Angel Exchange value drops to $2.4 million

By: Staff report

LUMBERTON — The building that a faction of the Robeson County Board of Commissioners pushed to purchase for as much as $6 million now has a tax value of $2,395,800.

That is the taxable value assigned to the Angel Exchange building at COMtech during the recent re-valuation of all county property. It represents a decline of about 37 percent from its previous value of $3,797,500 that was assigned during the 2010 re-valuation.

The building, which is owned by Angel Exchange LLC, was talked about in January as a possible permanent location for the central office of the Public Schools of Robeson County. At the time, it was listed for sale for $6 million when the county board, with Chairman Raymond Cummings and Commissioners Jerry Stephens, Roger Oxendine and Berlester Campbell voting in favor, advised Patrick Pait, the county attorney at the time, to negotiate to buy the building.

Commissioners Tom Taylor, Lance Herndon and Noah Woods voted against, with David Edge being absent. Edge later argued against its purchase, saying the county should foreclose if it wanted the building because about $100,000 in property taxes were owed on it. That figure has been slashed in half after the county garnished rent the school system was paying to use the building as a temporary central office.

School officials, who told the commissioners repeatedly that the building did not suit their needs, are currently moving central office staff to the abandoned BB&T service center on Kahn Drive.

The commissioners in a subsequent meeting voted to continue the effort to purchase, this time with Woods voting in favor, but the building has not been mentioned by the commissioners in months, and the presumption is the county is no longer interested.

If it is, the county might could get a bargain on Aug. 6 at 10 a.m. when the building is scheduled for sale at the county courthouse, according to court documents obtained at the Robeson County Clerk of Court office. For sale will be the 31,951-square-foot building and the accompanying 28.678 acres of land.

The sale is part of a judgment handed down from Superior Court on Feb. 12. The judgment also orders Angel Exchange LL to pay Carolina Commerce and Technology Inc. $57,710.30 and attorneys fees.

In documents filed in Superior Court, COMtech argued it had the right to seek foreclosure and monetary compensation because Angel Exchange was part of the business park and was obligated to abide by park covenants, which included the “payment of periodic maintenance and security fees” to COMtech. COMtech alleged that failure to pay the fees was a breach of contract.

Staff report