current fields are not sufficient for the number of teams needing to play and practice, often leaving children at the park as late as midnight on some school nights. The additional fields would relieve that problem, as well as allow time for the city to further develop its own parks.
The council received rate schedules for a loan in excess of $1 million from BB&T as well as Regions Bank in order to discuss the best options.